Block Chain Technology.
During the past several years the online industry has grown at a phenominal pace. To the point that customers, as well as businesses, will exclusively buy their products online. This requires, especially in the business to business market, a high level of trust in eachother and in a third party to complete a transaction. Right now these third parties are banks, they are not the one who can provide status updates of the other party. With a open, decentralised database every transaction of value can be controlled. Here, a record is created whose authenticity can be verified by all the connected parties.
Contracted transactionality is a concept developed by Corizon and implemented into the YGG toolset. It allows companies to define information exchange contracts with terms and conditions related to the data exchange. Like a regular juridical contract such transactionality contracts contain obligations and privileges of both sender and receiver, the terms and conditions under which the exchange will be executed, fault parameters and exit clauses. For example a company can define a contract to receive some form of data message on a daily basis from another company. As long as the information is exchanged they are paying an X amount. As soon as the other party stops sending the messages, a contract fault will be triggered and the payment will stop automatically. Contracted transactionality potentially absoletes complicated credit checks for logistics providers or factories towards their suppliers. As soon as the shipment is delivered, payment is processed automatically and guaranteed. No delivery, no payment, easy as that. Invoicing will become an integral part of the exchange of goods and information. Corizon utilizes blockchain technology to implement contracted transactionality. Transactions on the blockchain are validated by a wide range of independent checks, without allowing the checking service insight into the content of the transaction. Validated transactions are irrevocable and form the base for the next transaction. This makes it impossible to lose any money anywhere in the process.
Not only businesses and consumers but governments as well are moving their services and regulations more and more in an online environment. In order to provide a secure environment, all the activities from the population towards the government can be checked by everyone who is connected to the platform and vice versa. Security is the main issue with providing online services. Cryptography ensures the records, therefore it can not be counterfeited or changed by anyone else.