Have you ever thought of data that is produced in a sequential manner from a decentralized network to many organizations without any having to get lost or disrupted on the way? Blockchain does just that; it structures data according to set standards and defined a protocol which works similar to a public registry by replicating information between vendors and creating blocks of data which are locked smartly. This provides sufficient safety for business data as the integrity of blocks is protected by strict consensus rules making it really expensive for anyone to alter or modify data inside the blocks. It is from this angle that most businesses or enterprises worldwide are relying on this significant technology to digitize business transaction flows allows monitoring and tracking of each transaction hence rendering it inevitable to lose data along the way strengthening the relationship between states, private organizations or even individuals. This has enabled businesses to transact their operations smoothly and efficiently hence achieving key business goals.
Apart from aiding in fulfilling the business goals, blockchain comes in handy in developing deep trust between the various players who come from different entities. This trust factor is made possible by the fact that established protocol rules creates commands through its well-built architecture and mergers with all the members’ ecosystem bringing out a team of community users who stick to the rules of the protocol. This achieves a harmonious online working environment as each player can be able to follow through the proceedings and not feel left out in the management of business transactions.
With the help of blockchain companies can also divide online businesses to ease and separate different entities and domains between the user and administrative interface. This secures data as only a reliable personnel with authorized rights can handle specific information which otherwise could have been manipulated by someone in the public domain. The networks can take the form of either private and public or permission or permission less depending on the suitability of the company. Each network domain has specific platforms to use. For instance; if you consider public access but with permission then use of Ripple stands out while if you decide to go the public way with no restrictions at all then Ethereum or Bitcoin is considered the best. The private domain network relies on Hyperledger fabric platform or Ethereum private to get you started.
However, centralization of online auction platforms has not been well received by many vendors as vendors are limited by the closed standardized software operations. Transparency is not really guaranteed as the business that submits proposals are not able to ascertain the authenticity of higher bids as only the manager has this information. Additionally, the bidder has to stick to the organizers' platform to register, bid and authenticate. This is a very big inconvenience to the bidder as he has to go through the same procedure over and over when checking out for various bids and in turn have to manage and learn how to use new interfaces each time. The ecosystem is also very limited as no specific standard exists and each organizer develops own bidding tools and interfaces which sometimes don’t support mobile operations.
In conclusion; despite the setbacks, blockchain technology stands out in supporting the development of online auction services!
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