Since the advent of blockchain technology, the porosity of the internet has reduced drastically and this is enjoyed by blockchain supported platforms. Blockchain technology as we know is an ingenious invention. It has evolved into something greater, allowing digital information to be distributed but not copied. Blockchain technology created the backbone of a new type of internet.
Blockchain technology systematically changed the approach to conventional fiat currencies as it allows the mining and use of available and secured digital currencies. Originally devised for digital currencies such as Bitcoin , etherium etc, the tech community is now adapting its usage in lots of other sectors.
The introduction of bitcoin changed the entire landscape and perspective of trading and it became the crystal standard for crypto currencies. Despite its ingenuity, acceptance of crypto currencies among the general public around the world is still proving difficult like sailing against high water current, this is partly so, as some providers or platforms are linked with reputational issues.
The overall paradigm shift from conventional fiat currencies to digital currencies is progressing slowly, and the optimization of the potentials of this unique technology is being stunted.
Blockchain is far more than just part of crypto currencies. The blockchain technology makes easy a wide range of businesses and transaction processes, it enables transparency and safety, and makes centralized middleman parties unnecessary and thereby reduces costs.
As already established above, blockchain is a storage and information transmission technology, unforgeable, secure and working without a central control centre for data management. It is a database archiving the history of every exchange made by its users since its creation. This database is secured and distributed that is, it is shared by its different users, without intermediary, allowing each stakeholde or user to check the validity of the chain.
There has been lots of glitches in the purchasing processes in the aviation industry. We know that the primary expenses facing companies are related to purchases and this consume up to 79% of the total budget. The current supply chain process is full of slow and time consuming tasks for the purchasing department. The lack of transparency (parts certification-counterfeited parts), speed, security, and automation can lead to huge losses for companies and cause catastrophic delays in their sales, and can even jeopardize their customers safety.
This lead to the creation of GSC Platform, that is targeted at providing relevant and relative solutions to this problem. This is possible by its adopting of black chain technology to create a virtuous circle that enables a relationship between suppliers and buyers, thereby improving trust, avoiding time consuming tasks for the purchaser. The buyer is a vital part of every company, hence they should not be bugged and discouraged by the loop holes in company's purchasing channel.
GSC Platform, offers comfortable and reliable purchasing process as well as a whole lot of other interesting features. The purchasing process of all GSC platforms spares time in favour of added value options, such as negotiating or searching for new suppliers
It is pertinent to note that there are 4 types of blockchain: they include; Federated, Public, Permissioned/Private or Hybrid.
Keeping true to its objectives, GSC Platform develops its product GSC ERP 3.0 on a hybrid blockchain. Hence, users of GSC ERP 3.0 enjoy a variety of features which includes,
• A system which allows private network to generate blocks of hashed data stored on public blockchain, but without sacrificing the privacy.
• A system in which there is flexible control over what data is kept private and what is shared on the public ledger.
• A system which supports decentralization and scalability, without requiring consensus from every single node on the network.
• A system that has a user interface filled with analysis tools which provides automated analysis.
• A system that supports smart Purchases.
• A system that enables parts traceability, etc.
The use of encryption and distributed storage means that data can be trusted by all parties involved in the supply chain. Machines will securely record details of transactions that take place between themselves, with no human oversight.
Without the private keys giving write-access to the blockchain (which in this case would be held by machines), no human will be able to overwrite the record with inaccurate information.
The “smart contract” facilities provided by some blockchain networks, such as Ethereum, allow the creation of agreements which will be executed when conditions are met. This is likely to be highly useful when it comes to, for example, authorizing one system to make a payment, when conditions indicate that delivery of a service has been provided.
Time-consuming contractual transactions can bottleneck the growth of a business, especially for enterprises that process a torrent of communications on a consistent basis. With smart contracts, agreements can be automatically validated, signed and enforced through a blockchain construct. This eliminates the need for mediators and therefore saves the company time and money.
It is pertinent to note that GSC ERP 3.0 can fit into any kind of organizational setting not withstanding the kind of business they do. Thanks to the innovative solutions provided by GSC platform, companys or sellers can now be confident of there purchasing processes and satisfaction of their buyers or customers.
For more subtleties visit the pursue GSC Links below:
WEBSITE: https://www.gscplatform.io/
WHITEPAPER: https://www.gscplatform.io/documents/GSC_WhitePaper_EN.pdf
TWITTER https://twitter.com/GSCPlatform
TELEGRAM: https://t.me/GSCPlatformOfficial
Authored by Chike
