Wednesday 18th Jul, 2018

Blockchain speeds up business deals

Photo: David Sexton
Photo: David Sexton

COMMONWEALTH Bank head of Blockchain, Sophie Gilder, has outlined some of the ways the new technology is helping make for smoother business deals.

Ms Gilder was one of the speakers at a Shipping Australia breakfast held at Melbourne’s Sofitel on Collins.

A particular area of note was the application of different technologies and bringing them together in Blockchain allowing for shared and yet secure documents.

“You have transparency but you can trust it and know it hasn’t been tampered with – this is unique,” Ms Gilder said.

“That ability for the relevant parties to be able to see the document and to be able to trust it and know that it is genuine.

“If everyone can see it, then you get much faster agreement between parties. Everyone can see the document – there is no couriering back and forth.”

She said any error was picked up immediately and the error rate was much lower.

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