BAM Technology has automated business transactions surrounding the shipment of freight using Blockchain-based smart contracts, these improve upon traditional contracts by enforcing the rules controlling the transfer of currency or assets under specific conditions.
In simplified terms, Blockchain systems use a chain of cryptographically protected records to expose the details of transactions to all participants and distribute records across the network of participating “nodes,” or computers, thereby eliminating the need for a central authority to maintain records, which makes processes more efficient and cuts costs. The effects of these are the following:
- Accelerated payment, better security and reduction of fraud.
- Simplified claims settlement.
- Improved traceability and trackability.
- Elimination of the middleman, which cuts costs, reduces paperwork and shortens the supply chain.
- Reduction in the cost of regulations and compliance.
- Increased transparency of price, ownership and the entire process.
Before we move on to the Blockchain applications in the financial industry, let’s quickly sum up its universal benefits:
Paramount security should go without saying, but we’d like to additionally imply that compromising a Blockchain transaction is impossible.
Enhanced information validation. By opting to use Blockchain companies can immediately solve two important problems – controlling the information on digital transactions and avoiding duplicates. If one of the elements is corrupted in some way, the transaction will not take place.
Transaction validation happens in seconds. There’s no waiting time involved on waiting for a transaction validation from a centralized authority e.g. your bank.
BAM Technology, using the Blockchain technology, offers a potentially new medium to exchange assets without centralized trusts or intermediaries – and without the risk of double spending. Blockchain can eliminate the threat or the risk of fraud in all areas of banking, and this could equally apply to a trading platform.
BAM Technology assist’s Oil and Gas companies digitalize solutions for order-to-cash processing. The digitized process will improve production and hauling efforts in a synchronized environment producing benefits such as improved scheduling and dispatching, accurate measurement of discharged fluid volume, precise. This digitilization also reduces the number of potential points in which errors could occur. The adoption of the solution will enable companies experience an overall efficiency increase in conjunction with increased profits.
The BAM Technology Blockchain Solution has helped companies increase the level of trust regarding transactions by using shared processes and recordkeeping. This has led to their clients especially those international gain confidence in the commodities being purchased.
The Agricultural sector is one of the key sectors of any economy especially those in the third world. BAM Technology has developed a number of solutions helping farmers and companies in the sector digitalize and apply the Blockchain to their processes from crop generation to consumption.
These Solutions has the following benefits:
- Food Safety
- Improved Logistics and Supply Chain
- Fair Trading Practices
- Market Expansion