Blockchain In Practice I: Why Blockchain?
By Silawat Santivisat
Blockchain Evangelist and Practitioner
Founder of BCI Platform
If we would like to connect any parties together. The first way, which we have done for a long time, is host to host. Suppose, we would like to connect 10 banks to 10 corporates. There will be 10x10 = 100 connections. By this way, cost is high. It is very difficult to maintain and difficult to upgrade. No standard format or API.
The second way of connection is switching. Yes, similar to ACH, ATM, ITMX and PromptPay. By this mean, there is middle man i.e. one who runs switch. The middle man can see all transaction flying around. Therefor switch is used in the area of retail transaction.
But how about b2b connectivity? B2b transactions contain high value and sensitive information. It is very sensitive and confidential. The current technology today cannot solve the problem of high value information in b2b transaction. But now there is! Blockchain technology is the answer.