Let’s Track Informal Transactions With Taraxa Blockchain
Making most of the operational data verifiable is a difficult task, but Taraxa can track informal transactions.
Blockchain was intended to created to track financial transactions, but later, after the launch of the Ethereum blockchain, we realized blockchain could solve many severe issues. Today, in this era, every industry leveraging the power of blockchain to reshape its ecosystem. But many operational data are becoming increasingly siloed, unstructured, unverifiable, and mostly (>80%) uncaptured, driving increasingly misinformed decisions that hold back innovation and scaling.
Have you ever thought it is possible to track every informal transaction using blockchain to make it verifiable!
If you are a guy thinking about why it is required to track every informal transaction to make it verifiable? Then let me make you understand with an example; when you are getting paid by someone using bitcoin, miners are helping you receive that fund by verifying the origin of that bitcoin is legit or not. Hence fake bitcoin can’t come into the supply. When you pay at the shop with fiat, there is no one to verify that the fiat you are giving to the shopkeeper is legit, so fake fiat currency can come into circulation.
We are verifying the authenticity of crypto by leveraging blockchain technology the same way we can verify the authenticity of informal data to make it more helpful for data-driven businesses.
So here Taraxa blockchain can come into play because Taraxa is created to track any informal transaction, and today, in this article, we will discuss Taraxa and the importance of tracking informal transactions.
What is Taraxa?
Data is the new currency, and we live in an era where most businesses are data-driven. Still, the world’s >80% of informal data goes wasted because no system in the exchange can increase accountability. Suppose a big organization run a survey to get feedback from customers through a survey making company. In that case, it may be possible that survey making company can cheat by providing fake survey data, but what if the organization can verify that the survey data is coming from a real customer? Then by getting the actual data, the organization can grow or scale quickly.
Importance of tracking informal transactions
Data-driven business or organizations depends on data, so data drives rapid innovation and growth to Data-driven business. But sometimes, big organizations can’t trust data because most stakeholders do not depose it directly, creating conflicts on development.
Taraxa can track informal transactions to make them verifiable or trustworthy. With Taraxa, you can acquire enough informal transactional data to build a localized reputation network, enabling even the most minor participants to gain a reputation and be trusted in their dealings.
Reputation building isn’t easy because only famous people have a reputation, so can most people trust them blindly, but Taraxa can help you gain a verifiable reputation. Taraxa affects every entity, be it a person, a project, or a device, to make it trusted and verifiable.
Nowadays, trusting a person is very hard, so how you can trust data, a project or a device? Taraxa blockchain can play a significant role here because it can help us make anything trustworthy, allowing an organization/person to choose the right person, data, project, and device. So if you ask my view on the Taraxa, I must tell you that we need these kinds of tools in our lives and business.
Join Coinmonks Telegram Channel and learn about crypto trading and investing
Best crypto exchange | Top 10 cryptocurrency exchanges in 2021
Crypto trading on the cryptocurrency exchanges requires knowledge about the market, which can help you gain profit…
9 Best Crypto Lending Platforms in 2021
When it comes to cryptocurrency lending, tons of factors equate to a good earning profile. Also, the borrowing part of…