Blockchain in Franchising
What is Blockchain?
Blockchain is a digitized, decentralized, incorruptible public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central record keeping.
Furthermore, each block typically contains a key linking to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to any modification of the true data.
What is Blockchain in Franchising?
Technology within the franchise industry is ever evolving, and with blockchain taking the security industry by storm, there’s no reason we can’t use this proven system to better enhance your experience.
Here are just a few ways blockchain technology changes franchising:
■ Manage financial transactions within your franchise with a higher level of digital security
■ Improve the security of the overall flow for Candidate Qualification Forms (CQF’s) and Franchise Disclosure Documents (FDD’s):
–When sending CQF’s to potential franchisees, the data collected within this process will be protected through a higher level of security. The information collected here allows the franchisor to understand if the individual(s) meet basic requirements for location ownership.
–Similarly, when FDD’s are sent to potential franchisees, the anticipated signature retrieval process is better protected and upon receipt, the new franchisee may begin the onboarding process.
■ This creates an area where data can be shared between systems and become interoperable, the concept of interoperability becomes reality
■ All data is decentralized yet secure for franchisee and franchisor profiles, this makes accessibility easier for the end user
Naranga is leading the development of blockchain within franchising. Our purpose is to continuously provide our users with the latest, most advanced, secured technology available today.
“As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.”
Ian Khan, TEDx Speaker, Author & Technology Futurist
“Online identity and reputation will be decentralized. We will own the data that belongs to us.”
William Mougayar, Author, The Business Blockchain
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alec Tapscott, Authors, The Blockchain Revolution
To learn more about the concept of Blockchain, take a look at the following sources:
*Image from draglet.com
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