Electronic data interface, better known as EDI in the supply chain and logistics industries, has transformed the sectors by making it easier to exchange standardized data between all parties in the supply chain. It’s time to take it to the next level by integrating the Bitcoin blockchain, Alessio Pagani tells CoinGeek Backstage.
In The Bitcoin Masterclasses workshop in London, Dr. Craig Wright delved into how easy it is to integrate Bitcoin into EDI and the transformation this can have on the sector. On the sidelines of the event, Pagani talked to CoinGeek Backstage host Becky Liggero about specific benefits the sector can gain by turning to Bitcoin.
“With Bitcoin, you gain a lot of efficiency, security…we’re working on improving businesses by embedding Bitcoin in EDI,” stated Pagani, the research director at enterprise blockchain firm nChain.
This integration would allow businesses to store the data generated and shared on EDI on the Bitcoin blockchain. With Bitcoin being a public and transparent data ledger, users can “guarantee the integrity and security of this data.”
“This means that all the parties involved in the exchange can gain all the advantages of such a system by default and by design.”
Dr. Wright has been an ardent advocate of integrating Bitcoin as plumbing for applications such that the end user never has to know they are using Bitcoin. By integrating Bitcoin into EDI, users would reap the benefits of secure and immutable data without having to learn about Bitcoin, Pagani noted.
The Bitcoin Masterclasses are anchored on attendee engagement, and in Pagani’s group, they discussed applying atomic swaps to various industries to build trust. For instance, in a car rental enterprise, atomic swaps would give customers access to the car the minute they make the payment.
As Pagani shared, nChain has conducted years’ worth of research on atomic swaps in Bitcoin.
“Atomic swaps were the first whitepaper that nChain wrote…it’s a technique that allows users to have an exchange of goods and payments at the same time.”
Watch: EDI is ‘very simple’ to code into Bitcoin
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.