Transaction Tracking is a cornerstone to making e-business as effective as possible.

Making e-business as viable as printed and signed contracts

Five thousand years ago (give or take a millennium) the greeks had themselves an empire, and this empire moved the human race from being hunters and gatherers to being organized in ways that have led to the civilization we see today.

The basis of this change was the division of labor and the need to sell services and products to each other using money, and the rule of law. If you spent your days weaving baskets then you would have to sell your baskets to someone in exchange for food, clothing, house supplies, education etc. and the Greeks came up with the rules to allow all this to happen.

And these rules have worked really well ever since. But we’ve reached a point where these rules need changing. Today business has become e-business, but the laws and conventions setup and maintained by people who wore sandals and lived on Feta cheese work best when contracts are chiseled in stone or were written on the skin of a calf and are less viable with a “click to accept” button on a mobile phone.

Ask any court in the world to compare the viability of a signed contracted stored in a locked safe in a locked room with a guard at the door against a record in the cloud that shows a click by the “yes I read the term and conditions” link, and you will know what I mean.

The law values the provenance associated with physical printed, signed and protected documents over digital records, and this is a problem that is slowly being addressed.

The law is slowly catching up. Sarbanes-Oxley, Dobb-Frank, The Sunshine act, MIFID, The code of federal regulations (CFR) and so many others are requiring that the provenance of electronic data we captured and made available to prove the provenance of transactions.

And with new laws comes new ways to enforce these laws, including new powers to audit, fine and prosecute. These are the sticks, but there are massive carrots to go with it. Simply put when electronic versions of contracts, be it money (which is essentially a contract) or any form of agreement between parties becomes as legally solid as written contracts, then digital becomes as valuable as physical, and this changes everything.

Nastel has been delivering transaction tracing solutions to Fortune 1000 companies to specifically enable them to trade digitally with the same efficacy as paper-based trades, just at the speed of light. If you’re ready to put your foot hard on the gas and accelerate your business to digital levels of performance call Nastel today.