As you learn how to manage transactions, you will learn how to manage the world…
Today, we are witnessing how things are transformed into digital functionality. Nowadays we are already buying not simply an aircraft engines, but guaranteed functionality with maintaining service of this functionality in a certain period which is included in price. Moreover, we don’t pay for engine as a whole thing at one time - we rent its functionality and constantly pay for engine while it works.
Transaction’s digitalization and Digital revolution
Certainly, blockchain has made revolution in business relations. Below are some facts as a prove of it:
Transaction and resource
Ronald Coase defines the nature of firm through two elements - resource and transaction. Resource is a source of the function of this resource (i.e. food satisfies hunger- it is its function). Connection of the resource with other resources is ensured by transactions.
All the start-ups face ‘the Main’ problem. Each one of you most probably know the problem I am pointing to, but let’s go deeper into the question. You work on your project day and night and create something fundamentally new. As a rule, you know your industry really well and you are sure that your project is something so new and unique that the market will be able to evaluate and appreciate it. Read more..