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How can you use Blockchain to improve your negotiation skills?

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Blockchain is a technology that enables secure and transparent transactions without intermediaries. It can also be used to create smart contracts, which are self-executing agreements that follow predefined rules and conditions. But how can you use blockchain to improve your negotiation skills, especially if you are self-employed, a consultant, or a freelancer? In this article, we will explore some of the benefits and challenges of using blockchain for negotiation, and share some tips and tools to help you leverage this technology.

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Partha Chakraborty, Ph.D., CFA

Founder & Chief Financial Officer at Infinite Water Inc. | Founding Faculty of Crypto & Economic Sciences, Drofli…

1 What is negotiation?

Negotiation is the process of communicating and exchanging offers and counteroffers with another party, with the aim of reaching a mutually acceptable outcome. Negotiation skills are essential for any professional who wants to achieve their goals, solve problems, and create value. Negotiation skills include preparing, researching, listening, asking questions, framing, persuading, and closing.

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Partha Chakraborty, Ph.D., CFA

Founder & Chief Financial Officer at Infinite Water Inc. | Founding Faculty of Crypto & Economic Sciences, Drofli School of Design Sciences | Op-ed Columnist, IndicaNews.com
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Blockchain is the "trust engine disruptor". In principle, Blockchain enabled ecosystems can distrupt established trust engines like Google, AirBnB, Uber, etc. It is this feature, that can help advance one's cause in a negotiation. By establishing a trustless system, where all claims are verifiable with an indelible memory by design, a negotiator can support her claim by design, and beyond question. She establishes her own trustworthiness by using a trustless system that is Blockchain. As have been established by researchers, "commitment" and "trust" are two essential elements of success in any negotiation. Therefore, Blockchain enabled systems can be sine qua non for negotiation processes of the future.

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2 Why use blockchain for negotiation?

Blockchain can offer some advantages for negotiation, such as reducing transaction costs and risks, enhancing trust and transparency, and expanding opportunities and networks. By eliminating the need for third-party intermediaries, blockchain transactions are fast, secure, and immutable. Additionally, blockchain provides a shared and verifiable record of the transaction history, which can reduce disputes and misunderstandings. Smart contracts can also enforce the terms and conditions of the agreement automatically. Furthermore, blockchain can enable access to new markets and customers in the global and digital economy. It also facilitates peer-to-peer and collaborative transactions, such as crowdfunding, sharing, or bartering, which can create more value and innovation.

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Paul Ugbede Godwin

Crypto Journalist; Tekedia Institute| Founder EmageNewsDAO, Events SMCDAO
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With Blockchain technology, access to finance is somewhat confined on the sender and recipient which apparently create lacuna for intermediaries. With Blockchain, the financial world is becoming closer. Blockchain isn't confined to time and place, inasmuch as one could send $1M on a Sunday afternoon in LA and the recipients receives the corresponding value in Nigeria without time delays and weekend constraints which is eminent with our contemporary banks and with relatively low fees is what the world will live to embrace.

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3 What are the challenges of using blockchain for negotiation?

Blockchain is not a foolproof solution for negotiation and can present some difficulties. Technical complexity and learning curves can be challenging, as blockchain is relatively new and involves different platforms, protocols, and standards that may not be compatible or interoperable. Furthermore, blockchain transactions may not be recognized or regulated by existing legal and regulatory frameworks, potentially creating legal risks and liabilities. Additionally, blockchain transactions may not take into account the human and psychological aspects of negotiation, such as emotions and relationships, nor the cognitive biases that can influence decision-making. All of these factors can affect the negotiation process and outcome.

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4 How to use blockchain for negotiation effectively?

To use blockchain for negotiation effectively, you need to understand your goals and interests, research the blockchain platform and the other party, and use smart contracts wisely and ethically. Before entering a negotiation, you should define your goals and interests, determine your alternatives, reservation price, and best possible outcome. This will help you to evaluate offers and counteroffers, and negotiate strategically and confidently. Additionally, you should research the features, benefits, and limitations of the blockchain platform to ensure it meets your needs. You should also research the other party's reputation, goals, interests, negotiation style, and tactics to build trust and rapport. Finally, when using smart contracts you must make sure they are clear, accurate, complete, fair, legal, compliant, and respect the rights and obligations of the parties.

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5 What are some blockchain tools for negotiation?

Blockchain tools can be useful for negotiation. OpenBazaar is a decentralized marketplace that allows users to buy and sell goods and services directly, using cryptocurrencies. Negotiations can be done for the price, delivery, and quality of the products or services, with smart contracts securing the transaction. Colony is a platform that enables the creation and management of decentralized organizations, projects, and teams, with negotiations for roles, responsibilities, and rewards. Kleros provides decentralized arbitration services through blockchain to resolve disputes that may arise from smart contracts by submitting them to a jury of peers who will review evidence and vote on the outcome.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use Blockchain to improve your negotiation skills?

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1 What is negotiation?

2 Why use blockchain for negotiation?

3 What are the challenges of using blockchain for negotiation?

4 How to use blockchain for negotiation effectively?

5 What are some blockchain tools for negotiation?

6 Here’s what else to consider

Blockchain

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How can you use Blockchain to improve your negotiation skills?

1

2

3

4

5

6

1 What is negotiation?

2 Why use blockchain for negotiation?

3 What are the challenges of using blockchain for negotiation?

4 How to use blockchain for negotiation effectively?

5 What are some blockchain tools for negotiation?

6 Here’s what else to consider

Blockchain

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