Blockchain Development: Reinventing Processes by Smart Contracts
“Blockchain, Blockchain & Blockchain”, a word, repeated N number of times from tech astrologers! A lot had been written about what is Blockchain and how does it work. Let’s not get into that detail. Nowadays, a new trend of Blockchain driven smart contract management is started (of course, it’s certainly a worthy one). It does answer these questions automatically. “How reliable is this login id & password system? Also, security certificates, is breaching the wall is next to impossible?” the key thing about the Blockchain Services is that it doesn’t rely on any 3rd party to ensure security. In fact, it eliminates the need for keeping a 3rd party entity.
In this blog, we will witness the transformation achieved by various businesses or industries after the emergence of Blockchain.
Smart Notary System
Establishing an agreement between two parties is a matter of trust issue. Both parties are in a search of the third party which is reliable, trustworthy and efficient to get work done in a few hours. The pitfall of this system is wastage of hours and money to get it done. Integrated with Blockchain sever, a smart notary system gets you that ease and convenience with the robust safety. Less money invested and no time wasted. The app records the conversation that can be retrieved anywhere from the world and can be presented as proof in case of legal matters.
Product Ownership Ledger
Having access to SSN, the federal authorities can access each and every detail for the person. Similarly, have you thought of something for a product? Confused? Let’s take another example. Whenever you purchase a used car, you can easily get an ownership ledger for the same from the respective government body no matter what country you are in. By just entering a model number of a product, you can access the whole ownership ledger of the same. Yes, this kind of initiative has started happening. Brainvire, being a leading Blockchain Service Company, has developed a product ownership ledger that displays each and every relevant info of the product along with its ownership journey.
Imagine a Blockchain driven network holding end to end nodes of clinical trials! Right from the patient enrollment and supply chain integrity to claims, the Blockchain services can cover every aspect of clinical trials inside. Blockchain has turned out to be a cost-affordable and reliable solution in the clinical research arena and is helping researchers, patients and clinicians by streamlining the workflow.
GDPR (General Data Protection Regulation) is in effect from 25th May 2018. Various Blockchain services companies have helped so many organizations to achieve the GDPR compliances via efficient Blockchain solutions. Whenever any digital records are transacted, the unique signature gets created for the same and the signatures are stored in a ledger called a proof chain. When a new seal takes place, an evidence owner is sent a receipt with a token to enable them which can, later on, act as proof certificates. These certificates can be accessed to verify the claims between two parties and to serve justice.
The issue with any digital trading is identity verification. The benefit of Blockchain is the distribution of a ledger across the network. So a chance of intruding is highly negligible. Blockchain’s immutability is the very first factor to rely upon it. Not only in the businesses but on a wider level, identity management can help nations to track their serious issues like refugee identification, human trafficking, the human slave trade, illegal money laundering and quite more.
Consent Before Physical Intimacy
To avoid regretful consequences, two parties take consent before getting involved in physical intimacy. The video of consent gets recorded and uploaded to the cloud server directly using Blockchain technology. Whenever a user requests access for the same, the admin verifies the identity of the user and sends it to him/her. This consent app is booming the app stores on a quite louder node nowadays.
Blockchain hasn’t come with a resolution of security breaches but the elimination of middleman as well. Having belittled the transaction cost, the economies are being reinvented day by day. The smart contracts are the direct beneficiaries of this technology. Because a digital ledger that records the transaction can be viewed and verified by the participants only. 3rd party elimination, reduced transaction cost, and enormous security are the 3 things people have turn towards Blockchain.