Why Blockchain is the Vital Step Toward Accountability in Business

Blockchain is unique in that it makes transparency attainable for transactions as well as transaction data and the exchange of relevant and valuable data. This is vital to the development and growth of many socially-driven projects in that it ensures all data regarding the transmission of either data or digital assets is entirely documented and therefore traceable. This feature alone makes the utilization of blockchain essential to the evolution of existing businesses.

Unlike many of the applications blockchain is associated with, such as Bitcoin, blockchain itself is a measure of accountability. The platform consists of a decentralized ledger, which may be encrypted to protect the records that are enclosed. It provides precise records of past transactions and histories, which are updated in real time. This level of efficiency is unmatched by other products and solutions which are currently available within the current market standards. For example, approximately 70% of land-owners in developing countries do not have a secure claim to their properties; in other words, documents with contractual evidence of this ownership can be easily altered as well as faked, which highlights one of the most prevalent flaws in today’s transaction system, and reveals a potential fragility in the infrastructure of many existing data storage application.

While much has been said about blockchain’s disruption of the fintech world, there is one key point that is often skimmed over. Many are calling blockchain technology ‘groundbreaking’ because of its unique potential for future growth and development in various markets. But in addition to this, blockchain is a platform on which to conduct the transfer of money and other assets that already need to be accounted for. Many of the industries that blockchain applies to already require some form of a ledger to begin with, but they rely on systems which are not necessarily open, secure or efficient. In recognition of this, Dubai’s Land Department is currently working on developing a blockchain-based system on which they plan to conduct future, as well as record all existing local real estate contracts. Dubai authorities have understood , because of early the wide range of possibilities that Blockchain technology offers within fields such as of financial asset and contract management as well as contract management.

Its ability to provide a wide variety of services with relative immediacy and virtually no systemic errors means that it is a probably replacement of, as well as an answer to the current problems with traditional business models employed by Real Estate Investment Trusts. It eliminates the need for an intermediary and provides a new level of efficiency in transaction processing and verification. At the same time, however, it should be noted that Blockchain is a “threat” to the existing players in the market simply because it performs the same required functions (for example, the transaction of international payments) within a fraction of the time, and with greater accuracy and precision than existing ledgers channels for asset transfers. This is due to the transparency and permanence of any data collected to the chain.

To learn how compliance, efficiency, and accountability are being integrated within blockchain technology and being used to disrupt sectors of the Real Estate market, please visit noon.sg