Blockchain technology enables everyone involved in a transaction to know with certainty what
happened, when it happened, and confirm other parties are
seeing the same thing without the need for an intermediary providing assurance, and without a need
to reconcile data afterwards.
Transactions are complex and costly. Prone to human error or fraud— each participant has its own separate ledger. Inefficient — intermediaries are needed for validation. Frequent delays & losses — paper-based and data stored locally by each party.
Blockchain is the solution. Peers have a single shared ledger — once the transaction is validated, the record is permanent, secure and immutable. A smart contract — code running on top of a blockchain that contains a set of rules under which the parties mutually agree — eliminates the need for third parties. Owner of the transaction has the power to move anything of value freely and instantly without intermediaries. Eliminates or reduces paper processes, need for intermediaries, speeds up transaction times and increases efficiencies and transparency.
Private Block chain A private Block chain is a Block chain which is hosted from your own private servers rather than public ones. This allows the implementation of access permissions and the rights of data to be owned by a specific party Certificates on Block chain Introducing smart certificates to facilitate on the spot verification. These digital records are registered on a block chain, cryptographically signed, tamper-proof, and shareable. This can be used in different domains to generate smart certificate defined by process.
Domains which can adapt to blockchain certification are
- Education Institutes
- Government Organization
- Banks and Many More