Originally, blockchain was devised to keep a record of all cryptocurrency transactions, which was further adopted by the financial institutions for similar purposes. The successful model and technology prowess of the digital ledger technology has now caught the eye of public sector. At the forefront of the latest revolution is the real estate sector, closely followed by the legal sector. Catering to all these segments is an innovative blockchain-powered platform, SilentNotary.
SilentNotary a platform that runs on a mathematical algorithm that allows users to covert information into legally significant evidence. The first ever blockchain-based notary is taking the legal world by storm with many opting for its services. With an easy-to-use interface and access at any time from any location, the software is more than convenient.
SilentNotary has over 2.3 Billion users from insurance companies, banks, media outlets and construction work. It uses email, chatbot, multichat, voice recorder to collect and store information on blockchain.
Public Sectors Embracing Blockchain data storage
Dubai, a frontier in real estate development becomes the first to embrace blockchain in its government institutions through its land registry. The move is part of the Emirates ‘Dubai Blockchain strategy’ that aims to process and record all documents and transactions on a blockchain by the year 2020.
The blockchain is good news for investors as they can verify property data from anywhere in the world. Moreover, timestamp signatures on property information will guarantee security and accuracy. As a result, investors have credibility and transparency in all investment transactions
Japan is also reported to have plans to bring together all land and property registries under one blockchain structure. The strategy targets farmland, forested and urban areas. Hot on its heels is India, which according to The Economic times is looking to launch a blockchain-powered registry in Andhra Pradesh and Telangana.
Blockchain is the way to go
Blockchain hold power to offer seamless, secure and impactful experiences. A collective of people control information on blockchain as opposed to traditional systems that use a single entity. Blockchain has an elaborate encryption procedure making them safe from manipulation. Deleted or altered data leaves a record of the data’s initial state.
Government records especially those of citizens are sensitive, making security top concern. In addition to no manipulation, blockchain verifies events through the seamless record contained in the blockchain. Such features are more likely to improve customer confidence and solve data falsification.