As we know, blockchain is a decentralized distributed ledger that runs on multiple computers. This is one of the million characteristics that blockchain has. The other known and much looked upon traits are transparency, speed, and a lot more.
When it comes to record management, one should be highly vigilant in keeping it as safe as possible. We now live in an era where a safe locker is considered one of the most dangerous places to keep valuables. So what do we do when it comes to documents?
That is where blockchain records and assets management comes to the rescue. With blockchain, a lot of processes can be made simple. But how? More details are coming up!
Blockchain records management
It is natural for most of us to send the printed copies of records across borders just so that a particular process (say property transfer) happens. In order to send one copy of anything that requires, we spend time going to the nearby retailer, printing it, packing it with covers and then weighing it to be sent.
But with blockchain firm, all one has to do is just save the documents in the given ledger and then send the access code to the person who wants to see it.
Now, how is this possible? Is it safe to upload crucial data on a public ledger just like that? Wouldn’t it lead to a lot of misuses?
Yes. Trust me, and it is entirely safe. There is something called Pseudonymity that blockchain deploys. With this, each person is given a code that stands for their real identity. The transactions that are to be recorded in this person’s name will instead be recorded with the code as identity.
Besides that, everyone knows that any change made on the blockchain is there to stay and is immutable. All the transactions are recorded in the block. Each block is linked to the one before and after it. Thus creating a chain.
If at all a person wants to manipulate any data, he will have to alter every block in the whole wide network. This is tedious and highly risky. No amount would be worth that much risk.
What other advantages does blockchain in assets management give us?
You can get your certificates blockchain-verified. This is more authentic than getting a gazetted signature. You can bribe a person to get a gazetted sign. However, it is impossible to do this on the blockchain platform.
The process works on a consensus mechanism. Which means all the nodes on the blockchain would have to agree with the fact that your certificate is genuine, and that it belongs to you. These nodes are multiple computers that are deployed at different places and make illegal approval a difficult task. So, getting such a certificate is extremely valuable.
Looking for more?
There are a lot more advantages that blockchain for assets management could give us. However, we could reap the benefits only if we implement it at the earliest. Are you looking to build your business with blockchain technology? We got tons of ideas. Get ready to join the race!