Cryptocurrencies also settle transactions in faster and more efficient ways than traditional financial institutions, allowing you to send and receive money almost immediately since it does not involve intermediaries like banks and payment processors.
Record keeping is the system of creating and
maintaining records of transactions or activities
of an organizing.
In business field; keeping records of transactions helps to
protect a business, measure performance and maximize profits. Records created specifies transaction dates
and amounts, legal agreements, and private customer and business details.
Use
of blockchain for record keeping
Blockchain technology is a
solution to creating and preserving trustworthy digital records, presenting
some of the limitations, risks and opportunities of the approach. A blockchain is a chain of blocks that
contain series of informations. This block is a record book or files where data
is permanently recorded. Once a record is stored
in a block, it cannot be altered or removed. Hence, blockchain is an incorruptible digital ledger of economic
transactions without a central authority. The information in a
blockchain is completely open for everyone.
These
are the basic areas we can use blockchain for keeping records of transactions:
Health:
blockchain
is very important for storing
the health and medical history of patients.
First, Patients
can have control over their data and take notice of the changes that might be
made since it is visible to all members of the patient network.
Any
unauthorized modifications can be trivially detected. Hence, agreement can be
reached without the involvement of a trusted mediator.
Title
records: Blockchain technology
will certainly eliminates most fraud that exists with title records and
increase trust. blockchain prevents unnecessary information from disrupting the
chain. Also, it makes alteration of records more easily detectable and
avoidable.
Ownership:
blockchain can remove the need of a trusted
third party like the government agency, for keeping track of ownership
information as a decentralized database. It stores transactions in the ledger
in a permanent and verifiable way. Based on blockchain, property ownership
recording system enhances security, efficiency,
and speed to a wide range of services and processes. Blockchain in ownership
recording system allows only the participating parties to share accessible,
transparent, and trusted information.
Voting:
blockchains doesn’t face most of the
challenges political elections have. Blockchain makes voting highly
transparent. This eliminates election rigging and reduce fraud to bring true
democracy. Therefore, it could be possible to track your vote and see that it
counts in the right place. With blockchain, everyone can count the votes, and
they can verify that no votes were changed or removed, and no illegitimate
votes were added.
Intellectual
property: implementation
of a decentralized registration system, could allow for fast and accurate verification of a person or
company’s right to a given piece of intellectual property reducing excessive
wait times for patents and trademarks that businesses would find themselves
more able to innovate quickly.
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