The modern era is all about using various technologies for better facilities of life. The creative brains keep on hunting new options that can not only ease the life but also offer the strong feature of extra safety and security to various avenues and make the user supported by it. Block chain technology was originally introduced in the year 2007 as a means to trace the trading of bit coins between various buyers and sellers. With time, the people started innovating how the same technology can be deployed in other sectors which are facing the issues of fraudulent and theft. The most innovative use of block chain technology is in the real estate industry.
Not only the deployment of block chain technology in real estate eliminates the chance of fraudulent but also it makes the property transfer process hassle-free. People across the globe are now ready for deployment of block chain technology in the real estate industry and other e-commerce businesses as well. To understand further we are required to discuss about the functioning of block chain technology.
What is a blockchain?
A blockchain as the name signifies is a virtual chain made up of blocks which are connected to each other. Each of these blocks contains a variety of information which cannot be altered. In case the information has to be changed a new block is required to be added, hence ensuring no fraud occurs. To insert a block or view the block data, a user needs to have three types of key. A viewer’s key enables the recipient to view the data inside the block. An owner’s key enables the owner to view the data inside the block. A verification key enables the owner to insert a block and feed the data.
Blockchain in real estate industry is going to be a breakthrough for the buyers. Assume that you wish to purchase a property in which case you will need to verify whether the documentation of the property is correct or not. With the deployment of blockchain technology, the broker or the seller will provide you viewers key using which you can verify the documentation of property and get details about the passing of property in the chain.
Blockchain and e-commerce
The deployment of blockchain technology is not limited to just the real estate industry, but now many e-commerce businesses are also accepting the technology’s significance. The blockchain technology if employed in e-commerce business will revolutionize the process of buying and selling a product. Customers will find it pretty much convenient to buy a product based on the data provided on the block chain. Now that was a B2C advantage, but there are also B2B advantages of the blockchain. In case if a business wants to merge with another business, the other business owner can look into the former business’s accounts and make sure that the merger will result in the profits. Block chain in e-commerce is really needed as it provided transparency and trustworthy results in a number of areas where the risk of data manipulation is much high and hence genuineness of deal may be in trouble.