Be it news channels, social media or newspapers, currently all sources to reach masses are filled with news of how Nirav Modi duped the Punjab National Bank and Indian Economy. It is all about how the country’s second largest public-sector bank or lender was tricked into issuing loans worth ₹11,400 Crore to #57 ranked Forbes Indian billionaire diamantaire.
Where ever there is a mention of Blockchain on the internet, you will always find reference to Smart Contracts too. The word Smart Contract originated in 1997, when Nick Szabo, used it to describe physical objects that change their behavior based on data. Today, in Blockchain, we used this word in a different sense. It is used to describe a computation that happens on the Blockchain which is influenced/triggered by external events/information such as the weather.
What is a Carbon Credit?
Carbon credit is a certificate that allows the holder or any energy company to emit one ton of carbon dioxide. It levies a cost on carbon emissions by creating the value of the credit for every 1 ton of hydrocarbon fuel. And the organizations or the groups that act to reduce the carbon emissions, get the credit granted.
Today’s connected world has created new challenges for Healthcare Industry. It is under immense pressure to provide ‘on-demand services.’ Why would a customer visit a hospitals/diagnostic center for getting reports when he can receive it online through website or email? The concern here is not that the hospitals and diagnostic centers don’t have enough money to provide these facilities to the customer, but the storage and sharing of Electronic Health Records.
Blockchain Technology has found a powerful use case in the Land Registration Process because of the security features it offers. The unalterable and non-hackable properties of a Blockchain are enticing Governments around the globe to implement Blockchain solutions in the Land Registry Process.
One of the recent examples is Swedish Land Registry, which is in the process of implementing Blockchain Solutions for Land Registry Process and has already performed pilot testing of the solution. However, instead of the implementing originally ideated use case of Blockchain for Land Registry which involves putting ‘colored coin’ representing the house on a blockchain, Swedish Land Registry is looking to reform the workflow of selling a property which integrates with existing systems for keeping track of ‘who owns what’ utilizing Smart Contracts.
A Smart Contract is a pre-written computer code/logic that is stored in a distributed database of a Blockchain network and can result in ledger (shared) updates. (Read more about Smart Contracts here https://www.sofocle.com/understanding-smart-contracts/
Smart Contracts can
- Reduce the risk of registering incorrect information
- Assist in getting title deed and the confirmation from the land registry of ownership of the land.
- Utilize unique digital fingerprint to regulate and control the workflow, correctness of the document, and the rules & order of authorization.
By utilizing digital signatures in all steps in the process of selling a house, the total time of doing a deal is reduced from several months to few days. The use of digital signature will reduce the time even for a centralized database, but it is susceptible to ‘attacks’ when a history is changed.
Together with a Blockchain network, Smart Contracts add a chain of evidence that comes from a history that cannot be altered. There are multiple copies of data (transaction/changes) stored with all parties involved. Each party in the Blockchain Network knows what other party is doing and verifies digital signatures in the workflow of all the steps and agrees to the steps in the workflow. This process helps in eliminating those fraudulent cases in which people sell what they don’t own. Only the parties involved; buyers, sellers, land registry, real estate agents can see the same information.
Sofocle has a pool of consultants and engineers, having expertise in developing and implementing Blockchain solutions based onSmart Contracts. To know more about how Smart Contracts and Blockchain can be utilized in Land Registration Process, please schedule a meeting with a Blockchain expert from Sofocle.