Bitcoin may well have found an ally in property records after struggling for wider recognition. The tracks or ‘paper-trail’ offered as a result of it’s blockchain and encryption can play a more integral part in property records as an increasing number of documents and data are made available by governments. Blockchain is a unique platform that records all transactions with Bitcoin. These records are transparent, up to date and relevant. Within the future larger corporates, governments and researchers see the use of ‘blockchains’ to verify the integrity of property records along with banking, securities and other data posted to any open data platform.
Those who see it as essential to larger scale services and already interested in the technology include UBS, Samsung, Santander and IBM. It is projected that by 2020 the encryption and technology may be best practice for verifying online public records. Property records in the third and developing world are notoriously porous and remain prone to hacking. The government of Honduras initiated the technology for it’s property records. However only to find the individuals who set up the system had relatives who owned some key properties.
Vermont made inroads towards smart contracts in the Summer. This being technology within agreements that track authors and versions. The state governor (Peter Shumlin) on 3rd June signed the economic development act in to law. This to determine risk and opportunities of implementing blockchain technology for the validation of vital records along with electronic facts. Smart contracts can also be used in monthly water or electrical invoicing while also having the potential for regulating e-commerce agreements and transactions.
There are numerous other analogies and benefits in a wide ranging context globally. Blockchain can provide a means to validate voting records in the U.S. prior to and post election. Confirming entries and ring fencing them from fraud. It would also make it far more difficult for corrupt officials.
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