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Our current property tracking system is complex, inefficient, not particularly reliable and, often, not very transparent. This platform involving intermediate role and making the records safe from external interference (piracy-proof) and difficult to falsify/reproduce.
How blockchain works
This is the reason why many countries require you to pay stamp duties or other taxes so that documents such as marriage certificates and title deeds are legally binding and enforceable by BlockChain Developer in Saudi Arabia. This is also the reason why it takes 3 days to send money to relatives abroad.
These are required to ensure that money enters and leaves the correct accounts and that the appropriate records are intact and correct. This is also helpful for all accounting books where accuracy is critical; currencies, asset management, payment systems and compliance and most of all audit of regulations, real estate, records management, identity management, voting, taxes and more.
This is where the blockchain technology intervenes.
Blockchain Saudi Arabia is essentially an accounting tool that greatly simplifies this process and provides a record keeping system that does not depend on intermediaries, however, it is:
- Fast and efficient
- Safe to forge/hack
- Immutable (once the information is blocked, it can not be changed)
- Does not require trust between the parties
The advantages of a blockchain compared to traditional accounting systems are:
There is no single point of failure: if a computer is suddenly turned off or hacked, it does not disturb or damage the rest of the network. The rest of the computers will continue to happily add spreadsheet blocks to the BlockChain Services in Saudi Arabia.
The entire system is decentralized: a property registry based on blockchain technology is not controlled by a single entity or organization. Therefore, there is no central authority that can freeze or take control of your assets if they wish.
The system is super efficient: there is no human work involved in the authentication of incoming messages. No intermediaries or intermediaries are required to establish trust. Everything is done through a computer code and integrity is achieved through public and independent computer networks.
The system has a total transparency: each row in each spreadsheet is stored in each node of the network. Therefore, all the information in a blockchain is available to the public and can be examined and analyzed by anyone if irregularities are suspected.
Participants can remain pseudo-anonymous: no names or personal information are stored in the blockchain. Transactions and account balances are public; however, the accounts are not linked to any identifiable information.