Crypto Academy Week 6 - Homework Post for @gbenga on All About Blockchain Security 2 Homework by @hadassah26.
Keeping records has always been of major importance to man, from ancient shepherds trying to keep track of their sheep with the tally number system to using Artificial intelligence’s facial recognition to keep track of peoples identity and linking them to their SSN (Social Security Number), NIN (National Identity Number) etc.
But how best do we store these data, how do we make them immutable, how do we keep track of every transaction of these data and more in an efficient and fast way.
Stuart Haber and W.Scott Stornella, who researched in 1991 on and wanted to bring about a system that will count document timestamps without being tampared with. link
On January 2009 Satoshi Nakamoto implemented Blockchain technology and proof of work as a reliable method of finance where all transactions are recorded and trackable to the very last point. Well this is the reason I am writing this piece.
Blockchain technology is a method of storing data and transaction with a system to efficiently track every transaction with a process called decentralization method.
Data usually is arranged in rows and columns from accounting books to data containers, but blockchain stores data in blocks, a process where on creation of every transaction a block is formed and every information regarding that transaction is stored in that block, so on the next transaction a new block is created and appended to this now previous block and stored in a distributed computer network called nodes. This way on trying to edit a previous block on a node all other nodes are informed and need to be edited too bringing about a thorough supervision and transparency of the system by every node on the others.
With this basic summary of the algorithm of blockchain, we see it is best to appreciate and use this network rather than try play or attack it.
With blockchain technology being supervised by computers, each user has to have his or her own personal security to access their acccount on the system. This brings about private keys and digital signatures.
Private keys are alphanumeric cryptographic digits which give authority to a user to carry out transactions on his blockchain account source
Digital signatures also are a very needed verification for users to be able to carry out transactions on their blockchain account.
Blockchain In any Industry
Blockchain can now be used in any industry as a secure documenting method and not just in crypto as Bitcoin.
Take for example, my Dad always travels down to the village to settle land issues, just trying to protect his lands from being collected from him, and from us in the future, so also are there other disputes on real estate as false claims usually arise on houses and lands.
Blockchain and its Security Benefits in Real estate:
From the above problem metioned, it can be seen that real estate suffers so much from mistrust and false claims.
Blockchain technology will bring about a transparent ownership of properties and more stored and documented across nodes, this way ones rightful property would not be tampered with and can be easily proven.
More blockchain has can help the Real estate industry by tokenising asserts, yes real estate had since been taken as an illiquid asset since it usually takes a while to be fully traded, but with blockchain technology companies such as ATLANT have made real estate much more traded like stocks on exchange platforms. link
Impact of Blockchain and Cryptocurrency in Real estate
Blockchain and cryptocurrency has made real estate easily traded and better owned by a more people rather than a few group of big corporations and governments, this way the cost for ownership for real estate is cut and unnecessary middle men (professional fees and commissions, inspections costs, registration fees, loan fees) are no longer needed.
I am @hadassah26 and this is my homework for professor @gbenga on All About Blockchain Security 2.
Thanks.
Thanks a lot for participating in this week's class and assignment. You shared important points in this post and were expecting to see more details about how the blockchain can be harnessed in the real estate industry but that aspect in your post wasn't explained further but then, an illustration with your dad really showed the problem faced in the real estate industry.
Rating 6.5
Thanks you professor @gbenga. I really appreciate your effort