In a larger sense, the changes they’ve inspired can be summed upin the term digital transformation (DT), from banking and investing online tocommunicating with virtually anyone in the world for free. And blockchaintechnology is quickly becoming one of the main drivers of DT, for good reasons.
From securing and optimizing bankingpractices and insurance in the private sector to voting and reducing governmentalbureaucracy in the public sector, all areas of enterprise stand to be changed through blockchaindigital transformation.
Let’s Save the Trees for Building the House, Shall We?
If you’ve ever closed on a house,especially one with a mortgage, you know what it’s like to have sprained wristsfrom signing papers. If your wrists weren’t hurting so much, you’d cry for allof the trees that had to die needlessly instead.
Today, the real estate industry hasbeen undergoing a digital transformation, beginning with online listings ofavailable properties, since automated Realtorboards were created in the 1980s. About half of those interested inbuying a home search online before using other means.
2018 saw the first timeblockchain was used to sell a house. But blockchain technology has begunto seriously reduce the paperwork involved in real estate, including listingagreements, letters of intent and offer sheets as well as closing documents.
Moreover, real estate contracts need to pass throughfewer hands, such as those of bankers and even realtors, with blockchain-facilitated(smart) contracts automatically ensuring the validity and the oversight ofdozens or even thousands of node operators.
Digging Deeper to See Why Blockchain Is Special
The digital transformation framework blockchainprovides is doing more than saving trees, too. It’s ensuring transactionaccuracy, eliminating intermediaries and securing transactions in a uniquelyimmutable way. Indeed, it can even make blockchain-secured property securitysystems much less hackable.
Across allindustries, blockchain provides the most secure and accurate solution for anytransaction, for several reasons:
● The encrypted codeblocks that keep records of transactions are virtually unhackable.
● Smart contracts, the code setting rules forhow transactions are made — in decentralized finance (DeFi) blockchain,specifically — are unbreachable and unchangeable, making transactions safe frommalicious actors, accidental overwrites and unclear contract terms.
● Multiple stakers — invested validators — of transactions ensure the accuracyof all on-chain transactions worldwide.
Without sounding too technical, youcan say blockchain integration provides benefits that conventional databasetechnology cannot. Although many platforms authenticate transactions, theyultimately store data in a database — a centralized authority.
This means that conventionaldatabases can still allow a single point of failure. With blockchain, however,data is stored in more places and verified by more actual humans than anyindividual or enterprise could reasonably afford.
Moreover, while database-held datacan be hacked or accidentally changed, it’s a different story with blockchain’ssystem of block producers, such as EOS block producers, who addthe transactions, or blocks, to a blockchain. A virtually impossiblenumber of computers would need to be hacked at once for blockchain-securedtransaction data to be altered.
Making Safer, Even GreenerTransactions
In the ongoing digital transformation,transaction validation is one of the main ways blockchain technology excels.Indeed, blockchain’s high level of trust and transparency allows for some greatopportunities to improve people's lives in a virtually limitless number ofways.
In just one example, Canada’s energysupply was challenged when electric car ownersplugged in at peak demand times, but blockchain solved the problem.While car owners’ energy use was measured as immutably accurate transactions,reward tokens were triggered for those saving energy.
Through verifying data robustly andremoving costly intermediaries, blockchain technology allowed thiswin-winnovation to succeed.
In short, blockchain allows bothbusinesses and consumers ways to securely manage transactions and keep up withthe worldwide digital transformation.
So how can your company best adapt tothis age of transformation? According to Business Leader, companies need to make aroadmap and work features of DT into their business gradually rather than forcequick changes. Similarly, companies need to choose technologies — such asblockchain — that will last.
Not Just Choosing the Right Team, Butthe Best Players As Well
In order to take advantage of thebenefits of blockchain digital transformation, specifically DeFi platforms areneeded. Otherwise, using centralized finance (CeFi) platforms such as Coinbase(not Coinbase Wallet) and Binance will provide a likely less transparent andcertainly a more mediated implementation.
One player making waves in the DeFispace is AIKON. Its signature identity management platform, ORE ID (a secure login tool for blockchain), provides an easy butsecure login interface accessible through email, most popular third-partysocial media logins and even SMS. ORE ID is built to be user-friendly enoughfor anyone responsible for integrating new technology in an organization tointeract with.
And that’s an important point when itcomes to the oncoming digital transformation — inclusivity. There’s nothing more inclusive than DeFi, with thetransparency of its public ledgers and freedom from centralized control.
Another essential point is connection. Our lives aren’t transformedin a bubble, but we influence each other with the technology we use.
Companies such as AIKON understandthe importance of inclusion and connection, too. For example, AIKON is set upto connect all users of ORE ID across multiple blockchains, allowing forinteroperability.
With AIKON and its cross-chaincapabilities, you definitely won’t be alone as the digital transformation thatblockchain brings advances and improves everyone’s lives.
