Successful Hosting of IOT Devices Using Blockchain TechnologyNovember 19, 2018
The blockchain technology has been disruptive across several industries. Whether in the data intelligence department, identity verification process, coming up with a correct identity document, banks and governments are will be able to verify the personal identifying information by decoding the encrypted information.
The biometric information will be verified by the ledger, and a multi-factor authorization will be used to approve the identity ultimately. A bulk of bottlenecks concerning verifying identity are sorted using this technology. High degree of security, compatibility, and no transaction fees are all essential features that make this technology desirable for real-time use in most industries.
Improving the services provided in government organizations and the local municipal offices can be significantly enhanced using this infrastructure. In private businesses, warehouse tracking has become more comfortable than before. All of this comes with improved data efficiency and performance. The immense amount of data can be easily recorded using this technology.
The data points are real-time and accurate. They can be analyzed in come up with valuable insights. IoT devices can be efficiently hosted using this technology. Identity management is greatly fortified utilizing this technology. There is an increase in identity theft, and the numbers of fraud in this regard have increased greatly. No amount of improvement in technology has been sufficient to prevent identity theft. The permanent records unique to the blockchain industry along with the improved standard of authentication tools have made it possible to prevent identity theft to a great extent.
Blockchain technology has as well revolutionized the real estate business. Major real estate companies are able to execute their transactions without having to deal with middlemen or intermediaries. The expenses incurred by performing transactions via credit card companies, banks, and stock exchanges are done away with. Mistakes in property title are eliminated.
The real estate industry is the biggest asset class in the whole world. There has been very little innovation concerning the efficiency process in the transactions. This technology projects significant opportunities for authoritative invention in the real estate industry.
Asset tokenization is fast becoming the norm in the real estate industry. An inherently illiquid asset class has been split into asset tokens thereby providing for easy liquidity for the most illiquid asset class in the whole world. A vast majority of real estate ownership will be moving to the blockchain technology.
XinFin has been successfully providing for asset tokenization of several securities. They have also help with the primary offering and secondary trading of the security tokens.