Does Blockchain Development Services in Saudi Arabia Live up to the Hype?

3 years ago

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There is tons of noise around the blockchain. I have read that BlockChain Development Services in Saudi Arabia can wipe out hunger in the world, make the world free of corruption, end poverty, and do a lot without sweating.

Never before has the back-end technology made much of the print space available in the public media.

But have ordinary people heard about blockchain? I do not think so.

Let’s start with a simple analogy. Most of you can be Facebook, Google, LinkedIn, Uber and WhatsApp users. But how many of you know the techniques they work on? Do you care? Well, you really should not because you have Artificial intelligence solutions in Saudi Arabia.

Steps to use AI Solutions in Saudi Arabia to Solve Work Problems

What is blockchain technology?

Basically, blockchain technology tries to ensure data integrity through the use of hash functions and digital signatures. Did you know that India’s IT law defined the functions of HASH and digital signatures in 2000?

Bitcoin v Blockchain

Bitcoin is a currency that is usually labeled in the news of all the wrong reasons – drug and tax evasion, organized crime, money laundering and terrorist financing. It is a bit unfair because these crimes have continued for centuries.

Private blockchains

Today, many private blockchains are created. These do not require huge amounts of electricity or computing power. Allowed – random strangers cannot be part of them.

Some “good” uses of the blockchain

I agree with Gideon Greenspan when he says that the main categories of light use cases are to blockchain financial systems, track source, hold inter-organizational records and multi-party aggregation.

Banker: Record and track asset and asset re-mortgage, know your customer (know your customer) payments – B2B, B2C, P2P, smart wallets, syndicated loans and commercial finance.
Insurance Sector: Standard Details Agents, Fraud Guide, National Policy Documents and Complaints, Unclaimed Life Insurance Record, Health Records and Checked Policy Checked Data KYC.
Other Use Cases: Guaranteed virtual currencies, clearing and settlement, book companies, finance, certificates of deposit, commitment to portfolio management fund, payment gateway, counterparty negotiation, regulatory reporting, stock trading securities, and securities regulation.
Government: Maintain authentication and verification of academic records, accounting, birth certificates, corporate property records, copyrights, health records, identity documents, national ID cards, judicial records and courts, regulatory records and property records.
Other: Auctions, Contract Management, Identity Management, Secure Documents, Supply Chain Management, Voting.

Conclusion

To conclude, blockchains have the ability to minimize fraud and maximize security, efficiency, and transparency in the supply, healthcare, financial and monetary technology, public asset auction, energy trading, electronic record authentication and much more with BlockChain Developer in Saudi Arabia.