Blockchain is an emerging technology in the world. Blockchain is being used widely in the technological world for storing data. It provides a great level of security to all your data. It is the time of cryptocurrencies and decentralization.
Blockchain can be explained in simple words as a distributed database. Every individual has access to the information available on the entire database, and they can decide what information should be made visible on Blockchain.
In this article, we are going to look at some of the Blockchain solutions UAE and Blockchain solutions KSA. There are various enterprises and companies in the market which are providing Blockchain solutions. N-blocks is emerging as a great company that is providing blockchain solutions for various business problems.
Digital Identity Ecosystem
The foundational element for creating an interface with the global economy is the individual identities and the accessing services provided in the private as well as public sectors. It happens a lot of times that every individual has to prove its identity. In this digital world, it has become very important to prove your identity when interacting with government and businesses. Also, the cases of fraudulent identity have increased a lot.
It becomes time-consuming and costly to prove the identity for every individual as well as the entities which are requesting the identities for verification. The conventional methods of verifying identity are passwords and ID cards. These methods are prone to human errors, and there are chances of malicious intervention.
The same process becomes more complex, costly, and also time-consuming when multiple processes are involved in the process of verifying the identities of individuals. The biggest concern for every individual is identity theft and privacy.
N-blocks help to create a digital identity ecosystem. This ecosystem makes the process of identity proof to be very easy. The identity of all the individuals is signed by the issuers, encrypted, and then it is stored on Blockchain. This makes the data tamper-resistant and it also leaves a clear auditable trail.
The users are allowed to choose to share the identities digitally and instantly by requesting the entities in a self-sovereign model. This process also helps the user to prove their identities without sharing any kind of personal information. This reduces the risk of information theft or malicious use of personal data.
N-block is providing identity verification to the organizations. It makes the verification to be more rapid, reliable, automated, and secure. This reduces human efforts as well as human errors. It also saves a lot of time which can be allocated at some other place. The system is transparent, which helps in building trust for the organization. It is very convenient and trustworthy.
N-blocks have a team of experts who have been working in various backgrounds to provide with solutions for various business problems. The experts are highly qualified and can provide with all the possible blockchain solutions for different business problems.
What are the benefits of Blockchain Technology?
- Transaction Support A third party is required if you want to send money either domestically or internationally to anyone. These third parties charge a hefty amount of fees, and sometimes the transactions take a lot of time. The other problem is that it is difficult to trust these third parties with our personal data. Blockchain technology has helped to eradicate this problem with the help of databases that work in a great manner with Cryptocurrencies which is digital cash that has been secured by cryptography.
- Supply Chains
Several times it happens that you are doubtful about whether an item is authentic or not. It could even happen that an expensive bottle of wine that you purchase could be a fake one. Blockchain technology has made it possible to trace every item back to its source so that it can be confirmed whether it is real or fake. There are no possibilities to tamper this data.
Blockchain Technology helps to know about every detail of the product from where and when it was made to whom it was made by. It would also let you know if the quality of the product is acceptable and is of the same level as it is being displayed everywhere in the market.