Here is how ProofEasy eliminates the need of a 3rd party verification on the immutable blockchain

blockchain

Introduction

Significance of Blockchain:

It is no secret that in the present scenario, besides our homes and bank statements, our private and professional lives, our cell phones and even the digital applications that we use are in dire need of privacy and security. And there exists no doubt that every small or large organisation is fancy and bent towards this guarding requisite.

Even with extra walls of online security available at the moment, these applications can be a victim of various cybercrime hiccups. Fortunately, with a rapid increase in digitisation and cryptocurrency, the measures to prevent its fall are in higher demand and development. Blockchain being one of these prominent technological creations is coveted by organisations to secure their services, online payments, etc.

With Blockchain’s benefits going beyond the limits, its need is emerging in all business sectors to rescue them from digitising defacements.

Stating the benefits of blockchain over third-party verification

1. What is a third-party verification? The need and earlier use of third-party verification across various industries.

Third-party verification is an approach exercised by organisations to ensure the accuracy of information provided by customers or individuals for a certain service. For instance, it may be as simple as asking the internet representative to change the Wi-Fi plan. Earlier and even at present, many organisations use third-party verification that mostly involves company salespeople to look out for reviews/ payments, etc about customer’s purchased services.

This verification has been in constant utilisation by industries across trade/commerce, infrastructure ventures, retail, EdTech, hi-tech, banking, and many more.

2. Blocks / Drawbacks in Third-party verification
  • Breach of Contract: Due to the involvement of third parties between customers and organisations, thefts of intellectual property, credentials, intrusion of the network can harm the smooth transitioning of payments and data.
  • Paltry Accuracy: This breach in data and digital currencies may result in bare accuracy that would make the organisations assessments and transfers haywire. This also may result in the plummeting of business goals as customers may not be following the organisation’s services.
3. What is Blockchain and why is it needed?

According to numerous reports and surveys, many companies have reported more than 25 million compromised data records in their first year of business. Therefore, to avoid any external infiltration by third parties, technologies like Blockchain prove to be a benison.

As 66% of officials have agreed to the possibilities of third-party risks, Blockchain is now being applied in other sectors and is used by governments, private companies rather than just financial and banking sectors.

Blockchain is a database that secures the company’s data in blocks and chains it intact and makes it immutable, i.e., irreversible. This ensures the timeline of added data and its accessibility to others

Introduction of ProofEasy’s Immutable Blockchain Technology and its features

What is ProofEasy’s Immutable Blockchain Technology and how it eliminates the need for third-party Verification?

It is expected that by the year 2024, the Blockchain market will expand globally in such a way that its worth will be accounted for up to $20 billion. Presently, 69% of banks and other industries have already started making the most of blockchain technology to give their services a secure edge and make them appear seamless to users.

But it can be difficult for enterprises to analyse their wide systems depending on their business environment, databases, cloud environment, etc.

To make it a dexterous process for small, midterm and even large enterprises, ProofEasy inculcates the ‘Immutability’ factor to their ecosystems. This factor eliminates any need for a third party, thus removing the monotonous process of keeping records and verification.

1. Steps to make the most use of ProofEasy’s Immutable Blockchain Technology for maximum security in business:
  • ProofEasy analyses the existing gaps in your process to identify any gaps that may be responsible for inefficiency.
  • It reduces your organisation’s dependencies on third parties and increases the visibility of your internal units and features.
  • It redefines your systems to boost its functional and operational transparencies.
  • It makes blockchain technology an asset for your organisation by building interoperable systems and augmenting your internal needs.
  • The use of technologies such as IoT and AI are combined with blockchain expertise giving it extra security.
  • This blockchain layer strengthens the bottom line to let the customer have the best experience.
Features of Blockchain:

Blockchain may seem difficult to develop and manage but has a basic outlining. It untangles complexities in the databases by creating different data blocks. These blocks then safely store the data and also have timestamps on them.

These blocks can be viewed transparently but cannot be modified or be meddled with.

This makes it easy for enterprises to have these data blocks are stored linearly and chronologically.

With an added blockchain layer, the contents of data cannot also be deleted without the approval of the majority. This omits the third-party intrusion and access to all the digital currencies and transactions of the company. The most highlighted features of Blockchain have distributed storage, intellectual property protection, digital voting, qualifications verification, cybersecurity

Conclusion

Blockchain technology has been overpowering the need for verification by third parties. Through this technology, industries can save up to billions of dollars in a year and still get secure data blocks within their systems. To survive the world of hackers, the world of strengthening layers has to be brought to existence. And ProofEasy lets you do just that within your business. The cultural biases become negligible. Hybrid and Agile practices become necessary components of your business environment. And you get dedicated expertise throughout this project lifespan.