BUILD NO: 051623_0652
This project’s primary objective is to demonstrate how Blockchain technology may be used to automate all information management related to creating and maintaining public records such as the City Register of Historic Places, while also ensuring the authenticity and integrity of all records. This project's software platforms are crafted, hosted and maintained by Galena Hill Inc., a Reno, Nevada Company. The project features patented and patent pending technology which is built on top of world class infrastructure for Cloud Computing from Microsoft Azure, as well as one of the world’s leading providers of environmentally sustainable Blockchain technologies - Algorand. Combining the power of Enterprise Cloud Computing with that of Sustainable Blockchain offers numerous benefits which extend far beyond the scope of this project. Some of them are outlined in the items and sections below.
All records are created, stored and managed digitally in one platform. This drastically reduces processing time and costs for large scale projects.
All data is accessible and can be securely managed from anywhere in the world.
Best in class infrastructure for scalable and cost effective performance and transaction processing.
Innovative certification with a Blockchain enables public transparency and the ability to ensure authentic, tamper-proof recordkeeping.
Blockchain is a technology that enables secure, transparent, and decentralized transactions without the need for a middleman. Unlike traditional systems, where transactions are verified and processed by a central authority, a blockchain relies on a distributed network of non-centrally owned computers (nodes) to verify transactions and maintain the integrity of the system. Transactions are recorded in blocks of data that are linked together in a chain, and once a block is added to the chain, it can't be changed or deleted. This makes transactions on the blockchain more secure and trustworthy. Blockchains have a native token, known as a “crypto”. Cryptos are used to record and process transactions on the network: The node responsible for validating each transaction is allowed to keep a fraction of the crypto in the form as a reward for performing the validation work. In this particular project, the Algorand Blockchain is being used to process transactions which form an immutable audit trail used in the validation of all historic property data. Some of the main benefits of blockchain technology are shown below.
Transactions are validated and processed without the need for a central authority, making it a more democratic and secure system.
Once a transaction is recorded on the blockchain, it is immutable and can't be altered, providing an extra layer of security.
Every transaction on the blockchain is recorded and can be viewed by anyone, making it a transparent and accountable system.
Blockchains are open-source and accessible to anyone with an internet connection, making it a truly global system.
Algorand is a highly innovative blockchain platform that is designed to be more secure, efficient, and scalable than other blockchain platforms. It was created by Silvio Micali, a computer science professor at MIT and a recipient of the Turing Award for his work in cryptography. Algorand was designed to solve some of the key challenges faced by other blockchain platforms, including scalability, security, and decentralization. One of the main differences between Algorand and other blockchain platforms is its unique consensus mechanism, called Pure Proof of Stake (PPoS). In a traditional Proof of Stake (PoS) system, validators are selected to create new blocks based on their stake in the network. However, this can lead to centralization, as those with the largest stake have the most power. In Algorand's PPoS system, validators are randomly selected to create new blocks, making it much more difficult for any one group to gain control of the network. Overall, its unique consensus mechanism and cryptographic sortition make it highly decentralized and secure, while also being able to process transactions at scale and for a minimal cost. Algorand is committed to reducing its environmental impact and has implemented a number of initiatives to achieve a carbon-negative footprint. Algorand's carbon-negative approach is achieved through a combination of renewable energy sourcing, carbon offsetting, and the use of a highly efficient consensus mechanism.