Algorand is providing a notary service for blockchainitalia and also the first case of financial statements approval remotely will take place in the Algorand blockchain. These terms form the announcement blockchain Italia made concerning approving a company’s balance sheet on the blockchain.
Blockchainitalia understands decentralization as a system that opens new paths to do business and is open to requirements that come from decentralization such as new paradigms for software development and can help in fostering these requirements by:
• Studying large-scale solutions for new DApps as well as semi-dapps ideas
• Creation of smart contract in a system that has a trustless situation
•Configure and design private blockchain infrastructures in your company
Algorand on its own operates as a blockchain that is decentralized and open source. In 2018, Algorand spearheaded the utilization of VRF(Verifiable Random Function); a cryptographic primitive that maps inputs to verifiable pseudorandom outputs. This is done to perform mystery cryptographic sortition to choose panels to run the consensus protocol. This permits the Algorand blockchain to accomplish the scale and execution of importance to help a large number of clients.
Algorand is committed to cultivating steady development to envision and satisfy future innovation needs on its platform. It’s specialists and researchers speak to be the absolute best and brilliant when it comes to blockchain and cryptocurrency.
On the 30th of June, a videoconferencing meeting was held by the assembly of blockchain Italia.
The meeting led to the endorsement of a company’s balance sheet to keep financial and monetary records.
The platform at that point completed a transaction on the Algorand blockchain simultaneously to give a specific date and verification of unchangeability of the computerized document itself, in order to make it conceivable to confirm its originality after the event.
The president of the assembly of blockchainitalia.io made a computerized duplicate of the document to make it convinceable to validates its authenticity after the closure of the meeting. And this was done in case a need arises for it in future events. Presently this transaction can be accessed openly on the platform along with a rundown of signatories.
Through this means/method verification/confirmation can be done autonomously by shareholders and investors or other interested individuals that the document put forward by the meeting has not been compromised or altered after the event and is highly indistinguishable from the one in their ownership.
In a statement given by the CEO of blockchain Italia, he mentioned his company is being hopeful that other companies will open up with time to the adoption of blockchain solutions in their processes. And also that blockchainitalia.io will do it’s best to implement practices of this type that can be applicable to all companies irrespective of their business levels in their day to day activities.
Hopefully, if other companies start getting open to adopting the Blockchain solution. Algorand can be a good ground for notarization providing a good system of financial statements.