Connect with us

Top Stories

NEW ‘PROOF OF EVIDENCE’ BLOCKCHAIN SERVICE LAUNCHED FOR COMPLIANCE, PROVENANCE AND DATA VERIFICATION

NEW ‘PROOF OF EVIDENCE’ BLOCKCHAIN SERVICE LAUNCHED FOR COMPLIANCE, PROVENANCE AND DATA VERIFICATION

Proprietary Evident Proof token (EPT) based service for immutable, un-hackable evidence developed from a proof of concept conducted with Microsoft

Evident Proof has today launched an Ethereum blockchain and token-based service that turns data into immutable proof chains, transforming the way data is stored and providing indelible evidence that can be used to meet compliance, provenance and other data verification requirements.

The service provides an immutable provenance record where data cannot be destroyed or falsified, which can be used to identify counterfeit products and to inform lawsuits, while also allowing business intelligence to be extracted at a granular level. Data owners who store digital records on the Evident Proof platform can request immutable proof certificates that provide evidence of compliance or provenance, and which can be used for dispute resolution, as court-ready evidence, or as an anti-counterfeiting measure.

This revolutionary new approach was originally developed by the founders at the UK Microsoft Technology Centre, where they worked with Microsoft to see if an immutable, unhackable and 100% verifiable database could be created using blockchain and Ethereum.

“The amount and value of data in the world is growing exponentially, while compliance requirements are growing and becoming more stringent and the ability to prove provenance is increasingly important. We recognised that the tools previously available to address these issues had limitations and saw a critical need for a service that would provide immutable, unhackable proof securely, efficiently and cost effectively,” said Adrian Clarke, CEO of Evident Proof.

The Evident Proof service works by encrypting digital records that are delivered to the platform, and immutably storing them on the system’s proof chain. Data owners, or permissioned third parties, can then request proof certificates when verification of provenance, authenticity, or compliance is needed.

The mechanism for requesting proof certificates is the Evident Proof token, which is only generated at the point that data is stored on the platform. Tokens are the property of the data owners, who can use them to request proof certificates, to provide permission to third parties to request evidence, or to pay service fees.

The ‘proof chain’ that Evident Proof has developed is a public blockchain combined with a private blockchain. The public blockchain ensures immutability, while the private chain is used to increase speed and as a secondary level of verification.

Evident Proof is set to revolutionise this market, and will be holding a token sale in the second quarter of 2018.

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Recommended

Newsletters with Secrets & Analysis. Subscribe Now