Blockcerts

Blockchain-Based Digital Document Verification System

Blockchain
Web
Smart Contracts
Ethereum
Fintech
Legal

Blockchain-based token platform for creating, issuing, viewing, and auditing digital documents in Ethereum smart contract ecosystem.

December 2017 − June 2018

Work done

Forked source code of CPP-Ethereum node
Custom contract-based tool for access restriction
Two-way ETH to BCERTS token converter
Mechanism for transaction fee payments in tokens
Custom JavaScript library

Customer

Blockcerts has been founded by Tim Vasko. His blockchain platform was granted a patent in 2015 and is now adopted by many large governments and top consulting firms.

Tim has coordinated multiple software development teams all over the world to create the world’s first method of accessing blockchain to empower businesses with new secure solutions and applications. His expertise helped to ensure seamless and transparent operations with billions of complex transaction flows across industry sectors that span FinTech (for private and public financial markets), MedTech, Real Estate and Supply Chain.

Challenge

Today it’s often difficult to trust someone’s credentials at face value. The issue is often a major reason for costly inefficiencies that are faced by businesses representing different industry sectors.

Whenever it is required to prove or access important information, people have to pay institutions for access to their own records. It may take a long time to wait for the institution to respond or for the verification to arrive. Businesses, at the same time, are faced with hardships of archaic processes and middlemen roadblocks, both in information access and certification.

Taking ownership of one’s digital records is not that easy either. Paid Dropbox or other similar services still can not guarantee that you can avoid putting yourself at risk of losing your files because the records lack proper verification there.

Project Goals and Objectives:

To build a convenient certification infrastructure platform that makes it much easier to issue, share and receive official credentials;
To create the ultimate security of digital records and ensure their longevity for both recipients and relying parties;
To reduce the number of separate databases and thus high operating costs;
To provide identity protection with every transaction.

Solution

We have created a decentralized blockchain ledger that uses strong cryptography. Enhanced safety and security of the most critical assets and procedures are ensured by the smart contract suite embedded in the system. It automates, tracks and logs every transaction while being readily accessible to all the parties involved.

Blockcerts Operation Process in a Nutshell

When a transaction occurs and all parties agree to the details, information is encoded into a block of digital data. The block is connected to adjacent blocks, creating an irreversible, immutable chain. Blocks are interlocked with each other which prevents any one of them from being altered. All contracts, documents and communications are all automatically encrypted and hashed to the blockchain.

The certification token is used as a unit of account in any type of transaction while multi-step authentication insures trust with everyone within the ecosystem.