Using the Blockchain for Compliance, Provenance and Data Verification
Evident Proof, for example, recently launched an Ethereum blockchain and token-based service that turns data into 'proof chains', transforming the way data is stored and providing evidence that can be used to meet compliance, provenance and other data verification requirements.
The ‘proof chain’ that Evident Proof has developed is a public blockchain combined with a private blockchain. The public blockchain ensures immutability (meaning it can't be changed), while the private chain is used to increase speed and as a secondary level of verification.
The service provides an immutable provenance record where data cannot be destroyed or falsified, which can be used to identify counterfeit products and, perhaps more importantly, 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.
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 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.