11 October, 2019 | Written by: Kevin Gill
Categorized: Blockchain | Client Stories
Share this post:
As smart contracts and blockchain technology reshape the way customers and businesses interact, establishing trust in data is essential. Enterprises are now seeking to manage data as an asset so it is vital that data sources are trusted and verifiable.
Blockchain technology is providing an immutable and indelible shared record of events across business networks. But what happens if the original data input to the Blockchain is unreliable or open to dispute?
A new player has emerged that aims to solve this issue by providing a digital protocol powered by distributed consensus. The Proof of Trust is a blockchain-based platform that brings immutability and distributed trust for smart contracts and data input. The platform has developed an innovative anti-collusion algorithm that takes the risk out of smart contracts so they can gain institutional adoption. This disruptive technology validates the authenticity of data with a bank of trusted and verified experts before it is put on the blockchain and used to execute smart contracts.
The Proof of Trust has joined forces with IBM to help build its multi-platform blockchain application. IBM will provide services, expertise and the IBM Blockchain Platform to provide provenance for this delegate ‘subject matter expert’ review process. This will also enable deployment on multiple platform options – IBM Cloud, Redhat Openshift, Azure and AWS.
Development of The Proof of Trust protocol is now complete and there are exciting times ahead. Looking to the future industry specific use cases are exploring the cover of supply chain, cross-border transactions, VAT fraud and insurance, as the platform champions the more effective and trustworthy use of blockchain technology.