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 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 are growing exponentially, while compliance requirements are growing and becoming more stringent and the ability to prove provenance is increasingly important. We recognized 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 will be holding a token sale in the second quarter of 2018.
A proof of concept was developed with Microsoft, successfully demonstrating that an immutable and verifiable database could be created using blockchain and Ethereum. There is a short video here on the POC.