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Home Vendor Technology

Xero tests securing accounting data to Bitcoin blockchain using Tierion

Published by CryptoNinjas.net
04/19/2018
Xero tests securing accounting data to Bitcoin blockchain using Tierion

Cloud-based accounting software company Xero recently tested Tierion’s Chainpoint for securing accounting data by anchoring it to the Bitcoin blockchain. Tierion is a platform that verifies any data, file, or business process with blockchain.

Tierion developed the Chainpoint protocol as an open standard for anchoring data to a blockchain to create a timestamp proof of any data, file, or series of events.

Each Chainpoint proof lets developers verify the integrity and timestamp of information without relying on a trusted third-party.

Riley James, a developer at Xero noted that following advantages of Chainpoint:

  • Economies of scale: The Merkle tree implementation allows a large number of hashes to be aggregated and anchored within a single transaction. Chainpoint’s aggregation reduces the cost of anchoring data while increasing the amount of data that can be anchored at one time.
  • Anchors against multiple blockchains.
  • Creates ‘Chainpoint proofs’. These proofs allow anyone to verify their data independently, without relying on Tierion.
  • Doesn’t require owning currency/tokens to use.
  • Abstracts away from blockchain specific features/implementations. ie: transaction speed, transaction costs, API changes
  • Ease of implementation: SDK written in JS, inevitably more languages will be supported in the future.
  • Does not require infrastructure, management of network nodes or storage of a complete blockchain.

Xero has their XD18 Xero Developer Roadshow coming up starting in June.

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