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.