RecordsKeeper: A blockchain data storage and verification platform
A complex society could not function for long without documentation. Paperwork is required to register ownership, transactions, certifications and many other things besides. Of course, in recent decades the word “paperwork” should no longer be taken literally: A lot of it has been digitised and moved online for ease of access and use. But that approach has problems of its own. Online documentation can also be easy to tamper with and difficult to protect. Authentication is another issue, usually requiring the services of a third party.
RecX Technologies Limited offers an alternative approach on the basis of a new blockchain platform. It will allow data of all sorts to be easily uploaded, verified and shared while keeping an immutable record of all documents to thwart attempts at tampering. On top of that, it will support encrypted and decentralised data storage for all their users' needs.
How will the RecordsKeeper platform work?
The platform (which is already in open testing) is being developed on the basis of MultiChain technology. It could be accessed by means of any wallet compatible with the OP_RETURN script; as well, it will have its own Light wallet that would be specialised for performance. Users would upload data in a wide variety of formats, paying a transaction fee in XRK tokens (0.1 XRK/KB, with a maximum of 8 MB being uploaded at a time). This fee will go to the XRK miners who will confirm transactions by adding new blocks. Mining will be carried out on a Proof of Work basis, with additional requirements such as administrator consensus for adding new miners and MultiChain's mining diversity parameter for block validation being used to prevent 51% attacks.
An unlimited amount of data can be placed in an encrypted storage layer on the public ledger, and shared with other parties at the user's discretion by means of a special ID or key. When a file is uploaded, a condensed metadata record is created, signed and stored on the ledger proper. Any alterations to this record will alter its hash, with immutable traces remaining on the blockchain. Users could also check the record's authenticity with the help of a SHA256 hashtag. Data upload streams can be open or closed, the former allowing a third party to verify the data. Records can be updated following their verification. All active users will be rewarded with XRK on a yearly basis.
What can RecordsKeeper be used for?
The potential uses of this platform are practically infinite, as any kind of documentation that needs to be authenticated could be put up on its ledger for easy and safe storage and access. Possible use cases include ensuring and confirming corporate and governmental regulatory compliance (including KYC activities), employee and academic record verification, confirming transactions and storing ownership, insurance and health records. It would make all sorts of accountability and authentication procedures this much easier and more reliable, which should have a tremendous positive effect on many spheres of business and other activities.
Not to be underestimated is the intrinsic value of a decentralised data storage system for anyone who has important data worth safeguarding or sharing securely. The flexible and open-source nature of the platform means it can be adapted to practically any data storage use. Open-source libraries and APIs should make it trivial to integrate its services with different sites or programs, while also making it easily scalable. Its design incorporates a separate test net that can be used by members of the community to develop new applications, expanding its usability still further.
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A data storage solution for the blockchain era?
Storing and authenticating data is crucial for many spheres of human activity, and the current state of data storage is clearly unsatisfactory. Successfully moving it over to the blockchain would make a huge difference due to the promises of security and immutability. RecX Technologies Limited should be applauded for taking additional steps to safeguard its blockchain from the possibility of hostile takeovers, while still making it easy to use. Adaptability is another important point in its favour.
Questions remain as to how effective RecordKeeper's security measures would prove, and more importantly, whether or not they will be enough to convince enough companies and other organisations to adapt it for a genuine data storage and file sharing ecosystem to be created. After all, it does not matter how effective it will be if no one ends up using it. There may be reasonable doubts about the credibility of verifications done through this system. But if the team behind it manages to persuade enough potential users, its implications could be groundbreaking, changing the way we all approach a wide spectrum of documents and liberating time and effort for more productive uses than paperwork authentication.
Links:
Website: https://www.recordskeeper.co/
WhitePaper: https://bit.ly/2uhxxuR
Telegram: https://t.me/joinchat/B4T_PxInGAjiXLz1N66t3Q
Facebook: https://www.facebook.com/recordskeeper
Twitter: https://twitter.com/records_keeper
Medium: https://medium.com/recordskeeper
ANN: https://bitcointalk.org/index.php?topic=4272535.msg38541791
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.
Goo work friend. I really like our work on steemit.
We are very glad you like it. Please keep following our channel!
I follow you.
You are doing a great job my friend.... Great information... The solution you just shared is great one for record keeping...
Thank you. Yes, this is an interesting approach though it remains to be seen whether or not it will gain the acceptance and support that it needs to succeed.
Very nice project, Hope it will come big. Thanks for the update.
You are welcome! Indeed, it could be very useful if it succeeds. Keep following our channel if you want more information about up and coming projects.