ENDO Blockchain: Secure Platform for Data Storage & Transactions
The blockchain is a technology with a lot of potentials. It's a breakthrough in this century, that can revolutionize a lot of things starting from payment up to data protection. ENDO is a project that aims to do the latter. What is so interesting about this project (other than it has collected more than $5 M) and will it be successful? We'll talk about that in this article.
Problems & Opportunities
In a nutshell, we can describe ENDO as an open blockchain platform used to secure or transfer data across organizations or individuals. In fact, they already start the alpha implementations of their platform in Russia. Universities, transportation and training companies in Russia are one of the first ENDO adopters.
Data theft/fraud, one key problem that needs to be solved with enhanced data verification process. Source: www.iii.org
There are a lot of functionalities planned to be available in ENDO. However, I believe the core functions are data creation, data verification, data storage, and data transfer. Almost all of that function is a must if we're talking about data management. You can read the details in the ENDO whitepaper.
By using blockchain and open-platform, ENDO will revolutionize the way companies or individuals register or create a data. You don't have to print it, instead, you can store it in a blockchain after it is verified. Because the data is stored in the blockchain, it is almost impossible for somebody else to falsify it. You can also prove your ownership of that data, or the quality of the data easily because you only need internet access, phones/computers, and access to that data (just like how you access your crypto assets). Controlling and verification, then, will be faster and easier than before.
Production & verification of diploma documents will be easier with ENDO.
ENDO will also make it possible for companies to build their own private blockchain so that it can only be accessible by their own members. Competitors won't be able to look at that data, and it will be more secure because you won't have to prepare lots of storage room. Eventually, data management by private companies will be much easier, fast and cheap.
Another problem that will be solved by ENDO is document forgery. It is no secret that many people use document forgery services to create their own bachelor/diploma certificate to get a job. Not only that, imagine if it was an important document for a country, such forgery will lead to catastrophic results later on. By making sure the authenticity of data using blockchain and ENDO platform, we can tackle those problems.
Bottom Line
I have a plan to review more about ENDO in the next article. This is because they have a lot of use case or fields of applications where ENDO can be used and gain benefits from it. Some of them are education (universities, school), banks, KYC/AML system, document flows, HR&D department records, medical institutions, statistics and so on. We'll also talk in details about the relation of their token and their platform on the next article. So, don't forget to follow me, guys!
Note: This article is not a financial recommendation. The author, ENDO and other parties mentioned in this article is a separate entity. The author writes this article based on his own understanding of ENDO, readers should read the original document of ENDO by themselves. The author shouldn't be responsible for any actions taken by the readers, including but not limited to: joining #ENDO bounty program, participate in ENDO token sale, and etc.
Important links that you should check:
ENDO Website: https://endo.im/
ENDO Whitepaper: https://endo.im/whitepaper
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1275282