ENDO PROTOCOL AND ITS WAY OF ENSURING DATA VERIFICATION

flezy (40)in #ico • 6 years ago

INFORMATION OR DATA VERIFICATION

There is a saying, "information is power" both in the right hands and in the wrong hands. In the right hands, Individuals can use information acquired to improve themselves while at the wrong hands Individuals can use it to destroy others; that is through fraudulent acts. This information can come in form of documents such as birth certificate, diplomas, degree certificate, orders, contracts etc, thus the need for document verification and protection can't be overemphasized.
Speaking of information protection, most times if not all times, data or information is stored on paper whose disadvantage has been fragility which tends to lead to wear and tear. Another being it can be tampered with or manipulated as can be seen in documents forgery etc, but yet the paper type of saving information has proven to be the best till date, thus the paramount importance to safeguard information or data at all cost.
Other reasons for information verification and protection:
a. The internet has opened new ways to interact with people, clients can meet customers online with less chance of meeting facially, there is need to devise means to verify the identity of the customer so as to reduce fraud etc.
b. A forged diploma can help Individuals gets a job and other benefits associated with it. A forged signature can help Individuals carry out fraudulent activities in place of work etc.

ISSUES SURROUNDING INFORMATION OR DATA TODAY

Today, Individuals gets access to data or Information every day, but without proper storage, they tend to misplace data. Also, data can also be lost when saved on centralized systems, this is because of its high risk of data breaches or cyber attacks.
Lack of proper encryption has also led to information manipulation, deletion or modification.
In the same vine, a study has shown that data verification differs by volume and also varies across agencies which in the long run leads to high and unnecessary costs.
Complications also surround data as there have been no single and easily accessible data sources; in addition, when data is exchanged between countries there is a need for translation assurance which might not be feasible.
Today, barcodes and holographic protective element (HPE) which are adopted as a means by which documents, securities, certificate etc can be protected are faced with challenges. The production process is expensive and time-consuming also it has been proven HPE does not ultimately protect against piracy.
Furthermore, the consistent cutting of trees for the production of paper affects the ecology, in addition, the environment is threatened by the chemicals used in the production. On the other hand, companies and government also spend a vast amount of natural and financial resources to keep workers intact.

THE WAY OUT: ENDO PROTOCOL

ENDO is the solution or preferably the "way out" to escape the issues plaguing today's documents.
ENDO is a protocol, ENDO is a blockchain, ENDO offers varieties of data verification services. The ENDO ecosystem creates a decentralized platform where data can be verified, thus making it possible for people as well as robots (in companies) to trust, instantly, safely and remotely use these data.
By leveraging on ENDO protocol Individuals and companies can create private and public blockchains, configure it the way they want, thus setting criteria for data exchange between organizations, while at all times the data is protected and depersonalized. Furthermore to curtail the fragility of paper documents, ENDO created applications which can allow the transfer of paper documents with ink signature to digital signature and host of others such as branding to get an authentic digital passport etc in the long run creating a secure, single and certified platform for verification and protection of any type of data. To access the ENDO applications, users and companies must hold ENDO tokens.

Importance Of Distributed Ledger Or Blockchain Technology To ENDO

As the name goes, Distributed Ledger, meaning the information stored within isn't on a central server. Through this, companies will be able to supply enough reliable systems for data verification, in the long run paving a way to easily access and improve business processes associated with data exchange, management and host of others.
To make it interesting, by using cryptographic algorithms, when Individuals lose their document to scammers, these algorithms prevent the use of it, thus making it possible for companies to maintain the security of confidential data at all times.

TOKEN INFORMATION

EToken or ET is the token of ENDO platform which serves as the means by which payment for checking of data as well as exchanging data can be carried out between users.
ET is needed for data verification, for data exchange between organizations, for receiving services, for voting towards the development of the protocol. ET can also be used to encourage developers creating applications on the open blockchain of ENDO protocol.

CONCLUSION

ENDO aims to create a decentralized blockchain-based platform, a protocol and a data verification platform with a wide variety of services, thus making it possible for users and companies to manage personal, corporate and public information about transactions etc. In case of a data request by third-parties, ENDO seeks owners consent first.
ENDO protocol can be used in the following systems;
a. Universities,
b. For customer verification,
c. For high-value goods to reduce counterfeit,
d. In medical institutions to safeguard medical records,
e. For creating HR and Employment records,
f. For KYC/AML compliance etc.
ENDO aims to make the following possible;