Developed from a proof of concept conducted with Microsoft, Evident Proof announced on Tuesday the launch of a new Ethereum, token-based service that adds an immutable layer of provenance to data storage systems. The service aims to provide immutable evidence of the lifeline of the data, acting as a tool for regulatory compliance and other verification activities.
According to the company's statement, Evident Proof encrypts digital records, that are delivered to the platform, and creates a proof certificate that is unique to each individual document and prevents records from being falsified or destroyed. This is added to a ‘proof chain’.
Using a combined public-private blockchain approach (a private chain is used to provide faster service and an additional layer of verification), proof certificates are administered via Evident Proof tokens that are generated when data is uploaded onto the platform. Third parties interested in accessing the data must obtain these tokens before making a request to verify compliance or otherwise review the document.
Evident Proof can also be used to identify counterfeit products or documents and serve as a point of authority in courtroom proceedings or other legal disputes, while also providing additional data for business intelligence and other internal organizational needs, according to the press release.
CEO of Evident Proof Adrian Clarke said, in a statement, “The amount and value of data in the world is growing exponentially, while compliance requirements are growing and becoming more stringent and the ability to provide provenance is increasingly important. We recognised that the tools previously available to address these issues had limitations and saw a critical need for a service that would provide immutable, unhackable proof securely, efficiently and cost effectively.”
To generate additional funds, Evident Proof plans a token sale in the second quarter of 2018.
To learn more about Evident Proof, visit https://www.ept.gi/.