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A company that is known as a global provider of blockchain solutions PixelPlex announced the development of Blockcerts – the blockchain-based token platform that is designed to create, issue, view, and audit digital documents in the Ethereum smart contract ecosystem.
Before sharing the details of the project, PixelPlex revealed the main challenges companies usually encounter while working with electronic documents. First is a trust issue: it’s hard to believe someone’s credentials at once, and it causes another problem – costly inefficiencies. When it is necessary to prove or get important information, people have no choice, but to pay institutions to access their records. It often takes a long time to wait for their response or verification. Archaic processes and middlemen interference give businesses headaches as well.
Considering all the issues, a team responsible for the platform’s development set a goal to introduce blockchain for documents management. They aimed to create a convenient system that would simplify the issuance, sharing, and receiving of official credentials. Reducing the number of separate databases and operating costs were among goals, too.
Here is how Blockcerts works. First, the transaction is carried out, and all the parties involved need to agree on the details. After that, the information is encoded into a block of digital data. Blocks are added chronologically and create an irreversible and immutable chain, thus none of them can be altered later. All contracts, documents, and messages are automatically encrypted and hashed on the blockchain.
How does the utilization of blockchain to verify documents really help to build trust among the participants? The PixelPlex developers noted that the implementation of multi-step authentication is intended to gain trust among everyone within the ecosystem. More information about Blockcerts can be found here: https://pixelplex.io/work/blockchain-based-digital-document-verification-system/.
About: Founded in 2007, PixelPlex has proven itself as a trustworthy and competent company, when it comes to software development and blockchain solutions. For over a decade the firm completed over 350 projects that are now implemented in 120 countries.