Black Ink Tech

and how it relates to

Cryptocurrency

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Despite having been at the forefront of the software industry in process automation in the 1990s and continuing through the early turn of the century, the Black Ink Tech founders didn't see an opportunity in cryptocurrency until they evaluated the basis of the cryptocurrency transactions.

 

The Bitcoin white paper, as well as several other cryptocurrency white papers all describe confirmed, or tamperproof, data streams to verify payments, value transfer, has occurred.  Many of these papers reference examples of how Bob is going to pay Alice $50, or 50 “coins” for a bike.  Whether it's proof of work or proof of stake, the result is a tamper-proof data stream for trustless confirmation of the value being transferred to Alice from Bob.  

 

The reality is that this is not how business works. Business doesn't start with the payment. When thinking about this the founders of Black Ink Tech realized that in the example of Bob selling the bike to Alice the payment is usually the last step, or one of the last steps, in the process and it is certainly not the usual place to start. Recognizing the value of an immutable data stream created by blockchain but then realizing that the cryptocurrency solutions, at that time, did not account for the transaction itself in the same immutable way, Black Ink Tech was formed to address this.    

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Black Ink Tech addresses transactions with the same steps used in their normal course, only implementing immutability throughout.  As a simple explanation, and using the decades-old acronym of GIGO, garbage in garbage out, while there are many blockchains that can prove the transfer of value there were none that actually proved the transaction that the value transfer was the end event of.  If you are going to use the historical processes that rely on trust, multiple confirmations, or hope you are essentially putting a race car on a dirt path, it will not be able to get traction.   It was made for an engineered racetrack to truly perform to its maximum ability.   Cryptocurrency blockchains’ initial purpose was to eliminate trust, and yet they rely on the same processes which require it to generate a need for the payments they can eliminate the trust required. 

In commerce, there is no need to transfer value unless there is a product or a service that has been sold or delivered.  Black Ink Tech Founders designed, patented, and then built a hardware and software platform that not only verifies Bob, Alice, and the bike but also when and where the stakeholders of the transaction are in a way that creates an event of these in an immutable data stream, just like cryptocurrency blockchains that then allows for the value transfer of $50 between the parties to consist of a continuation of autonomously confirmed immutable data events in which Bob has been verified, Alice has been verified, the bike has been verified, and utilizing this hardened data, or immutable data, we can now write smart contracts to confirm the transaction and effectuating the step of the transfer of the $50 between the parties can be done with any cryptocurrency of the stakeholders choice. The hardened data related to Bob and Alice confirming all aspects in the selling of the bike is applicable to essentially every industry. Businesses sell products and services, cryptocurrency is a great way to pay for those goods and services, Black Ink Tech provides the hardware and software platform to immutably autonomously confirm that those goods and services and the stakeholders all exist and that a transaction has occurred and thus the payments are necessary.

The race car can now fly around the track.  

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