Blockchain Technology and Cryptocurrencies: What's Next?

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Investing in cryptocurrency was once a niche interest that only captured the interest of stock enthusiasts and tech geeks, but in more recent years, many have begun to see the potential behind the trend--and more specifically, the process that makes it all possible, blockchain.

There are major implications that blockchain has the ability to completely restructure how we do business. Beyond finance, other industries have quickly seen the advantages of incorporating blockchain into their business operations.

Black Ink Tech (BIT) saw the potential in blockchain early on to streamline business operations and has gone on to create a patented hardware and software foundational system that has been applied to multiple industries. BIT has done this by taking blockchain technology a step further by incorporating a newer concept into their systems and unleashing a whole new realm of possibilities.

Through its patented immutable ledger-based hardware and software platform Black Ink Tech produces hardened data records of truth and transparency for essentially every action and process that individuals and corporations undertake. Cryptocurrencies provide zero trust payments, BIT provides zero trust products and services for end-to-end immutability for significant efficiencies and increased value.

But before we talk about Black Ink Tech’s revolutionary system, we need to first talk about the technology that makes it so unique.


Blockchain Technology: Expanding Beyond Cryptocurrency

A concept that is quickly gaining traction in the crypto world is NFTs. Many may have heard this term in reference to digital artwork, like the Bored Apes pieces that made the news for selling for thousands of dollars, but it can be applied to so much more. So, let’s talk about what an NFT really is.

While cryptocurrencies, like bitcoin, all have the same value and can be exchanged--one for another, NFTs have a unique value to the asset they are representing, whether it’s digital or physical, and therefore cannot be exchanged in the same way.

Before, investors were limited to a few choices:

  • Investing in businesses via the stock market

  • Investing in real-world items by gaining physical control of them

  • Investing in NFTs that exist solely in the digital realm

Black Ink Tech (BIT) was the first to connect NFTs with real-world assets in construction, and has since expanded into other industries, including healthcare, finance, sports memorabilia, and parking management. Through blockchain, BIT has been able to bring transparency and efficiency to these industries that have long been stuck in the past.

How it works

Black Ink Tech has its own platform that gathers data from BIT’s subsidiary companies and shows the full transaction histories of all digital assets, which can be viewed by all users or stakeholders. BIT also utilizes distributed ledger technology (DLT) on its platform called Paired Inc., which allows for fast and efficient payment to the appropriate parties once the transaction is completed.

With their patented technology, investors can now pair real-world objects with digital assets. By pairing, verified objects can then be found in the owner’s digital wallet and can be used to confirm their authenticity and effectuate multiple processes, like smart contracts. This can also prove to be helpful in the case of theft to identify the rightful owner.

Black Ink Tech’s use of NFT’s isn't digitalization of an object or even a digital copy. Rather, it's an immutable digital coupling between physical objects and the virtual world.

Black Ink Tech accomplishes this through triangles of truth: GPS anchoring, time confirmation through blockchain (or another persistent storage medium), unique identifiers, usually an ID tag (like the RFID found in NFL footballs), and the biometrics of the people involved.

These triangles of truth create a permanent record of the asset and provide authentication for prospective buyers.

The pairing starts a chain that exists on the blockchain and links any subsequent sales or trades. From there, buyers are able to view their assets in their digital wallet, and so are any investors or other authorized participants.

Laying the Foundation

Three years in the making, Black Ink Tech saw the potential in the technology early on and acted on it to create the centralized system that is at the center of their platform. BIT has already been awarded multiple patents for this technology and has even more pending.

This system serves as the foundation for many different processes that can be added to or adapted for industry-specific needs. Black Ink Tech’s system has already been implemented across a wide range of industries from construction to healthcare.

How Blockchain Technology is Changing Business Operations

Even as we have moved into the digital age as a society and in our personal lives, many business operations are still manual and paperbound, causing many processes to move at a glacial pace. Blockchain technology is helping to change that and has been particularly beneficial for project management across a vast range of business models.

It’s not unusual for projects in many industries to get hung up on any number of issues, due to miscommunication between business leaders, vendors, and workers, causing delays in completing the project--not to mention extra costs.

Blockchain technology not only allows for real-world objects to be paired with digital assets but has the ability to improve efficiency in many different ways, including:

  • Predictive asset maintenance

  • Smart contracts

  • Proactive third-party supervision

  • Expedited payment processing

  • Optimized supply chains

  • Fraud prevention

It's a model that easily translates, no matter the industry, offering a unique solution to a not-so-unique problem.

Catapulting Blockchain Into The Future

Black Ink Tech first saw promise in blockchain technology three years ago, and quickly set to work making their visions for the future become a reality. The company has patents in relation to blockchain, NFTs, and digital assets that range from general to industry-specific.

In this next section, we will give a brief overview of our general patents as well as the patents for a couple of Black Ink Tech’s subsidiary companies to give insight into how the technology can be adapted to fit the specific needs of different industries.

General Patents

System for a verifiable physical object with a digital representation and related applications - Patent Awarded

The kiosk/node/oracle (referred to as the data capture device) is connected to an immutable database and records the location, time, and unique identification tag of the physical object. This data can be accessed to verify the physical object for subsequent transactions.

Decentralized system for verifying participants in an activity - Pending

The kiosk, in addition to capturing the time, location, and unique identification tag, will also capture the biometrics of the individuals involved in the initial and subsequent transactions. All of this information will be immutably stored on the blockchain.

SiteSuper - Related Patents

Site Supervisor System for Construction Sites

SiteSUPER combines hardware and software into one comprehensive system. The hardware comes in the form of a kiosk that construction companies can use to collect and track project data, including:

  • Using biometrics to immutably track employees, vendors, inspectors, and anyone else coming on the construction site

  • Materials arriving on the construction site

  • A complete record of every component in the home and important information about maintenance

  • Keep track of who completed the work and who inspected the work

  • Record of how the project was insured and funded

Real-time data ensures that projects are on track and on budget. This solution provides future stakeholders with a data set for:

  • Maintenance

  • Warranties

  • Insurance

  • Legal issues

This data is also immutably tied to smart contracts so that every appropriate party is compensated when their job is done.

System for management of verification of project commencement and completion - Awarded

The SiteSUPER kiosk can be used to access information that is stored on their immutable platform using blockchain. Any authorized user will be able to:

  • Retrieve the building information model

  • Retrieve a bill of materials representing physical construction materials ordered and available

  • Retrieve records for the workers assigned to the project

  • Retrieve insurance coverage information

  • Determine if the insurance coverage is sufficient according to the building information model

  • Retrieve a financial commitment

  • Retrieve building permits

  • Create a certificate of commencement and completion verified by the fixed location of the kiosk and according to:

  • The bill of materials

  • Confirmation of material delivery

  • Set of worker records: Insurance

  • initiation

  • Financial information

  • Permits and authorizations

System for management of warranty information for projects and materials - Patent Awarded

The kiosk on the construction site is connected to the SiteSUPER platform, where all of the data captured by the kiosk is stored on the immutable blockchain, including:

  • Retrieving a set of requirements to maintain a valid warranty for the construction project

  • Creating a warranty record, including:

  • The set of warranty requirements determines if a set of construction materials retrieved from a distributed ledger representing construction materials physically delivered to the construction site is in compliance

  • Making sure an installation action detected by the kiosk is in compliance with the set of warranty requirements

  • Detecting environmental conditions at the date and time the installation action is performed

  • If the installation action is in compliance with an environmental condition requirement included in the set of warranty requirements

  • Creating or appending a warranty record that is then stored on the blockchain

Use of a blockchain-based distributed ledger and smart contracts for a construction project

Records for construction projects also referred to as exemplary embodiments, are stored on the blockchain and can include events like materials arriving at the project, as well as records of who completed the work, who inspected the work, and how the project was insured and funded.

The exemplary embodiments may receive or determine a construction schedule that contains full project details and sequencing. Smart contracts can be linked to each step or task of the construction project and may be used to replace or terminate insurance coverage based on the construction schedule and contracts.

Exemplary embodiments can also be used to build a complete record of plans, including the actual "as-builts" with all associated information, including the make, model, and serial number or other identification, for every component in the home.

Sporatfi Patent

System for Verification and Management for Digitally Paired Collectibles and Memorabilia

Using the Sportafi kiosk for the initial capture event, data can be immutably confirmed to verifiably pair a physical asset representation.

  • Who: biometric identification of stakeholders

  • What: unique identification tags or references

  • Where: Geolocation through GPS or other confirmation

  • When: Referenced by immutable database record creation and then hashed to the distributed ledger (blockchain)

Paired Pharma Patent

System for Verification and Management of Medical Objects

BIT’s patented hardware and software systems can be used to verifiably pair a medication or container with a digital asset, immutably recording the time, location, and biometrics upon creation and subsequent transactions.

This system can be adapted for:

  • Creating a medical record

  • Creating a regulatory record

  • Linking the regulatory record to the digital asset

  • Storing the medical record and associated regulatory records on the blockchain

  • Creating a transaction record representing a transfer of the article from a first entity (like a pharmaceutical facility where the medication is made) to a second entity (like a hospital), and will include:

  • Transaction verification

  • Payment requests from the first entity to the second entity

  • Storing medical records on the blockchain

Anytime Cash Patent

System for Verification and Management for Digitally Cash Transactions

With Anytime Cash, users are biometrically confirmed and/or identified users are “paired” with financial transactions with autonomously confirmed data points immutably recorded to where, when, who (the borrower) and what (the loan or other financial transaction).

The system can be used for payments, loans, value transfers, and check cashing. All outcomes are AI-driven based on data points.

Smart contracts can be used for applications containing the data of who, when, where, and are used to drive AI underwriting and/or the transaction decision machine. Smart contracts can also track and record liens.

Final Thoughts

Beyond these primary patents, Black Ink Tech has even more in the works--an exciting prospect when you consider there’s nothing else like it on the market.

With their innovative technology backed by awarded and pending patents, BIT and their subsidiary companies have a unique edge that nobody else in the digital space has, which provides a huge advantage over any other company and business model.

Black Ink Tech is unlocking the potential of NFTs to streamline the way we do business by unifying physical investments with the digital realm, and making transactions more efficient through the use of smart contracts. They are already changing the industries they have applied their technology to creating a more efficient and effective way to do business, and in the process creating a more transparent world.

Visit the Black Ink Tech website to learn more about how they are contributing to the future of blockchain technology and how they can improve your business operations in whichever industry you’re in.