A blockchain is an immutable and decentralized database, meaning the stored information is tamper-proof and distributed among several participants. The data inside a blockchain is difficult to manipulate because no single entity has the power to do so. To change a registry, you must convince the majority of the participants also to accept your change. This collective decision-making process prevents fraud within the database.
Open and permissionless, these networks allow anyone to upload data. Blockchains are generally good at verifying and preventing wrongdoing within the chain, such as checking if a transaction is valid or not. Nevertheless, they currently have no mechanism to prove the trustworthiness and authenticity of the information they receive.
While blockchains prevent fraud within their systems, they currently have no power to prevent fraudulent activity in the physical world. This problem limits the use of blockchain as proof of ownership of physical and digital assets.
Let’s look at an example regarding digital art and non-fungible tokens (NFTs). With the rising popularity of NFTs, many artists are deciding to immortalize their art by converting or pairing their pieces with unique digital tokens. They use NTFs as a way to own their artwork and have direct contact with collectors. But what happens if someone gets access to their work and turns it into an NFT before the artist does?
The thief will have a provable record that they were the first to upload that unique piece to a blockchain, therefore appearing as the rightful owner. As mentioned above, blockchains have no way of knowing the actual origin and authenticity of that content. As blockchains are public but anonymous, we can easily check the address that created that NFT, but the owner remains unknown.
Black Ink Tech developed a product called Art Lock to address this issue. It uses hardware and software technology to prove the authenticity of physical artwork on the blockchain. We’ll go into more detail about Art Lock and other Black Ink Tech products below.
According to the cybersecurity firm BrandShield, there are more than 40,000 NFTs currently on OpenSea leveraging the image of celebrities or brands without authorization. These are scams impersonating celebrities for a quick cash grab. As there is no straightforward way to verify if the owner is indeed who they say they are, many people end up falling for it.
What's The Solution?
Black Ink Tech has developed a comprehensive approach that immutably stores not only the content of the NFTs but information about the owner, location, and time of creation. With BIT’s patented platform, every buyer can trace and verify each asset’s origin (or genesis record) and the context in which it was first uploaded to the blockchain. If this information matches the alleged owner, the authenticity of the NFT is confirmed.
Before creating a digital asset, Black Ink Tech’s patented and automated platform records the creator’s identity, the object’s unique identifier, and the location and time of creation. The creator’s identity is verified through biometrics, creating a unique hash (or code) linked unequivocally to the owner. The node uses GPS technology to include a reference to its location and timestamp by hashing the data to the blockchain.
This recorded data attached to the NFT is called metadata, which gives the token its value. Most companies that pair NFTs with physical or digital assets manually input the metadata, leaving huge risks of error and manipulation. Black Ink Tech’s platform autonomously records the metadata of each token it issues through the process described above, providing truth over trust.
In essence, the immutably stored digital asset will have associated proof of the who, what, when, and where of the NFT. By connecting the physical and digital worlds in a trustless manner, this technology effectively solves one of blockchain’s most significant limitations, end-to-end immutability.
What Are The Possible Industry-Specific Applications?
Art
The authentication process of artwork makes the art industry a prime subject of blockchain applications. Art Lock is a BIT platform that creates digital assets paired with art pieces. By associating NFTs with artwork, any buyer can access the history and ownership transfers for each piece they add to their collection. Furthermore, through smart contracts, artists can receive residual income each time a subsequent sale occurs.
Sports
Similarly, BIT’s Sportafi platform creates digital assets that connect physical sports memorabilia items to NFTs. Biometrics, GPS location, time stamping, and unique RFID tags ensure an item’s authenticity in the event of a sale or trade.
Construction
The construction industry lags in technology application and is due for an upgrade. SiteSUPER integrates blockchain technology into construction sites to improve data security, workflow processes, and efficiencies. Backed by several patents, this platform compiles a holistic record of events for each completed project. This digital asset details all transactions, materials, and labor records using biometrics, GPS locations, and smart contracts.
Pharmaceutical
Every year, billions of dollars are lost to insurance fraud, resulting in higher healthcare premiums. In addition, doctors are getting burned out from excessive administrative tasks, and people are losing their lives due to information asymmetry. Paired Pharma provides a trustless way to record and share healthcare data using reliable hardware and immutable blockchain technology.
Finance
The financial and banking industry is probably the most well-known affiliate of blockchain technology. Anytime Cash is an innovative financial services platform that allows for reduced operating costs and quick solutions at any time. Through the platform’s kiosks or mobile app, customers have 24/7 access to thousands of loan options and programs that meet their specific needs.
Parking
As simple as it seems, parking has become a cumbersome process for many drivers. Using Park and Walk, customers don’t have to waste time and money searching for parking spots, downloading apps, or worrying about limited payment options. Parking managers can anchor the GPS location of lots and individual spaces to the blockchain, provide a text2pay process for payment, and receive daily payouts from their lots.
Cryptocurrencies introduced the concept of trustless value exchange by using a decentralized network. Black Ink Tech goes further, leveraging the system to provide end-to-end, zero-trust products and services that immutably verify and record every relevant detail of an event. After collecting and storing that information on-chain, smart contracts automate every step of the process in a transparent and tamper-proof way.
Nearly every industry can benefit from the extra immutability and transparency blockchain integration brings. Black Ink Tech delivers a system based on tamper-proof hardware and software technology that records every event's who, what, when, and where. This technology allows us to tie physical items and real-world actions to digital assets, immutably storing them on the blockchain and eliminating reliance on centralized entities prone to error and manipulation. Black Ink Tech creates a transparent environment for many industries, unlocking the blockchain's true potential.