Validated Data Tokens, Blockchain, and NFTs
VDTS - BLOCKCHAINS - NFTS
Validated Data Tokens
A product of the Chain IT platform, Validated Data Tokens (VDTs) are NFTs in that they are individually unique. With its patented integrated hardware and software, ChainIT creates VDTs graded based on the Black Ink Tech asset grading scale.
The VDTs created on the ChainIT platform are all Touch Audit enabled, allowing the Validated Data Tokens to be used as functional equivalents of physical products, events, and services in the digital world as if they are the physical product or service itself. Whether on Web 2.0, the current version of the internet, or Web 3.0, the new decentralized web being built, these validated data tokens can be incorporated into these platforms with a zero trust mechanism.
VDTs can be used for things such as creating digital identification. A VDT ID is a Validated Data Token identification graded on the Black Ink Tech platform to assure whoever is viewing that VDT ID of that particular ID’s confidence level. The ability to Touch Audit and see asset grades offers users, which can be individuals, companies, or even automated processes via a smart contract, the ability to increase efficiencies through automation and maximize value through transparency of validation and authenticity.
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.
Black Ink Tech addresses transactions with the same steps used in their normal course, only implementing immutability throughout. As a simple explanation, BIT uses the decades-old acronym of GIGO, garbage in, garbage out. While many blockchains can prove the transfer of value, none actually proved the value transfer was the end event. The initial purpose of blockchains was to eliminate trust in financial transactions between two parties.
Unfortunately, blockchains rely on the same existing processes, which require trust in the commercial transaction for the payment needed. So while blockchain and cryptocurrency can eliminate the need for trust in payments, the entire transaction still requires trust. As to the parties, the agreement, and the object or service being delivered, payment is 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 the key data points of when, where, and what the stakeholders of the transaction. The Black Ink Technologies platform allows for the value transfer of $50 between parties to consist of a continuation of an 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 effectuate the transfer of value between the parties.
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.