4thpillar technologies (4thtech) is tackling the eDelivery market by using blockchain technology to create a solution that’s much more secure than current methods.
We recently sat down with the 4thtech team to find out more about their business and what’s coming in the future.
Please introduce yourself and provide a short summary of 4thtech
Hello, my name is Tali Režun, I’m one of the project founders, and I think, that exchanging sensitive electronic data, documents or merely digital assets should be as easy as exchanging information. Due to its immutability blockchain technology proposes the ideal foundation to make this a reality. To address this issue, 4thpillar technologies have developed eDelivery protocol (i.e. FOURdx), a safe, fast and inexpensive blockchain-based solution, a future way of sensitive electronic data and documents exchange.
Can you tell us a bit more about your eDelivery solution?
Blockchain eDelivery is a network of nodes for digital communications and document/files exchange. It is based on a decentralised model where files exchange process runs between blockchain wallets. Private and public cryptographic keys are used for transaction authentication. Blockchain eDelivery has significant security advantages, compared to traditional eDelivery. FOURdx is the world’s first developed and tested blockchain eDelivery protocol capable of; (1) connecting senders and receivers by executing document exchange; (2) performing eDelivery based on the current EU guidelines, and; (3) archiving securely encrypted data.
How are the tokenomics of FOUR tied to the business success of 4thtech?
We develop blockchain eDelivery protocol and as a technical component, Four-token was created as gas to fuel the transactions of the blockchain eDelivery protocol on the Ethereum network. We aim to set the future eDelivery transaction cost at 0.2€. How much the token will translate to, the market will tell.
What are the benefits of your online identity and add-on solutions?
There is a constant need for online identity verification, and despite the move towards digital transactions, there is still the need to use physical identity documents. According to Economic Commission for Europe Executive Committee Centre for Trade Facilitation and Electronic Business Blockchain in Trade Facilitation: Sectoral challenges and examples, 2019, blockchain holds promise in this regard and could be used to create and verify digital identities, for individuals and organizations. These identities could be based on one or more indicators, which could include, for example, employer identity confirmation, past transaction histories, biometric data and more. Blockchain eDelivery identity mechanism (i.e. FOURid), derives as a direct result of the existing blockchain eDelivery protocol (i.e. FOURdx). The identity mechanism is capable of individual wallet address verification from the authorized third party (i.e. employer, state, motor vehicle licencing department, etc.). A link is created between an individual (or organization) and their wallet, which holds the content and digital assets.
The 4thtech add-on is a Google Chrome Extension wallet, that allows you to visit the distributed web of tomorrow in your browser today. It is one of our main innovations, a first system on the market capable of handling not only digital assets but also other assets such as links to encrypted electronic data and documents. Designed and built from the ground-up, the 4thtech add-on is fully operational and also offers a secure identity vault, providing a user interface to manage digital identities and sign blockchain eDelivery transactions. 4thtech add-on can be comparable to a bank account, as it contains a pair of public and private cryptographic keys. A public key allows for other wallets to execute eDelivery to the desired wallet’s address, whereas a private key enables the decryption of electronic data and documents from that address.
Can you explain the landscape of your target markets and why your solutions could be successful?
As blockchain applications are currently in the testing phase, I think that first user cases will emerge in the public sector first. As blockchain will start to appear also in the private doctor, the implementation of our solutions are limitless. Blockchain eDelivery can enable the exchange of value-holding documentation, such as proforma invoice, commercial invoice, certificates of origin, bills of lading, bank drafts, seaway bills, and other types of transport and shipping documentation.
What are your plans for business growth?
To grow as an IT solution and to achieve adoption, a lot of things must go right. It is unrealistic to predict the exact business growth plan. We are confident that business growth will come with the adoption.
What is your greatest achievement so far?
After two years of the protocol MVP testing, the technical feasibility and its practical potential have been proven, with that PoC (i.e. proof of concept) was confirmed, for me that was the biggest project achievement so far including the fact, that we have a working blockchain eDelčivery protocol service available for antibody to use today.
Thanks for taking the time to answer our questions today. What do you have planned for the rest of 2020 and beyond?
If all goes according to plans, we start the cross-platform client development in December 2020, we hope to finish in 16 months. The blockchain eDelivery cross-platform will provide a way to make mass adoption possible.
We plan to develop and deploy cross-platform (Windows, macOS, Linux, Android and iOS) eDelivery client, a DSI with a unique Access Point, that will leverage blockchain for electronic data and documents exchange in a reliable, safe, trusted way and will work according to the eIDAS regulation. I have prepared the project scope:
The current CEF (i.e. Connecting Europe Facility) eDelivery solution is based on a model, where the Access Points of eDelivery implement an electronic data and documents exchange protocol which ensures secure and reliable data exchange. Trust is established between two public administrations Access Points and the electronic data and documents exchange is activated. 4thpillar technologies solution proposes a blockchain eDelivery protocol that leverages trust directly from the blockchain. The protocol is based on a distributed model where the electronic data and documents exchange process runs between blockchain wallets, where private and public cryptographic keys are used for transaction authentication. To provide an option for blockchain address ownership verification, the verification mechanism was created, which can lead to individual digital identity and authenticate verified connection between a blockchain wallet and a person. More information is available in the project technical paper.
*Disclaimer – 4thpillar technologies are our Media Partners and therefore this content is sponsored by them. The fees paid by this project are used to pay for The Daily Chain salaries, dev work, hosting services, travel expenses etc.. that are required to make this company a success and continue to provide the community with great content on a daily basis.
