While the cryptocurrency world focuses on DeFi and yield farming, 4thpillar (or 4thtech) is working diligently on its MVP for enterprise blockchains. Our second recap for 2020 will highlight their path towards an MVP and continue to explore their developments and updates.
For those who need a recap, 4thtech is an enterprise blockchain solution for electronic document exchange or eDelivery, notarization, and digital identity. The platform is robust and secure enough to comply with EU regulations, setting it up for government use. In its new Short Paper, the team has streamlined its focus to emphasize on its core products.
After three years of development, 4thtech will be ready to debut its fully-featured MVP before 10/10/2020. The MVP contains the three main components: FOURdx, FOURid, and FOURns. Combined, these will form a comprehensive enterprise solution.
FOURdx – Done
The cornerstone of 4thtech’s MVP is its eDelivery service for electronic documents, FOURdx. A blockchain document service’s advantages are that it can “leverage trust provided by the blockchain and provides secure, immutable, instant cross-border electronic data and document exchange.” In short, it creates a more secure and transparent way to send sensitive or confidential information.
Blockchain enthusiasts should now be aware of the high fees currently associated with the Ethereum blockchain. FOURdx sidesteps these fees with its cross-chain compatible with Ethereum and SI-Chain, a new blockchain created in coordination with the Slovenian government. SI-Chain is capable of processing 50,000 transactions per second, exponentially more than Ethereum.
Executing a FOURdx smart contract requires two transactions. The first is to save document data to the smart contract. The second is to send fees to the 4thtech fee-taker. This fee structure differs from the current Ethereum model in that a user does not need to pay for native ethereum costs. Instead, the fees are paid with FOUR tokens. This is but one example of 4thtech’s cross-chain compatibility, which will only grow with additional blockchains. Integrating other projects like Polkadot is not out of the question.
FOURid – Currently In Process
Utilizing several innovations from FOURdx, FOURid is capable of tying KYC’d users, or organizations, identities to a specific wallet. By storing this information on the blockchain, the particular user who sent a document on the FOURdx platform can be identified, creating an immutable paper trail. This capability will be a massive benefit in tracking down documents and establishing a new blockchain ID protocol.
The identity mechanism is capable of connecting the X.509 standard digital certificate, a protocol for encryption, with a blockchain wallet. Despite not getting much press coverage, the X.509 certificate is currently widely used in the European Union to certify documents. It is also approved by eIDAS (i.e., electronic IDentification, Authentication and Trust Service). 4thtech is working on full MVP SI-Chain deployment, using established standards, which aligns with 4thtech’s enterprise vision.
FOURns – Currently in Process
The final component of 4thtech’s MVP is FOURns. This is the notarization service which is the next progression in FOURdx and FOURid. The 4thtech notarization will use technology from both FOURdx and FOURid to store, timestamp, and verify a document.
The three components of the 4thtech MVP: FOURdx, FOURid, and FOURns, represent three years of development work, coordination with private companies, and complying with EU regulations. When the final product launches, it will be a cross-platform client for Windows, Mac OS, Linux, Android, iOS. Post-launch, the source code will be made available, allowing other companies, governments, and financial institutions to build their own dapps.
*Disclaimer – FOUR is our Media Partner, and therefore this content is sponsored by them.