There’s no denying that the internet has changed the way we live. Losing the internet would stop our society in its tracks. However, over time the internet has become something we all rely on yet somewhat resent, because by using services on the internet we are throwing away our digital freedom.
When you boil it down, the internet is essentially a connection to services provided by centralized companies. These companies exist to provide us a product or service, and in return they expect to generate a profit. This has evolved into an unattractive situation where our private data is collected and used without our knowledge.
The realization of these facts has been spreading in recent years and has propelled a new technology into the forefront – blockchain. Blockchain boasts many impressive benefits, including true peer-to-peer communication and transaction, increased trust, security, privacy and more.
This fascinating new technology can have countless applications and offer solutions that are superior to those currently provided by the internet.
One blockchain company called 4thtech technologies (4thtech) is leveraging blockchain technology to create a series of solutions that could transform eDelivery and online identity verification.
What is eDelivery?
eDelivery stands for electronic delivery, and it refers to important documents that can be delivered via an online system rather than by post. eDelivery uses a network of nodes to securely allow the exchange of information. While many may not have heard of it, eDelivery is an important service that helps public administrations, businesses or citizens transfer electronic data and documents in a secure and trusted way. However, 4thtech has designed a new eDelivery system using blockchain that boasts beter security and privacy.
Just like normal eDelivery, blockchain eDelivery uses a network of nodes for digital communications and file exchange. The file exchange process runs between blockchain wallets, and cryptographic keys are used for transaction authentication, just like if you send a cryptocurrency transaction. But the real benefit is that the data is not stored on the blockchain, it’s stored off-chain. Only encrypted files and hashes are stored on-chain, which greatly increases privacy and security.
FOURdx, created by 4thtech, is the first blockchain eDelivery protocol that can connect senders and receivers by executing document exchange, archive securely encrypted data and perform eDelivery based on the current EU guidelines. Overall, FOURdx can facilitate eDelivery with greater security and confidentiality than existing solutions.
With the shift to an online world there is a constant need for online identity verification, but at present this process is cumbersome at best. To verify an identity one needs physical identity documents. It has been recognised that blockchain technology could be a potential solution here to create a digital identity for individual or organizational use.
The 4thtech solution is a blockchain identity mechanism called FOURid that uses the blockchain eDelivery protocol FOURdx to verify identities online. FOURid can verify individual wallet addresses from authorized third parties by creating a link between a person or an entity with their wallet which would then house the content and digital assets required to digitally identify them.
Another piece of technology created by 4thtech is the 4thtech add-on. It’s a Google Chrome Extension wallet that you can use to visit the distributed web within your web browser. By using this extension users have easy access to not just their digital assets but other assets such as lins to encrypted electronic data and documents. This add-on goes hand in hand with 4thtech’s eDelivery and online identity solutions to create a seamless, more secure and efficient experience.
The four-token is a utility token created by 4thtech. It’s purpose is to be the fuel for 4thtech products. Four-tokens are required to fuel the transactions. For example, four token is already used as gas for executing eDelivery transactions.
The supply of four-tokens is fixed to prevent inflation and to reward holders. It’s thought that as the network grows the demand for the token will grow too.
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