We’ll start off with the famous words of philosopher Jean-Jacques Rousseau: “Man is born free, and everywhere he is in chains.” In a world where nearly everybody is dominated by someone else’s decisions, it becomes increasingly difficult to learn the truth about the activities of governments and organization, about the quality or value of products, or about the health of an economy.
A World of Interactions
Modern-day individuals, organizations, as well as governments and universities are challenged by certified data verification issues. These include matters not only related to hacking and data loss risks, but also due to the fact that data is not protected against information substitution, deletion and modification without encryption and decentralized storage.
Problems are progressively connected to the fact that verification processes differ in scope and type of data, as each business or state government have their own mechanisms for verifying information, different deadlines, and different methods for completing documents, the latter leading to redundant expenses, including the certification of translations.
Even if data is confirmed and easily substantiated, the information itself is transmitted throughout entirely different channels and is collected from different sources, which is time- and, frequently, money-consuming. When data is not consistent, its further usage becomes extra complex.
In this article, we’ll tell you how ENDO, a certified data verification protocol, solves these issues based on six chains of interaction: person – person, person – business, business – business, business – government, government – government, and government – person.
Chain 1. Person – Person
An example of the interaction chain between two individuals is the value of words and worth of promises. Our world has become so blurred, people are allowing themselves to say whatever they want and pretend to be who they really aren’t. In such scenarios, among other things, social networks come in very handy. Imagine that two people decide to agree on something and record it on video or Dictaphone. This mutual agreement can be then verified through an application called MyENDO, using face ID as one of the possibilities.
The record of this agreement will be stored in the individual’s personal account in the application, which is, in fact, an electronic wallet.
It’s also possible to store records of agreement on external add-ons and applications like Google docs and share it with those in question. The main thing, however, is that, with ENDO, this agreement, or rather the hash about its existence (without disclosing any personal data) is automatically placed in the public ENDO Blockchain, where everyone will be able to verify its validity.
It’s even possible to make information available by a certain date, for example, if an individual is being intimidated and they need to make certain information publicly available in the event of a lethal outcome. When information of such kind is secured through decentralization, many trust issues in interpersonal agreements can be solved.
Chain 2. Person – Business
There can be hundreds of ways for interactions between individuals and organizations, but how does the person – business communication chain often start? One could argue this interaction starts in the process of job applications. Whether or not we get the job depends on thing little thing called a resume, which originated in feudal England, when Lords or Heads of a local guild created them as a letter of introduction for a traveler visiting distant areas of the kingdom.
In the 1950s, CVs became formalized in the Western hemisphere and started to be expected during job interviews. Until recently, especially before the advent of the Internet, the resume was considered to be an official judgment of a person’s experience and education.
Today, the “weight” of the resume is progressively declining, because the information it holds is often blown up or entirely tampered with. In this regard, many managers have stopped reading the resumes of their potential employees.
In fact, resume scandals are so common you could dedicate an entire library section to the matter. Business Insider has an entertaining article on the matter, which includes a celebrity chef who lied about designing princess Di’s wedding cake, an MIT dean who never received any college degrees despite claiming to have a bachelor’s and a master’s, and a Yahoo! CEO who never earned the computer science degree he claimed he got.
How can ENDO solve this kind of problem? Take, for example, the website Headhunter.com, which, by the way, has an open API key. For example, when a person uploads their resume, all companies and educational institutions they specify in their previous experience will immediately receive a notification that will ask them to verify and confirm the quality of the information that a person claims to be true.
This can easily be done through an ENDO application, provided they are also registered in the system. Every such lie undermines the credibility of a person. ENDO, using an automated data verification system, will easily manage this situation and return weight to the human word.
Chain 3. Business – Business
Corporate professionals will agree: some of the worst headaches in organizations come from a document called the Power of Attorney, which gives authority to act for another person in specified or all legal or financial matters. If your lawyer turns out to be a bad person and there is no necessary control, the power of attorney can be distributed to anyone, with potentially horrible consequences.
If there are over 5000 people in the company it’s even more difficult to control these processes, because you can’t simply confiscate the power of attorney from a dishonest or incompetent employee.
If, however, a company’s entire database and documentation is in digital format and confirmed in a public Blockchain, you can immediately see whether it’s invalid. Unfortunately, the forging of official documents and power of attorneys, in particular, is another common problem the modern world faces. Scary examples include a thieving son who used a fake power of attorney to cheat his ill mother out of £86,000, and another “perfect victim”: A female employee whose ex-husband was allowed to change the structure of her joint Company by fraudulent means, without her knowledge, by the Commonwealth Bank of Australia out of all places.
To hide his fraud from the woman – solicitors, real estate agents, bank staff and a federal family law judge actually withheld the documents that were used for this to happen.
Document forgery in the financial industry is more common than you’d think. How do multimillion dollar business deals take place in the 21st century? Companies, just like in the good ol’ days, sign a written contract. The only thing that assures the validity of such contracts is a seal and a signature. One former CIBC representative said 85% of sales staff in her workplace forged documents, and were even encouraged by the manager to do so.
Chain 4. Government – Business
All governments in the world have a system of public procurement with various businesses, also called Tenders, whereby governments and financial institutions invite bids for large projects that must be submitted within a finite deadline.
To verify and certify the contents and the sender’s identity of the chosen contract, some governments use a digital signature, generated and authenticated by public key encryption. In fact, a lot of modern-day purchases are made using a digital signature, which is considered very reliable in terms of verification.
Ironically, a digital signature can easily be lost, or even worse, your inaccurate or unscrupulous accountant can easily use it on your behalf. In addition, different countries have completely different standards for electronic signatures, which creates further and completely unnecessary complications.
With ENDO, such and other problems are solved immediately, since only the owner of the certificate can verify or use the information in question. Imagine a Blockchain, which has a closed, private part where secret and personal information is stored within the state government, and a public part, which merely stores the status of transactions and contracts.
Chain 5. Government – Government
For centuries, local and global governments have been making or breaking agreements. From Pacts and Treaties in mostly the past to an increasing number of Regulations, Acts, and Associations in the present day. One of the main reasons for the emergence of the latter is the fact of international fraudulent activity or forging of data.
Great examples are: The Anti Money Laundering [AML] regulation, which in recent years has become one of the main agenda topics of the European Parliament, the Foreign Account Tax Compliance Act [FATCA], which is a US law aimed at reducing tax evasion by US citizens who have financial accounts outside the United States, and the Wolfsberg Group, the NGO which’s goal has been to develop financial industry standards for Know Your Customer [KYC] and Counter Terrorist Financing [CTF] policies.
In the past, and today as well, it was difficult and risky to exchange sensitive data. To be reinsured, governments have to make a million extra provisions, because each exchange is the exchange of personal data. With ENDO, governments won’t need to exchange any personal data, because they can simply exchange statuses; those same records in a public Blockchain, which will mean the reliability of information, a guarantee of security, and the exclusion of risks.
Chain 6. Government – Person
When traveling between different countries, a passport and (often) a visa is required to gain access and cross a particular country’s borders. Any state government has the right, for various reasons they don’t have to disclose, to annul or revoke a previously issued travel visa to an individual.
Let’s imagine, a man is fired from a company for fraud; a company in which he had previously been given a multiple business visa for work travel, and after his firing he continues to travel in personal, and perhaps fraudulent purposes, either world-wide (in the case of a Schengen visa that allows free movement in 22 out of 28 EU countries, plus Iceland, Liechtenstein, Norway, and Switzerland), or a specific country (in the case of a US visa).
Another government – person interaction chain situation: A State authority has temporarily withdrawn a driving license for heavy violations. The person in question (in many countries this is the standard case) goes abroad with a temporary driving license, where, due to driving under influence, they bring death to another person. ENDO offers a solution that will prevent such dreadful cases.
ENDO Protocol solves certified information tracking and encrypted data storage issues and aims to create a single secure environment for various kinds of important data. All personal, corporate and publicly available information about education, identity, medical records and the like can be controlled through the ENDO Platform, at the same time guaranteeing the privacy of personal data, by providing protected access to stored information to third parties of one’s choice.
The Alpha version of the first ENDO-based application has already been launched and successfully operates with some of Europe’s largest coaching, delivery companies, and universities. Join an honest future, answering tomorrow’s answers today.
To know more about ENDO Protocol, click here!
Subscribe to AMBCrypto’s Newsletter
XRP/USD Technical Analysis: Cryptocurrency struggles to get out of the bear pit
Thailand’s National Stock Exchange venturing into the cryptocurrency space
Bitcoin [BTC]: Futures Contracts and ETFs will see developments in 2019 says VanEck director
Ripple’s regulatory relations director asks for ‘a leveled playing field’ in terms of XRP regulations
MiningSky: The Future of Blockchain Cloud Mining Platform
Bitcoin [BTC]: A piggybacking Proof-of-Proof blockchain has almost 20% of Bitcoin’s daily transactions
Ripple’s xRapid customer SendFriend will go live by Q1 in 2019, says CEO David Lighton
Venezuelan government decrees crypto operators to pay taxes in cryptocurrency
Bitcoin SV [BSV] emerges as top gainer with 11% growth; Tron [TRX] continues massive fall
XRP reaches Australia as FlashFX adopts Ripple’s cryptocurrency
Stolen Ethereum-based tokens transferred to Binance and other top exchanges
Cryptocurrency trading platforms will be inspected by Bulgarian National Revenue Agency
Bitcoin [BTC] block halving is 66% complete; next block halving in 495 days
- Press Release
LTO Network partners with BitMax.io for token listing and exchange services