/biz/ - Business & Finance

>blocks your path
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decentralized oracles in partnership with IBM

15 Oct, 2019
https://www.prnewswire.co.uk/news-releases/proof-of-trust-selects-ibm-to-build-out-new-blockchain-network-to-enhance-provenance-and-smart-contract-validation-817154702.html

Proof of Trust delivers an innovative anti-collusion algorithm to enable more effective and trustworthy use of blockchain technology. It does so by ensuring the authenticity of data put on the blockchain and used to execute smart contracts. Proof of Trust will utilise IBM's Blockchain Platform to provide provenance by randomly selecting highly skilled delegates to adjudicate on the validity of data entered into a smart contract.

2019/10/13
https://theproofoftrust.com/2019/10/13/bringing-trust-to-the-blockchain/

The Proof of Trust (PoT) have joined forces with tech giant IBM and have created a multi-platform blockchain application for dispute resolution and smart contract validation to ensure that data entered is honest, legitimate and trustworthy in all cases. The versatile technology will be available for deployment on various other platform options – IBM cloud, Redhat Openshift, Azure and AWS.

The Proof of Trust platform removes the risk of data entry and provides authenticity to any smart contract through the use of an innovative anti-collusion algorithm, such that smart contracts can gain institutional adoption. A bank of trusted and verified experts act as decentralised oracle inputs (referred to as ‘Delegates’) to ensure that no one individual has dominion over the data input. By introducing trusted Delegates, risk is dissipated and smart contracts and blockchain become a more attractive alternative to many legacy systems.

Development of the Proof of Trust protocol is now complete and the company will work with IBM to build out the user interface and future industry specific use cases in areas such as supply chain, voting, cross-border transactions and insurance.