RecordsKeeper Technology Comparison

In this article, we are comparing RecordsKeeper blockchain with other blockchains, by some general parameters which are shown in the table. With the help of this, users can quickly identify which blockchain is more suitable and useful for them. For this comparison, we have considered some basic blockchain parameters like max block size, transaction size, max transaction per second, etc. The detailed analysis is given in the following table:

 

Features

Public RecordsKeeper

Private RecordsKeeper Bitcoin Ethereum Neo EOS
Max Block Size 10 MB Up to 1 GB 1 MB Doesn’t have Block size but works on Gas Limits. Currently 2 MB. But it can be extended. Doesn’t has Block size but works on Gas Limits.
Max Transaction Size 8 MB Up to 1GB 1 MB 780kB (Because of the Gas Limit) Currently 1 MB. But it can be extended. 780kB (Because of the Gas Limit).
Max transactions per seconds 3000 transactions per seconds. 3000 transactions per seconds. 5 transactions per seconds. 15 transactions per seconds. Currently 1000 transactions per second extends upto 10000. 1000 transactions per seconds extended upto 1000000.
Avg. Block time 15 seconds 15 seconds 10 minutes 15 seconds 15 seconds 0.5 seconds.
Max Data Size 4 MB Up to 1 GB 1 MB 780kB (Because of the Gas Limit) Currently 1 MB. But it can be extended. 780kB (Because of the Gas Limit)
Data Retrieval Key based retrieval Key based retrieval Need to transverse Blockchain to get the transaction with data. Need to transverse Blockchain to get the transaction with data. Contract-based retrieval. Need to transverse Blockchain to get the transaction with data.
Mining Algorithm POW POW POW POW dBFT DPOS+BFT
Mining Consensus Feature implementation with Mining Diversity Feature implementation with Mining Diversity No Mining Consensus Present No Mining Consensus Present 66% consensus rule. No Mining Consensus Present.
Permissions Control who can connect, send and receive transactions, create assets, streams, and blocks. Control who can connect, send and receive transactions, create assets, streams, and blocks. Bitcoin is a permissionless blockchain. You have to adapt and change Ethereum Blockchain to run a permissions Blockchain. Neo is a public blockchain, so anybody can connect and mine. EOS is a public blockchain, so anybody can connect and mine.
Assets/Cryptocurrency Use XRK to upload data over the Blockchain. You can issue millions of your own assets on a blockchain. Bitcoin available as Cryptocurrency. You can create tokens over the Ethereum Blockchain. You can create custom tokens on NEO, NEO available as cryptocurrency and GAS used as a transaction fee. Uses Ethereum ERC20 token but, after June 1st, the new eos.io system will instead offer its own blockchain, separate from Ethereum, with its own native coin.
Security Provides flexible security with multi signatures, external private keys, cold nodes, and consensus. For initial 2 years, admin holds the security. You can define and provide your own security with multi signatures, external private keys, cold nodes, and consensus. Bitcoin does not support advanced authentication mechanism. Although it provides with Data Sanitization, Key storage and Audit logs. You can define and provide your own security with multi signatures etc. with the help of smart contracts. You can define and provide your own security with multi signatures etc. with the help of smart contracts. You can define and provide your own security with multi signatures etc. with the help of smart contracts.
Multisig support Yes Yes No Yes Yes Yes
Hashing algorithm SHA256, RIPMEND 160 SHA256, RIPMEND 160 SHA256, RIPMEND 160 Ethhash(“sha3_256” and “sha3_512” hashes) SHA256 KECCAK 256
Programming languages used for development All All No smart contracts support. Solidity C#, Java, Python(currently) Javascript, C, C++(in future) WebAssembly languages(C++,C, Rust)
Programming language used for build C, C++ C, C++ C, C++ C++ C# C++

Trusting Blockchain exchange

With every passing week, the world’s interest in Cryptocurrencies is multiplying at a staggering rate. Whether it’s bitcoin, ether, or any any other cryptocurrency on the block – people around the world own and trade cryptocurrencies. To make the trading accessible to the general public, we’ve several cryptocurrency exchanges on the world wide web. Through these exchanges, anyone can buy, sell, or exchange cryptocurrencies either with other digital-based currencies or with traditional currency such as rupee or US dollar.

Types of Exchanges

There are three categories of cryptocurrency exchanges. They’re as follows:

Brokers – Through these brokers, anyone can go and buy the desired cryptocurrency at a preset price. Most of these cryptocurrency brokers are similar in function as foreign currency exchanges.

Platforms for Trading – These platforms specialize in connecting buyers and sellers. For every transaction that takes place through the platform, they charge a fee — which is also how they make money.

Direct Trading – The way direct trading differs from the other two is that there’s no fixed price. The seller decides the amount, and the buyers have to determine if they want to buy or negotiate for any particular cryptocurrency. Direct trading is usually peer-to-peer.

What are the key attributes to look at while deciding to Trust a blockchain exchange?

The meteoric rise of bitcoin has also contributed to a significant increase in con-artists and exchanges which are mostly scams. So, before you decide to put your hard-earned money to buy cryptocurrencies — it is crucial to do your research. Below are the three things to know about an exchange before trusting them.

Reputation: In the age of the Internet, it’s not too hard to find reputable reviews about anything — including blockchain exchanges. Right from forums to commercially reviewed websites, you’ll find loads of information that’ll make it easier for you to decide whether an exchange is a right fit for you or not.

Fees: Before you even think about joining an exchange, do make sure you’re well-aware of all forms of costs that the exchange charges. The fee-model should include comprehensive details regarding withdrawal, deposit, as well as transactional fees. Compare it with other exchanges and then make an informed decision.

Verification systems: Any exchange worth its salt will have strong fortification in the form user verifications and securities. While the exhaustiveness of the verification might seem annoying while registering, it’ll protect your cryptocurrency and money from all sorts of scams.

Some well-known and reputable exchanges

We’ll make it even easier for you. Based on our research and user reviews, we’re going to tell you our favorite two blockchain exchanges that you can trust without worry.

Coinsquare: The first thing you should know about coinsquare is that it’s built on the same technology as the New York Stock Exchange. Yes, that’s right. According to their website, they manage their ledger at least 2346 times in a single day to ensure security. Reputable and secured, Coinsquare is a popular choice for both crypto-veterans and beginners alike.

Coinbase: Not only is Coinbase backed by some of the world’s best investors, but it’s also trusted as an exchange by millions already. One of the key features of coinbase is that coinbase insurance covers the stored currency. So, there’s that added layer of security. There’s a digital wallet also available as a mobile platform through which users purchase bitcoin, ether, and even litecoin.

Discovering Blockchain Loopholes

There’s no doubt on the potential that the blockchain technology has to offer. The world has accepted it at large. Blockchain developers are solving multiple problems across industries with this technology.

But there’s another side to the story wherein the hype is shadowing real implementation issues with the blockchain. These issues hinder the mass-adoption of this world-changing technology.

There’s no doubt that we’ll eventually get to the point wherein we’ve explored this great technology. However, to be able to that it’s essential to face realities both as developers and enthusiasts of the blockchain.  

Below we’ll be mentioning four implementation issues that plague blockchain as of today.

Limited Scalability –

One of the key advantages of the blockchain technology is decentralization. However, it comes at the cost scalability. As the number of transactions increase (and since every transaction passes through each block), the requirement increases too. Eventually, it’s not possible for every node to participate and the resources to process each block then rests with a limited few. However, that potentially compromises on the decentralization aspect of the blockchain. Scalability is probably the number one barrier when it comes to blockchain adaptability.


Storage Constraints –

Almost every application that’s built on the blockchain will require some form of storage. It can be either to store user identities, or it can be to record specific financial as well legal data. However, by property traits, every node stores the data. Along with it, no data will be able to be removed regardless of whether it’s needed or not. The above two cases put a considerable cost to the storage operation when it comes to the blockchain. Thus, storage constraint is a massive hurdle for any application to be able to build on the blockchain.


Lack of standards and governance –

No central authority governs public blockchain. While that’s great to build a trustless and open, it has its disadvantages. First, one is that there’s no who’s responsible for maintaining and upgrading the systems most efficiently. Even if some developers band up to create an organization, it leads to some form of centralization (take the instance of the Ethereum foundation.) However, we can’t even leave it completely open as over the years it’s proven ineffective on multiple levels.


Poverty in Available Tooling –

For any developer to work effectively and efficiently, the first requirement is adequate tooling. If inadequate, the developers can’t do much even with the best of the intentions. As a matter of factor, the currently available pool of tooling is not good enough, even for the most seasoned of the developers. Right from good testing frameworks to security auditing and even right blockchain analytical tool — the available tooling to a blockchain developer is severely limited. Along with hindering the potential of the technology, it also demotivates enthusiasts.

Conclusion:

Unfortunately, the hype makes blockchain appear invincible when the fact is that there’s a lot of work left. So, instead of making the technology glamorous, we need to focus on how to solve core implementation issues with the blockchain.

There’s not even an iota of doubt that blockchain is here to stay. However, the issues mentioned above and many more are not letting the technology become mainstream. It’s on us now — the developers, the investors, the blockchain enthusiasts — to work towards a unified vision.

Storage Price Comparison of RecordsKeeper (XRK) with other major Blockchains

Blockchain Databases are the completely different models from the cloud storages like AWS S3, Dropbox etc. or Blockchain Storages like Storj, Filecoin etc. The cloud storages require you to pay a certain amount of payment on a monthly basis and if you don’t pay the fees, your data is not retained over the vendor end. The Blockchain storages are based on one-time payment where you can store your data for the indefinite amount of time. The storage costs over the Blockchain has to be paid upfront and should be available for years to come. Please note that such Blockchain storages are not query-able without the transaction id. On the other hand, Blockchain Databases are the databases which may behave like a storage as well as data objects remain query-able using some formats like the key or other similar formats.

RecordsKeeper has developed an efficient and sustainable data storage (aka key-value pair based database) over Blockchain for a long period of time. RecordsKeeper Blockchain-centric solution is built to store, share and manage your information or data objects in the safest fashion. Once your data is over the RecordsKeeper Blockchain, it cannot be deleted, tampered or modified even by the data owner. On top of that RecordsKeeper provide data storage with as minute cost as possible as compared to other Blockchains available in the market.

Let’s look into the cost estimates of different Blockchains and how RecordsKeeper is fair against them in terms of price:

RecordsKeeper

Data Upload on RecordsKeeper is established through XRK tokens. Currently, the price of XRK tokens is 1 Ether = 5,000 XRK tokens. With the current price of BTC that comes out to be:

1 XRK =$ 0.0894 USD

1024 bytes/1 KiloByte of data requires 0.1 XRK as fees, converting the same to USD 1 KiloByte of data requires $ 0.00894 USD

Bitcoin

Bitcoin Blockchain was not designed to store data but still many corporations and users have utilised the Bitcoin Blockchain to store permanent records. To store permanent records over Bitcoin you need to use OP_RETURN transactions which in turns specifies that you cannot spend the transaction once it’s OP_RETURN. As per the Bitcoin specifications, OP_RETURN is of size 80 bytes. Thus to store 1 KiloByte of data you require:

1024/80 = 12.9 ~~ 13 transactions

To be a valid transaction in the Bitcoin Blockchain a transaction requires a dust fee which is approximately 546 satoshis, with the current price of the Bitcoin($ 7997) the dust fees would be around:

0.00000546*7,977 = $ 0.044

On top of the dust fees Bitcoin also has transaction fees. As per 15th April, 2018 median Bitcoin transaction fees is $ 0.251

So the cost for uploading 1 KB over the Bitcoin Blockchain would be:

13.(0.044 + 0.251) = $ 3.835 USD

Ethereum

Ethereum Blockchain works differently from the Bitcoin Blockchain. You need to specify gas to send and store transactions over the Ethereum Blockchain. The minimum gas required for a transaction to broadcast over the Ethereum network is 21,000. As per the Ethereum whitepaper to send the data in 32 bytes chunk it requires gas. If the data is all zeros then it requires 4 gas for 32 bytes and if the data contains some text or string then it requires 68 gas for 32 bytes of data. Let’s look into the very basic and minimum data with all zeros. As per the whitepaper it requires 4 gas for 32 bytes for zeroed data.

For 1024 bytes of data it was 32 chunks of 32 bytes. So we require in total gas:

32*4 = 128 gas

Now storing the sent data over Ethereum Blockchain requires 20,000 gas for every 32-byte word. To store 1 KiloByte/1024 bytes of data it will require:

32*20000 = 640000 gas

Adding both the gas. In total to store and send 1 KiloByte of zeroed data we require:

640000+128 = 640128 gas

Taking into the account the current average gas price (11.89 Gwei) and the current rate of 1 ether ($ 507.386997). The transaction will cost you:

640128 * 0.00000001189 * 507.386997 = $ 3.86 USD

This value is only for sending and storing over the Ethereum Blockchain. The cost overhead is increased when you need to develop, audit and deploy the Smart Contract to do the same.

Neo

Neo Blockchain has a complete different mechanism for storing the data over the Blockchain. Currently for Neo, there is no transaction fees required for sending but user can opt to pay the transaction fees for priority in Blockchain, we will take up the minimum cost, such that no transaction fees is provided in sending the data over Neo Blockchain but for storing the data it requires 1 gas for 1 KiloByte of data.

The current price for gas is $19.38 USD, thus 1 KiloByte of data will require:

1*19.38 = $ 19.38 USD

This value is only for sending and storing over the Neo Blockchain. The cost overhead is increased when you need to develop, audit and deploy the Smart Contract to do the same.

EOS

As per the EOS white paper, EOS works with state storage capacity so if you own 1% of the tokens then the software will allocate 1% of the available storage capacity of the blockchain to you. For example If there are 1 billion tokens and 1 terabyte (TB) of storage then each kilobyte (1024 bytes) of storage would cost about 1 token. At a $3 billion dollar market cap that would be around $3 per kilobyte. If the tokens reach the market cap of Ethereum then it would could be $30 per kilobyte.

Price Chart for storing data over different Blockchains*:

Size RecordsKeeper Bitcoin Ethereum Neo EOS
1 KiloByte $ 0.00894 USD $ 3.835 USD $ 3.86 USD $ 19.38 USD $3 USD
1 MegaByte $ 8.94 USD $ 3866.86 USD $ 3954.49 USD $ 19742.72 USD $ 3072 USD

* Based on USD price on 15 April, 2018

POI vs POW vs POS

Being involved in the world of blockchain and cryptocurrency means that you’ll regularly come across algorithmic terms. Primarily, there are three types of algorithms used for cryptocurrency projects:
  • POW (Proof-of-Work)
  • POS (Proof-of-Stake)
  • POI (Proof-of-Importance)
While deciding for whether to invest in a cryptocurrency project or not, one of the decisive factors to consider should be the algorithm it’s based on. Below we’ll be mentioning the critical pointers of each of these terms along with what separates one from the other.

Proof-of-Work (POW)

Satoshi Nakamoto, the creator of Bitcoin, pioneered the Proof-of-Work as a mechanism. After which many cryptocurrencies, including Ethereum, based their network on the same algorithm. The computers involved in maintaining the security of the network work to solve a mathematical puzzle known as a hash. Although the task is quite straightforward for a computer, it’s intensely repetitive. Thus, it requires exceptional computation power. Therefore, proving that they’ve done the necessary ‘work’ to register a data block into the network.  In the recent years, the POW algorithm has been criticised because of the high initial investment and the environmental cost attached to it. The POW, theoretically, is also prone to what is known as the 51% attack. It’s a situation wherein a miner controls more 51% of the computational power of a network and thus can change the data within each block.

Proof-of-Stake (POS)

The tremendous amount of computational power required makes POW both expensive and energy-intensive. An alternative algorithm — Proof-of-Stake — has gained popularity in the recent years. Unlike POW, the POS approach requires no specialized hardware in-order to participate in the network. POS takes the path of letting the coin stake of a particular user determine the likelihood of them adding the next block of transactions to the blockchain. To influence the network fraudulently, a person will have to own 50 percent of the coins on the network. An attempt to buy such an amount will exorbitantly push the price up; thus rendering the entire effort futile. NxT pioneered the POS system. Nowadays, this algorithmic approach is often used by crowdsale-funded platforms, wherein tokens are distributed based on investments made.

Proof-of-Importance (POI)

With POI, the dependency is neither on the amount of ‘work’ nor the amount of ‘stake’ you hold. POI, as an algorithm, takes a more holistic approach to considering the overall productivity of a user in the network. The reward, as per POI approach, should be based on the contribution of a user to the network in all capacities. The staking of the block, therefore, is based on multiple factors including reputation, overall balance, and the number of transactions done through or from a particular address. Through these factors, the network determines how ‘useful’ the member is to the network. NEM was the first cryptocurrency project to implement POI as an algorithm to its platform. Increasingly, people are finding ways and combinations of both POS and POW with POI to create an algorithm that makes it tremendously expensive to attack the network but rewards those who protect it generously.

How to use XRK Wallet?

RecordsKeeper wallet is used to check your XRK balance, send and receive XRK to other XRK wallets. RecordsKeeper wallet has a toggle on top right corner through which you can switch to Testnet and Mainnet of the RecordsKeeper Blockchain. This wallet supports both networks so you can check your balance, send and receive transaction on both these networks.

After Creating a new wallet or Restoring your XRK Wallet you can follow the steps below to get familiar with the environment for XRK wallet.

Step 1: To access the RecordsKeeper wallet follow this link: https://wallet.recordskeeper.co/. You will see a window like this:

Step 2: If you already have XRK wallet, please enter your wallet address in the text area and then press the submit button. If you don’t have a valid address then follow the How to create and restore XRK Wallet? (link to the blog) to generate or restore your Public Address. You will see the wallet interface like this:

Here you can see three tabs on the top of the wallet which are Transactions, Receive and Send tabs. Transactions tab is the default one which will show your XRK balance on the top and transactions history below this with the details like Transaction id, time, transaction amount and a label which shows if the transaction is incoming or outcoming. If they are incoming transactions then they are shown in green and if they are outgoing transactions then they are shown in red.

Step 3: The next is the Receive tab which shows your XRK public address, use this address to receive payments. A similar window will be shown to you:

Step 4: The next is the Send tab which is used for sending XRK to other XRK wallets on the same network. A similar window will be shown to you:

Sender’s XRK address is shown at the top which is your XRK public address and now enter Recipient’s Address and the XRK amount you want to send to the receiver. You can also fill the optional data fields given at the bottom which are Record identifier key and optional data with the send transaction. Then click on the Send transaction button to push the transaction on the RecordsKeeper Blockchain.

Step 5: After you click the send transaction button a window will appear which is used to authorize the transaction. An approximate fee gets reflected in this window this is the fee that gets credited to the miner who confirms the transaction. Enter the private key of your XRK address here and click on “Send”, your transaction gets confirmed and broadcasted on the RecordsKeeper Blockchain.

A confirmation screen is shown as below, you can click on the transaction link to view the transaction in the RecordsKeeper Blockchain Explorer:

You can also view all your transactions in the transaction tab of the wallet. This wallet is designed with top performance and security, where we always ask for your Private Key and never store at our end.

How to create and restore XRK Wallet?

RecordsKeeper provides different utilities to manage your XRK tokens and publish data. One of the major tools is the XRK wallet (https://wallet.recordskeeper.co/)

XRK wallet comes with the functionality of mnemonic seeds, which provides you with 24 random words which you can use to restore wallet. This makes it a much better process of saving wallets as you don’t need to remember or store your private key. Below we are going to discuss How to create and restore your XRK Wallet.

Create XRK Wallet

Step1: Open up the link for the XRK wallet (https://wallet.recordskeeper.co/)

Step2: Click on the button “Create XRK Wallet”. This will open a popup window shown below

Step3: Now click on the “Create XRK Wallet”. You can also provide an optional password for your wallet. This password is used to secure your wallet and you have to provide this password to recover your wallet. After clicking on the button, your wallet will be created with the Private Key and the Public Address. It will also give you the option to download and print your wallet. You can also see the mnemonic seed generated which you can use to recover your wallet. XRK wallet also provides you with the QR code where you can scan the QR code to get your Private Key and Public Address.

Make sure to save your private key securely as if you lose your private key, you could also lose your XRK tokens.

Step4: You can click the Print button below to print your paper wallet. The example of print preview is shown below (You can also take the print of your seed phrase separately)

Step5: Click on the close button and this will take your generated public address to the address field on the start screen. Then you can click on the “Submit” button to start your wallet.

Restore XRK Wallet

Step1: To restore XRK wallet, Click on the “Restore XRK Wallet” button on the home screen at https://wallet.recordskeeper.co/index.php

Step2: Enter your 24 Seed phrase and password for the wallet and click on “Restore Wallet”.

Step3: After Clicking on the button, your wallet will be restored and you will see your private key and Public Address on a screen similar shown below. You will also get the QR code for both Private Key and Public Address. You can also print your wallet by clicking on the “Print wallet” button. Click on the “Close” button and this will get your address to the home screen of the wallet.

Step4: Now you can start your wallet by clicking on the “Submit” button.

RecordsKeeper do not store or pass your Private Key at all. You can be sure that RecordsKeeper will never store your Private Key. You can follow the How to use XRK wallet? (link to the blog) to get familiar with the XRK wallet.

How to verify Records/Transactions in RecordsKeeper Blockchain?

RecordsKeeper is an open source public Blockchain available to everyone. RecordsKeeper can be used to store large data over the Blockchain in key-value based format and retrieve at other ends. You can use RecordsKeeper to verify records and transactions. For example, you can view the Proof-of-existence demo (https://demo.recordskeeper.co/proof-of-existence/).

The Proof-of-Existence utilizes the functionality of taking hash while uploading the file over the RecordsKeeper Blockchain. The hash of the file is stored as the key and data is stored as the metadata of the file.

By storing the hash as the key, we make sure that the users can search and retrieve the data using the hash of the file. When the users upload the file to verify it on the Blockchain then a request is made over the RecordsKeeper Blockchain to get the file using the hash as the key. If the file is present over the RecordsKeeper Blockchain then the result is returned else if the file is not present then the result is empty. In this way, the user can check the verification of the file. If the file has tampered then the hash of the file will be changed and it won’t be present over the RecordsKeeper Blockchain.

As the RecordsKeeper provides the functionality of publishing multiple data with the same key, this also provides the functionality of verifying the original owner of the file. If multiple users upload the file over the Blockchain then time-based entries are stored over the RecordsKeeper Blockchain where you can verify the original owner by the date of published record.

How to upload a file on RecordsKeeper Blockchain?

RecordsKeeper Public Blockchain comes with a functionality where you can upload large data over the RecordsKeeper Blockchain. Currently, the maximum stream size that can be uploaded over the RecordsKeeper Blockchain is 4 Mb and the maximum block size is 10 Mb. RecordsKeeper team recommends uploading hash of the file over the Blockchain as it will increase the performance of the application where you are using the file, but still, you can upload files over the Blockchain itself.

Files up to 4 megabytes

RecordsKeeper provides you with a key-value based database on top of the Blockchain. You can upload the file to the same database. The value allowed in the RecordsKeeper Blockchain has to be in the hex format. So to upload a file over the RecordsKeeper Blockchain, you need to convert your file into the hex format. All the files can be converted and represented in hex format be it CSV, JSON, XML, JPEG, PNG or any other format. You can use your in-house tools or some other online tools to convert the file to hex format before upload. If you are familiar with programming or has your own RecordsKeeper node setup then you can directly use this command below to publish the file over the RecordsKeeper Blockchain.

rk-cli recordskeeper publish root file1 `xxd -p PublishMe.txt | tr -d ‘\n’`

The command above uses the shell function to convert the file to the hex format and then upload it over the RecordsKeeper Blockchain. Here we have taken an example of .txt file.

While retrieving the file you need to make sure to convert the hex format back to your file format. You can also use the file name as the key for easy retrieval or publish the key as the hash of the file to create a check process in order to verify the file. You can also store the file type in your key as to specify which file is to be recreated on retrieval.

Files bigger than 4 megabytes

If you have files bigger than 4 megabytes and you want to publish over the RecordsKeeper Blockchain, then after converting the file into hex format, you can divide the file into blocks of 4 megabytes each and then publish it over the blockchain with paths defined in the key. On retrieval, you can get all part files hex values using the key and then you can join them together to re-create your file.

Please note: All the data you publish over the RecordsKeeper Blockchain requires XRK tokens as fees. Currently, you can publish 10 KiloByte of data with 1 XRK token. You can also check the basic demo for publishing and retrieve records here: https://demo.recordskeeper.co/basic-demo/

How to make Records private in RecordsKeeper Blockchain?

RecordsKeeper Blockchain is built as Public Open Source Platform to share data globally but it still supports multiple features you can use to make the data private over the RecordsKeeper Blockchain.

  1. RecordsKeeper Private Chain: RecordsKeeper is provided as an open source platform, so you can use the RecordsKeeper codebase to create your own private chains. This provides the functionality for access rights to you and you can grant permissions accordingly so that the data is shared only between the authorized users.
  2. Encrypting Records before Publishing on the RecordsKeeper Blockchain: This method utilizes the RecordsKeeper public Blockchain but gives you a process so that only the authorized users have the access to the data shared over the Blockchain. Over the RecordsKeeper Blockchain, all the users have their own private and public keys. This step can be divided into the number of sub-steps:
  • The user who wants to share data privately with the other users receives the public addresses of the other users through a secure channel.
  • User encrypts the data using his/her private key.
  • The user again encrypts the data using the other authorized users public key thus creating a separate entity for each user who wants to access the data. This encryption makes sure that only the authorized users have the access to the data and no other user even if they have the publishers public key can access data.
  • The user publishes the data over the RecordsKeeper Blockchain, creating a separate transaction for each authorized user.
  • User shares the transaction id with the authorized users.
  • Now authorized users can read the data from the transaction but it is still encrypted.
  • Authorised users use their private keys to decrypt the data, which still has one more level of encryption.
  • Publisher shares his/her public key with authorized users through a secure channel.
  • Authorised users now can decrypt the data to get the original record using the publishers public key.

This makes sure that your data is secure and safely distributed among the interested parties. You can then use the key pairs from the RecordsKeeper for the whole process, or you can generate your own key pairs using any other 3rd party Cryptography libraries.

Please make sure that you do not share your private key in the complete process.