Digital Identity Platform on RecordsKeeper

In today’s digital world, where our everyday tasks like shopping, banking, ticket bookings etc. are done online, we all leave digital footprints whenever we perform any such transactions on the internet. As we are moving towards complete digitalization of the world around us, comprehensive digital traces are left everywhere.  A user has to disclose sensitive personal and financial data to avail services such as Paypal, credit card processing, direct banking, Google Wallet, Apple Pay, Amazon Pay, and cryptocurrencies.

As a result, the user’s personal information is often stored across various databases, generated at different times. With time, users identity information might change such as last name etc. this information does not get updated equally across various databases resulting in multiple ‘digital clones’ of an individual existing across different databases.

Today there is much risk involved related to identity theft. Apart from the identity theft, other issues need consideration. As users enter their data to register on several online platforms and, the user is required to create and remember multiple passwords which are a tedious task and is neither secure nor convenient.

RecordsKeeper Digital Identity Platform as a Solution

Considering the issues users face online, regarding storing, updating and securing their personal data, RecordsKeeper offers an exceptional blockchain based solution.

RecordsKeeper leverages the features of blockchain to store digital identity data in a distributed, secured and immutable manner. RecordsKeeper public blockchain ensures that a user’s single digital identity is stored in a secure manner that can never be manipulated. This unique digital identity can be updated by the user with the latest user information.

As the future of blockchain based digital identity storing platform looks bright, companies are showing deep interest in RecordsKeeper digital identity platform for digital identity management and authentication.

Let us take an example of KYC verification by multiple banks. KYC is mandatory process needless to say time-consuming and expensive as well. RecordsKeeper digital identity platform can prove to be a saviour for both, the customers and the banks. The customer has to upload their KYC information once on RecordsKeeper platform and the information gets available to all the banks and other institutions offering financial or professional services anytime anywhere. This eradicates the need for third-party verification and the authenticity of the information is assured. Implementing a blockchain based digital identity platform for KYC will result in saving a great deal of time and cost for both the parties.

Features of Digital Identity Platform

  • No costly Infrastructure required

    – RecordsKeeper uses its own public blockchain saving enormous costs for identity requesters that would otherwise spend a lot to set up the infrastructure to support any identity platform solution.

  • Ease of updating

    – Identity data is updated by the authenticating authority. If a user changes their residential address, in this case,  the new one will get updated by the authenticating authority.

  • RecordsKeeper Never Stores User Data

    – User Identity data is stored in encrypted form in the RecordsKeeper App on members mobile devices.

  • Globally Protected

    – Blockchain Technology features make the user identification data stored on RecordsKeeper globally protected.

  • Global Compatibility

    – User identity data is globally compatible as information is stored in JSON format. Users can store and share their own identity anywhere in the world. The user identity data is accessible anywhere in the US, Europe, Africa, or Asia.

  • Next-Generation Security

    – RecordsKeeper uses the power of the public blockchain, the privacy and security of user data is ensured.

Conclusion

Digital identity platform on RecordsKeeper is one solution to many problems people face today regarding storing, updating, managing data. It is one of the best application of blockchain technology so far.

How to use RecordsKeeper Blockchain Explorer?

RecordsKeeper Blockchain Explorer provides you the details about what is happening inside the RecordsKeeper Blockchain.RecordsKeeper Blockchain explorer shows the latest blocks in the blockchain. Let’s take an example if a new block is discovered by miners and transactions are either in the memory pool or confirmed in the block, then the RecordsKeeper Blockchain explorer will show you the live details about the block and when the transactions are in memory pool or confirmed in the block. You can also view the specific details about the block by clicking on it. Clicking on a specific network block will provide you with more information regarding its size, fees, when it was found in the Blockchain, and more importantly, which all transactions it contains. It also provides the details like the hash of every block which is linked to the previous network blocks, all of which have a unique hash and a unique set of transactions.

The RecordsKeeper has access to 2 types of Blockchain explorer:

  1. RecordsKeeper Mainnet Blockchain Explorer (https://explorer.recordskeeper.co/)
  2. RecordsKeeper Testnet Blockchain Explorer (https://test-explorer.recordskeeper.co/)

RecordsKeeper Blockchain Explorer Home

At the homepage of the explorer you can view the following details:

  • Status of the Blockchain – This shows whether the Blockchain is running or not.
  • Blockchain Name – In our case the public Blockchain available is named RecordsKeeper.
  • Total number of Blocks confirmed in RecordsKeeper – These are the total number of Blocks found in the RecordsKeeper Blockchain.
  • The total number of transactions in RecordsKeeper – These are the total transactions in the RecordsKeeper Blockchain.
  • The total number of addresses in RecordsKeeper – These are the total number of addresses recognized in the RecordsKeeper Blockchain.
  • The total number of streams in RecordsKeeper – These are like the data objects in the RecordsKeeper on which you can store your key-value based data. The “root” stream in RecordsKeeper is open to everyone.
  • The total number of peer – This is the total number of nodes connected to the RecordsKeeper Blockchain.

After the information described above it shows the latest transactions inside the RecordsKeeper Blockchain, where you can click on the transaction id in the table to direct you to the specific transaction page. The transaction table also shows you the type of transaction (Metadata, stream etc.), transaction status (total number of confirmations for the transaction or whether it is in memory pool) and the time when the transaction was made in the RecordsKeeper Blockchain.

RecordsKeeper Blockchain Summary

You can view the RecordsKeeper Blockchain information by clicking on the chain name in the homepage. It will show the summary and the general information about the RecordsKeeper Blockchain. You can view different parameters like the difficulty of the RecordsKeeper Blockchain, version of the RecordsKeeper Blockchain and the protocol being used for the RecordsKeeper Blockchain. You will see the information page as shown below:

RecordsKeeper Blockchain Blocks Information

You can also view the blocks in the RecordsKepper Blockchain by clicking on the block numbers at the homepage of the explorer. The following page will be displayed to you:

Here you can see the basic Block details like the recent block numbers. A miner who confirmed the block, the time of confirmation and the number of transactions inside the block. You can click on the individual Block number to view the details about the specific block:

At the Block Summary page, you can see the hash of the block and how it is linked with the previous and the next block, you will also see the number of transactions and the transaction fees utilized in the block. Clicking on the Transaction link will take you to the transaction detail page.

RecordsKeeper Blockchain Streams

You can also view the streams in the RecordsKepper Blockchain by clicking on the stream numbers at the homepage of the explorer. The following page will be displayed to you:

Here you can see the stream names with the corresponding total number of items in the stream. You can also see the permissions for the respective stream. Clicking on the stream name will take you to the stream summary page:

Stream summary page gives you the detailed information about the stream, here you can also see the latest stream items published in the stream and all the publishers for the stream.

The details about the stream items can be accessed from the stream homepage by clicking on the total steam item number. The following page will be displayed:

The time is displayed in UTC and gives you the time when the item was published, you can also see the key and corresponding data to the key. The entries are displayed as the latest entry first for the stream items. On click of the specific stream item, you can view all the entries for the corresponding stream item.

As you can see in the image above the entry key has multiple data entries, which are displayed here. You can view the time of publish for the entry, data recorded, size of data and the corresponding publisher for the stream item.

RecordsKeeper Blockchain Transactions

RecordsKeeper Blockchain Explorer provides the transactions as hyperlinks on all the pages, you can click on the specific transaction id to check the details about the specific transaction. You can also click on the transaction link on the homepage to view the transaction details:

Transaction details give you all the data needed to see how the transaction got executed over the RecordsKeeper Blockchain. Following data can be seen on the transaction details page:

  • Hash of the transaction
  • Block in which transaction appeared
  • Number of inputs for the transaction
  • Number of outputs for the transaction
  • Size of the transaction
  • Input points and the Script signature for the transaction.
  • Output points and the verification Script for the transaction.

 

RecordsKeeper Blockchain Addresses

You can click on any of the addresses on the explorer to view the total balance and the permissions of the address:

RecordsKeeper Blockchain Addresses

RecordsKeeper provides the functionality of search on every page for the users to search by address, block number, hash, transaction or chain name. By providing with the correct input, you can directly see the corresponding page for the entity.

Please Note: All the entities used in this blog are present for the only demo, please do not make use of them in your applications.

How to get XRK tokens?

XRKs are the peer-2-peer-based tokens used in RecordsKeeper Blockchain as an incentive & payment model for uploading records and data over the RecordsKeeper Blockchain. XRK are provided to the miners as fees computed for uploading records over RecordsKeeper Blockchain. XRKs are based upon Bitcoin’s original protocol with changes to its underlying codes, therefore conceiving an entirely effective token with a different set of ‘out of the box’ features which makes it a perfect fit for data upload.The user uploading the data over the RecordsKeeper Blockchain has to make sure to provide the XRK fees required to upload the data with the transaction. The fees are based on the size of data and are currently running at 0.1 XRK/Kbyte.

Currently, you can receive XRK tokens in two ways:

  1. RecordsKeeper Airdrop: The team at RecordsKeeper is providing 5 free XRK tokens for you to use to publish data over the RecordsKeeper Blockchain. You can visit the link: https://airdrop.recordskeeper.co/ to register and receive your free XRK tokens. You can also refer others and receive few extra tokens.

You can follow the steps mentioned in the corresponding links to successfully register and receive free XRK tokens  (https://www.recordskeeper.co/blog/how-to-participate-in-xrk-airdrop/).

  1. RecordsKeeper Mining: RecordsKeeper is an open public Blockchain available for everyone. We have a strong mining community and always look to increase and engage the mining community. As a miner, you will receive a reward of 10 XRK coins per block in addition to the transaction fees which your computer confirms on the RecordsKeeper Blockchain. You can also participate in RecordsKeeper mining.

Follow the mining documentation to get started with RecordsKeeper mining:

    https://docs.recordskeeper.co/en/latest/minningguide.html

How to request for XRK Mining Permission for RecordsKeeper Blockchain?

This blog will help you to get the required permissions to start mining the XRK tokens at your local node. The mining permissions for both RecordsKeeper Testnet and RecordsKeeper Mainnet is explained below:

RecordsKeeper Testnet

The mining for RecordsKeeper Testnet is open for everyone so when you connect to RecordsKeeper Testnet, you will receive all the permissions for your default address.

RecordsKeeper Mainnet

For Mainnet when your node gets connected, you will receive the permissions to connect, send and receive. To get the permissions to mine at you node follow the steps mentioned below:

Step 1: Look for your default XRK address from the command given below, which will display your node’s wallet address. This address is your “default XRK address” or “public address” of the Recordskeeper Blockchain in which you will receive XRK coins. To check the address, run the following command:

rk-cli recordskeeper getaddresses
./rk-cli recordskeeper getaddresses                        #(for Mac Users)

Step 2: Copy this address and open up the following link in a new window to receive Mining Permissions for RecordsKeeper Mainnet.

https://docs.google.com/forms/d/e/1FAIpQLSd1Dd2GAggCyom23HgiBhnQIjlLjMgRwf_UOQrHp9BUTRPEYA/viewform

You will see the following form:

Step 3: In the form provide us the details with following:

  • Email address
  • Name
  • Miner Code Name (This will be displayed on http://miner.recordskeeper.co/)
  • XRK Address (The node address you copied in the last step)
  • Message (Additional comments for the RecordsKeeper Team)

Step 4: The RecordsKeeper team perform common due diligence before providing the permissions to you. It could take from 24-48 hours.

After RecordsKeeper team grant mining permissions to your node address, only after that you would be able to mine XRK coins into your default address.

Addition Steps and Information

You can retrieve your private key from the node. To retrieve private key for your node address run this command:

rk-cli recordskeeper dumpprivkey {default_XRK_address}        #(input node_address without braces)
./rk-cli recordskeeper dumpprivkey {default_XRK_address}        #(for Mac Users)

Note

Please store this private key safely, losing this will result in loss of XRK coins.

After completing the above process, you can check for your node’s information (best block and synced block) by running following commands:

rk-cli recordskeeper getinfo                 #(for synced block)
rk-cli recordskeeper getblockchaininfo       #(for best block)

./rk-cli recordskeeper getinfo                 #(for Mac Users)
./rk-cli recordskeeper getblockchaininfo       #(for Mac Users)

Your node will sync up to the best block, and then only your node can start mining and your balance will get updated with the mined XRK coins.

If you have already created a wallet address and you want to add it as your miner address then run this command from the command line terminal:

rk-cli recordskeeper importaddress {address}      #(include address without braces)
./rk-cli recordskeeper importaddress {address}      #(for Mac Users)
rk-cli recordskeeper importprivkey {private_key}      #(include private key without braces)
./rk-cli recordskeeper importprivkey {private_key}      #(for Mac Users)

Then you can follow the above steps to get the mining permissions for the imported address.

Public Blockchains to secure Global Assets

It won’t be wrong to say that Blockchain technology is transforming our world, it is the invisible force which is changing the way business runs. Blockchain has become a buzzword. You might not be able to see it or touch it, but you can feel its impact. We can say that blockchain is the answer to the question: “How can we trust what happens online?”

What is blockchain?

The blockchain is a distributed ledger which has all the transaction stored in chronological order. It is decentralized and is visible to all the people in the network also known as nodes. Thus, making it a highly transparent and trustworthy. It is because of these features that blockchain has become a popular concept underlying the foundation of the modern system.

Well, our perspective of discussion in this blog is how public blockchain secure global assets. I will cover both these points separately.

Let’s begin with digital assets-

When it comes to the prominent applications of the blockchain, then digital asset management is the new entrant in the league. The next question that pops u os how does blockchain play a vital role in this. The answer is that it reduces the need of intermediaries between issuer and consumers. It also decouples the task related to asset management like transaction processing, issuance, establishing users’ identities.

What are digital assets?

There is a recent trend emerging in the market with the name digital assets. To understand blockchain in a better way, you must realize the compact of digital assets.They are a decentralized currency which can be earned and exchanged on the internet. It omits the need for third party or verification. Also, there is no need for an additional fee which is otherwise associated with physical currency.

In this blog we are talking about the use of blockchain for digital assets, it is a platform for digital assets. Bitcoin is the most popular digital assets. Today we are witnessing the use of blockchain in different business niches, and digital assets is one of them

Using the blockchain infrastructure for digital assets can solve various uncertainties which are associated with digital asset management. Some of the problems which can be easily sorted with blockchain include the following :

  • No counterfeit
  • Immutability
  • No intermediaries and ease the transfer process
  • Transparency
  • Auditability
  • No overhead related to transaction processing

What are the challenges with the traditional digital assets?

Fragmented ecosystem – The issuer of the digital asset has a custom process for managing, distributing and tracking the assets.

Poor control of the secondary market – Difficult to identify if the assets are genuine and or counterfeit.

Poor record keeping – This is the most common problem associated with the traditional method, it’s challenging to keep a consistent record of all the practices between the sellers.

Centralized solutions- It can be biased and may result in conflict of interest

Blockchain

The Blockchain technology holds a promising future and immense potential to cut down the problem posed by the traditional system. Blockchain can replace the conventional banking and financial institutions with a peer-to-peer system which works at the backend.

There are two types of blockchain: Public and Private.  Although their objective of both is the same, the difference arises in their functionality. Here I will be highlighting them and how they differ.

  • Public blockchains – As the name indicates public, it means that the blockchain grant read access and ability to create transactions to all the blockchain users. In simple words, the user can transfer value without the expressed consent of blockchain operators.
  • Private blockchains – In case of the private blockchain, the read access is limited to only predefined auditors.

Properties of public blockchains 

  • They are easy to entry and exit
  • Openness
  • Transparency
  • In-built precautions

How will public blockchain emerge as a solution to the problems above of traditional digital assets?

I have already mentioned that there are two types of the blockchain, public and private. The security of public blockchain comes from proof-of-work making it almost impossible to fake or reverse transactions. The security of a public blockchain like Bitcoin comes from its proof-of-work, which makes it mathematically impossible to fake or reverse transactions.

To put it simply, public blockchain can simply send and receive a transaction from anybody. Another good point of public blockchain is that every node can audit the transactions thus, making the system transparent and secure. Since each node on public blockchain has as much transmission and receipt power as any other node, they are decentralized and distributed.

Electronic money is one of the categories of the digital asset. Here the asset is a claim to real-world currency. Paypal, Google Wallet, etc. ate centralized electronic money system. This system works password-based authentication which is vulnerable to attack like phishing. Here comes the role of Blockchain-based ledgers. They provide a great alternative to the centralized digital asset management system. It cuts down the need for various tasks which are performed by the centralized system in the following ways :

Transaction processing: Various nodes in the network do this work in a decentralized way.

Securing user’s funds:  It is done by third parties using non-custodial and custodial wallets.

Identities of services: It is achieved by building public key infrastructure based on blockchain

Blockchain provides a decentralized digital asset management model which is less demanding for the issuer, services, and the customers.

When we talk about any online transaction or dealings, the primary question that pops up is the security of information. We have seen digital assets use cases in various business verticals like shares, coupons, etc. Merging this with the public blockchain which is a very open and transparent infrastructure, can create a system which highly secure.

I will take a simple example here of exchange of financial securities. If something is decided between the two parties and this transaction or data is stored in public blockchain. This information is visible to all and thus, unalterable. In case of the public blockchain, the time taken for transaction or exchange conformation is lesser than the private one, thus ensuring the exchange of digital asset at a faster pace.

Conclusion-

Digital assets on blockchains can prove to be effective in established financial services and on consumer-to-consumer and IoT market. The digital assets can be used in a variety of applications like crowdfunding, peer-to-peer lending, smart property, digital subscription, and event tickets. With the aid of blockchain, it could facilitate the asset management. It could help in reducing cost and expanding the reach of e-money services. To sum, I can say that public blockchains can create a ubiquitous environment for the Internet of Value (IoV), with digital assets being the core of it.

Key Use Cases of Blockchain

Blockchain is a way out of most of the economic and financial problems of the world. Still though in its nascent stages, it has begun to revolutionize the whole world. Some of the major corporations of the world have begun to scratch the surface of the technology. It is a contemporary living example of how a revolutionary technology emerges from its fetal stages into growing wings.

Blockchain Uses & Solutions

Limitations in current technologies have led to the rise of blockchain technology. The technology finds plenty of use cases across almost all the industries. So, let’s look into some of the key use cases of the blockchain technology:

Perfect Solution to De-Risking or De-Banking

When banks pulled out of smaller economies citing loss as in the Caribbean islands, blockchain came to the rescue. Trade and inward remittances began happening through shared ledgers using bitcoins. The limitations in centralized conventional banking systems did not allow for profitable transactions to take place in smaller economies. Unable to work around the system and the regulations, banks pulled out to make way for blockchain technology.

Smaller economies, especially, have begun lapping up the technology to overcome the limitations in conventional banking. So, stock exchanges like NASDAQ and many other banks around the world have begun testing this new technology.

Easy Remittances

With Philippines being a fine example, remittances around the globe have started happening through bitcoin currency and distributed ledgers. Each country has a different regulation, when it comes to inward and outward remittances. Since blockchain technology eliminates the need for any intermediary, peer-to-peer and business-to-business transactions are made easy unlike conventional banking. Both domestic and international payments can happen quite easily through the blockchain mechanism.

Digital Identity & Digital Assets

Digital identity will form part of one of the most important of functions of blockchain technology. KYC processes throughout the world have been under fire for all their complications. Hence, blockchain-based KYC is the future with its distributed ledger technology. It is sure to make KYC processes easier, transparent and highly cost-effective, due to its shared, decentralized and verifiable nature.

Digital identity gives rise to the recording of digital and smart assets in the blockchain. An individual’s entire portfolio of assets and ownership goes into the shared ledger, which remains anonymous, verifiable and immutable. Digital identity and digital assets will become immediate parts of the blockchain, as soon as the technology goes fully ripe.

Smart Contracts

A Smart Contract is just like how blockchain functions but with the pre-programmed terms of a contract. Execution of the contract happens on its own, when both the parties fulfill the conditions laid out. The smart contract program, upon agreement of price between the two parties, executes the contract and performs the transaction automatically.

The software verifies the owner, performs the transaction and ships the product or transfers ownership registrations on its own. Smart contracts can execute purchase or sale of house, cars, financial instruments, marriage registration, divorce, property registrations, etc. without human intervention. The benefit is that it eliminates intermediaries as banks and brokers or agents and the individual performs the entirely transactions on his own.

The key use cases or application of blockchain technology will multiply in the coming years. It will take over most of the processes of many industries all over the world. It is also set to become an integral part of human lives in all our day-to-day activities.