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Solutions for Blockchain

Bridging the gap between
Documents and Blockchain

Blockchain, best known as the underlying technology for Bitcoin, provides a Distributed Ledger mechanism to lock in information and making it independently verifiable and audit-able.

Blockchain’s core functions are: anchoring, time-stamping and notarization. These remove the need for blind trust in a central authority by fragmenting authority across innumerable independent systems.

This is the foundation of a new generation of transactional applications that establishes trust, accountability and transparency, while streamlining business processes.

Sphereon is the first company to provide easy-to-use solutions and Plug-ins to bridge the gap between today’s document-centric processes and Blockchain.

Blockchain

Business Cases using Blockchain Technology

There are many business cases for the use of Blockchain. One way to group these are by the following type of Business Cases:

  • Proof of Authenticity and Existence
  • Proof of Processing
  • and so-called ‘Smart Contracts’
Sphereon Blockchain API PDF
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Proof of Authenticity and Existence

To proof the authenticity of a document (or any object) you need to be able to show absolute proof that a document has not been changed or tampered with in any way.

Our Blockchain API first creates a unique identifier for your object, a hash, an unique electronic fingerprint. For this we use an open, public algorithm (SHA-256).

This hash gets then committed into the Blockchain. This transaction gets time-stamped on the Blockchain as well.

 

Verification

With a similar API (ours, or any third-party software) an object can be verified and validated.  The API again creates an unique identifier. If just one single bit changes, the resulting electronic fingerprint, the hash, will be different.

This hash gets then verified on the Blockchain. If there is a match (there should be a match), the software retuns a valid match, as well as the original time-stamp.
If not, it returns an error message that the document is not identical (it has been changed) and should not be trusted implicitly.

Thus we are able, beyond any doubt, that the document (or object) is Authentic and existed at a certain moment in time.

Proof of Processing

In many businesses there are specific rules and regulation that must be followed. Internal rules and external rules dictated by governments and regulatory bodies.

Blockchain allows more than just documents or other objects to be registered. Transactions, including specific information about the transaction, can be stored as well.

 

Independently verifiable audit trails

Using our Blockchain API you can register every transaction in any Application, BPM- or ECM system on a Blockchain. Each registration is linked to a specific case, object and action, creating a chain of transactions: an audit-able trail.

The audit trails can be kept internal, but can also be shared among stakeholders or the public. It can be verified by those third parties, providing Transparency, Compliance and — most importantly — Trust.

Smart Contracts

Smart Contracts are, basically, programs on a Blockchain. They are self-verifying and self- executing, computerized transaction protocols, stored on a Blockchain, that perform the terms of a contract.

Self-verifying means that a smart contract performs its own evaluation and provable recording that a contractual performance has occurred. It records performance of predefined data feeds as are defined in the smart contract.

Self-executing  means that the smart contract is automatically executed once the preset conditions have been met.

Smart contracts are uniquely tamper proof. These smart contract programs run on node networks – which nobody can control and therefore everyone can trust – assuring that the contract will be executed as it was written.

An example could be: software use-licenses typically require periodic payments. If a user fails to make the license payments on time and a payment is not received on a predefined bank account before a predefined date, the smart contract simply prevents access to the software.

You can create Smart Contract applications yourself and activate them by using our Blockchain APIs through our API Store.