WHAT’S A DECENTRALIZED LEDGER?
A decentralized ledger, also known as a “blockchain”, is a relatively new type of cryptographically protected database. Each entry in the database is called a “block”. Each block is run through a cryptographic algorithm to produce a string of data called a hash. The hash of each block is placed in the following block, creating a chain of blocks. If any data is changed in a block, then the hash of the block and every subsequent block changes too, breaking the chain and exposing the change. This ensures that the database is append-only, tamper-proof, and auditable with a high degree of confidence.
Let’s explore some of the advantages decentralized ledgers have over a centralized databases.
Central authority: all participants trust a single central authority to manage and convey information accurately
No audit trail: can be altered without detection
Single point of failure: if the clearing house goes down everyone loses access to the data
Required to be online 24/7: forces a high-availability guarantee and increases ecosystem costs
No central authority: participants rely on consensus to make decisions, each preserving their own authority
Tamper-proof and auditable: cryptographic ledgers are immutable; they provide high-integrity, robust, dependable data
Lower maintenance cost: decentralization and cryptography increases cost sharing and resiliency in the face of failure
Offline access: cryptography ensures the accuracy of data, allowing it to be accessed from anywhere, not just the original source; can circumvent Internet outages
Veres is developing fit-for-purpose blockchain technology that addresses digital credentialing problems in areas such as first responder identification, verifiable prescription writing, retail fraud, and hazardous material information sharing. Fit-for-purpose blockchains augment Issuers, Wallets, and Verifiers to increase the availability and auditability of digital credentials.
WHY VERES LEDGER?
Veres Ledger’s design and use of open standards enables it to be seamlessly combined with Veres’s credentialing software or with other custom built applications.
Your blockchain, optimized for your business needs. Include or exclude various modules or feature sets to create highly effective and secure ledgers
Switch between a variety of permissioned and permissionless modes, enabling you to flexibly support different trust models
Scaling and Management
Our Blockchain-as-a-Service takes care of mundane housekeeping chores and growing pains while you focus on your application
No App Required
Access your blockchains using a standard Web browser; no app install necessary, no vendor lock-in
You can sign up and have your first blockchain running in under a minute
Flexible Data Storage
Linked Data technology lets you store an unbounded variety of machine readable data