London Blockchain Conference: Bringing Trust to Multiple Industries with AlphaDAPP
There is a growing threat of distrust among netizens across the world. According to a 2022 study by the Pew Research Center, 64% of Americans are concerned about the reliability of the information they find online. Furthermore, a 2021 survey by the Reuters Institute for the Study of Journalism found that 54% of Americans believe it is difficult to tell the difference between real and fake data online.
These shocking statistics show how there can be distrust and doubt on verifiable data online. However, through the help of blockchain technology, bringing trust back to information found online might just be possible. VX Technologies, a firm that specializes in record creation and verification, revealed to the public their flagship platform AlphaDAPP that serves to bring data sovereignty to its end-users.
VX Technologies made the AlphaDAPP introduction at the London Blockchain Conference (LBC) held at the Queen Elizabeth II Centre last May 31 to June 2. Aimed to bring the world of enterprise, government and blockchain together, the LBC served to connect the brightest minds in the technology world and introduce how blockchain can disrupt industries.
VX Technologies President Justin Pauly participated in a panel about how verifiable data and digital sovereignty can be accomplished with AlphaDAPP. But first, he went on to talk about how AlphaDAPP is a foundational product that eases the long list of requirements for app development by putting data-on-chain, distributing the data, and having peer-to-peer verification for all users.
“When we put data on-chain through AlphaDAPP, we’re allowing a corporation to start an audit trail. Someone signed for this, now they’re an authorized signer. I’ve worked to go to school, right? Whether I complete that course or that final degree that I’ve taken my course, I have learned that information. You can’t take that away from me,” said Pauly.
“That is my sovereign thing that I’ve earned, and I think I should have a record of it. Whatever that may be, it brings trust. When we start bringing trust in education, into e-governments, into agriculture, into mining, into sustainability, these things are critically important,” he added.
Simply put, AlphaDAPP works by leveraging blockchain technology to enable enterprises to build trust and provide transparency into their apps. This platform mainly serves to ease down firms’ application and program development work from months to minutes, but it also ensures trust is built using blockchain’s inherent features of immutability, traceability and transparency.
Immutability means that once data is recorded and stored on-chain, it cannot be changed or tampered with. This happens because each block on the blockchain contains a hash or a unique identifier of the previous block—and all changes of data in one block invalidates hashes of all subsequent blocks. Traceability is done by emphasizing the distributed ledger technology (DLT) in the recording of data.
Being a distributed ledger means that data loss is prevented at all times. Data is distributed to each node or miner on the network. Because of this, each node has a master copy of all data on the blockchain. So, even if one crashes or goes bankrupt, no data will be lost because all other nodes will still be in possession of all the data held by that node.
DLT also allows for the secure and transparent recording of data in a chronological order when it is combined with a public blockchain. This allows anyone to verify the accuracy and integrity of the data, as well as trace its source. Aside from it being a handy tool for law enforcement agencies to track illicit activities, it can also be applied to many different industries.
For instance, AlphaDAPP can be used to store medical records for the healthcare industry. And because AlphaDAPP provides immutability and transparency of data, doctors, patients, insurance agents and other stakeholders will be able to trust that the records they are accessing are verifiably authentic.
In the case of insurance claims, patients will be assured that they are getting what they deserve. On the other hand, insurance companies will also feel confident that they are not underpaying or overpaying claimants. Not only will this kind of system save time, effort and money in this age of digitalization, but it will also bring back the trust from the end user to the service provider.
Healthcare is but one industry that AlpaDAPP can serve. Governments, which are in need of reliable and efficient digital systems, will also benefit greatly from this system of trust. Gaining back and building the people’s trust is crucial in establishing loyalty, which is a major factor to consider not only for brands, but most businesses.
According to HubSpot Research, 65% of consumers in the United States and United Kingdom “do not trust company press releases.” Distrust in the data that companies provide to the public is something that will negatively affect their margin. However, when the content of press releases, for instance, is based on verifiable data, then trust can be earned back.
Data sovereignty is key in not only making digital systems highly efficient, but it is also crucial in building trust. This is extremely valuable today and in the future digital economy.