The importance and vicinity of Blockchain are increasing on daily basis. More existing platforms and services are shifting towards the Blockchain technology by perceiving the advancement it makes. Consequently, different tools and associated services are also emerging in the background. Tierion is such an associated platform which can be used to create a verifiable database of any data on Blockchain. Or it is a Proof engine for data verification. Developers use Tierion to check integrity and timestamp of data or file or any process. The platform offers API and Developer tools to anchor data into a distributed ledger.
The capabilities of Tierion can be utilized by financial institutions, Insurance firms, etc. for safeguarding their critical data from unauthorized modifications. With Tierion, they can track each and every modification being made to the property titles, contracts, digital assets etc. Chain point, an open source protocol and distributed service developed to anchor data into the Bitcoin and Ethereum Blockchain, is the backbone of Tierion. The company is presently working with the Blockchain development projects of Philips and Microsoft to expand the application of it to ore areas.
FEATURES OF TIERION:
Following are some of the features of Tierion which makes it an advanced tool for data verification.
- Digital Receipts: The digital receipts issued by Tierion is a timestamp proof of a transaction took place.
- Audit Trail: Tierion generates audit trials for data which are cryptographically verifiable. The trial will track a data from the origin onwards.
- Immutable Records: Properly tracked data guarantees the immutable record keeping.
- Secure Customer Data: They create verifiable customer data and reduce KYC and compliance cost.
- Hash API: With Tierion ‘Hash API’ developers can anchor records with minimum cost.
- Data Collection: Tierion is also used to collect data from the web and mobile applications.
- Integrate with other Apps: Zapier helps Tierion to integrate with other apps such as Gmail, Twitter, SalesForce etc.
It contains all the information needed to verify the data without intermediaries.
Chainpoint is the main component of Tierion which creates the timestamp proof of a Blockchain transaction. The initial version of Cahinpoint was introduced in June 2015, and later versions Chainpoint 2.0 and 3.0 released in August 2016 and August 17 respectively. The ultimate proof from a Chainpoint or a ‘chainproof’ is a trail of operation cryptographically linking your data to one or more Blockchain
Chainpoint Proof Creation Steps
Following steps involved in Chainpoint proof creation.
- The user submits the hashed data to a Chainpoint.
- Chainpoint returns a hash_id (UUID) with a timestamp to the user.
- Chainpoint combine the submitted hash with UUID to obtain a new hash.
- The same hash is combined with a ‘NIST Beacon’ and a new hash is created.
(This will make sure that the chain proof is created after the generation of hash_id)
- The new hash is sent to aggregation service.
- Aggregation service aggregates the hashes into Merkle trees.
- Then the Merkle root of the Merkle tree is sent to the Chainpoint calendar.
(Various Chainpoint servers are kept in agreement to create a Chainpoint calendar. In fact, Chainpoint calendar is a Blockchain.)
- Calendar data is organized as blocks, and they are stored in a normal database called CockroachDB.
- Calendar blocks are then anchored to Bitcoin or Ethereum Blockchain.
- Now the Chainpoint starts to monitors the Blockchain. On each anchoring, if the transaction receives an adequate number of ‘Validation’, validated blocks are added to the calendar.
- Each validated blocks contains data to create the final Chainpoint proof.
- To finalize the proof, Chainpoint appends the partial proof with final data. And the final proof is created.
Benefits of Tierion
The major benefit of Tierion is that it eliminates the role of the third party in data verification. Anyone with the proof issued by Tierion can verify the entire transaction path of a data. It has a highly scalable architecture and can create a number of proofs in a second. The time stamp accuracy is achieved with Network Time Protocol (NTP) and National Institute of Standard and Technology (NIST) server. Immediate anchoring is another feature, Chainpoint anchors the data whenever a new hash is submitted to Chainpoint service. And indeed it is a cost-effective solution.