Data Verification Blockchain Technology Expected to Solve Problems Derived from Digital Transformation – Eetasia. com
Article By: Taiwan Accelerator Plus (TAcc+)
Many Taiwanese startups have been investing in the R& D of blockchain technology to unlock new business opportunities enabled by this revolutionary innovation.
Entering the era of the particular Internet of Everything, it is expected that we will exchange digital data more frequently in the future online world. When the data form goes digital and is not the traditional black-and-white word format any longer, how to verify data’s credibility becomes a major challenge derived from the trend of electronic transformation. At this time, blockchain technology with the particular characteristics associated with anti-tampering and decentralization has become one of the feasible solutions.
In the past Web 2 era without blockchain, most databases were easily predominated by a single industry. Now, blockchain comes in order to break this situation. According to AWS, information in the world of blockchain is stored in blocks connected in order to the same chain plus cannot be deleted or modified without having network consensus. For example , asset transactions can be recorded by establishing a decentralized anti-tampering system through the particular blockchain, and it is likely that we will see more plus more blockchain systems getting involved industries such as energy, finance, media, entertainment, and retail.
Fueled by this trend, many Taiwanese startups have also invested in the research and development of blockchain technology in recent years, trying to grasp new business opportunities through this particular revolutionary development. Among them, two startups, International Trust Machines Corporation (ITM) and Turing Chain/Turing Certs Limited, with the assistance of TAcc+, were shortlisted as the potential rising stars and ranked among the top ten high-quality teams in Cybersecurity field by the “2022 Select USA Tech Investment Summit” this year. As such, we would like to give you an in-depth introduction to their technical highlights plus current status as follows.
ITM Masters Two Unique Weapons to Make Digital Data Credible
The ITM team. From the left in the front row are co-founder Ying-ming Wang, co-founder and CEO Julian Chen, and co-founder Gwan-hwan Hwang. (Photo courtesy of ITM)
Eyeing the opportunity that blockchain is expected to strengthen the security of digital data, Julian Chen, Gwan-hwan Hwang, and Ying-ming Wang co-founded ITM in 2019 to create a blockchain expansion solution. The goal is in order to use the particular decentralized characteristics of the blockchain to link large amounts of data with blockchain and try to solve the safety problem associated with Web 2 data along with the architecture and technologies of Web 3. Over the past three years, ITM offers successively received capital injections from well-known companies such as MediaTek and Wistron Corporation. This year, ITM was selected as one of the members of the Far EasTone 5G Metaverse Accelerator, and its operational prospects are highly anticipated.
The main business model of ITM is to provide PaaS (Platform as a Service) through its “ITM BNS (Blockchain Notary Service)” platform. Users can upload their web pages, integrate their internal systems through Application Programming Interface (API), or connect to ITM Software Development Kit (SDK) software services to upload all kinds of authentication data to the ITM program. Then, ITM will take care of the particular rest, including packaging plus chaining and processing the evidence data. After the evidence data is processed, it will be returned to the user in the type of a smart contract, on which all evidence changes during the process will be recorded.
Julian Chen, the particular CEO plus co-founder of ITM, pointed out that will it is a must to find a trusted third party in order to prove that the information is consistent with the original within the traditional paper world, but this proof will be difficult to achieve in the electronic world. However, solving this particular difficulty is usually exactly what ITM wants to do; that is, to make it realistic for large amounts of social data to use blockchain-level security in the real world. By linking the particular blockchain with the evidence of the file, anyone can easily directly identify whether the file is definitely original or even not with out looking for the original organization or person in charge. At present, ITM offers the particular service simply by a subscription system and can store and certify millions of records a year.
The ITM BNS system provides data storage plus notary solutions. (Photo courtesy of ITM)
In particular, ITM provides relied on its own technical strength to solve problems that might affect the processing of big amounts associated with data in the past, such as the slow search speed of blockchain data and the limited scale expansion. ITM has researched and developed two unique weapons. One is that when data can be processed, it is first positioned and fixed within the structure as a part of the protection agreement; the other is a technology called “Chainhash”, which is linked along with blockchain proof and printed on the smart contract to realize the particular function of “quick search and quick check” associated with considerable amounts of data. These two technologies have so far obtained eight patents in the United States, Taiwan plus Japan.
Chen said bluntly, “No one else has done this yet. Using this technology, we can more accurately access the information and ensure the integrity associated with the data. ” Eyeing that the particular interaction between people and cars will generate the lot of data, ITM has been working with Hon Hai MIH Consortium to link the driving records of electric vehicles using the dynamic NFT structure so as to ensure the particular integrity from the large amounts of information generated by smart vehicles later on. “This will be a good important key technology with regard to electric vehicle data assets. ”
ITM expects to utilize its own technology in order to speed up the trust process and reduce the particular cost associated with trust. Its bigger vision is to use the Web 3 architecture to help the business strengthen data security plus to link the Internet 3 globe with Web 2 information. Julian Chen said that will what ITM needs to do is to combine decentralized trust with centralized trust, so that Internet 3 resource transactions can be linked with the Web two world. As long because the certificate is saved, everything that has happened will certainly have evidence. Otherwise, people may think that Web 3 assets are just self-hype. Only inside this way can the particular Web a few industry thrive.
Public sector units such as Taiwan Power Company, Ministry of Justice or private enterprises such while MiTAC, Innodisk Corporation, MediaTek are planning to adopt the ITM system regarding their products. Starting through Taiwan, ITM has also involved in overseas markets such as the United States and Japan. Julian Chen bluntly said that ITM is still exploring the most suitable application market. For instance, ESG, green energy, insurance and other related industries are likely to have demand in the particular future. In addition , if companies want to do stricter supply chain control, they will also need such brand new tools in order to ensure data security. In terms of products, ITM plans to integrate along with identity recognition and combine ITM BNS with various forms associated with electronic wallets, so that users can directly verify through ITM BNS during transactions.
Combining Blockchain Technology, Turing Certs Commits in order to Promoting Digitization of Certificates
Turing Certs founder and TOP DOG Jeff Hu (sitting within the middle) and the Turing Certs group
School diplomas or even professional certificates are indispensable and important for most people when they want to continue their studies, go abroad for further education, and manage their careers. However , not only may these mainly paper-printed certificates be damaged or lost due to improper storage, but they may be easily forged plus tampered. Thus, they do not meet the needs of this digital age. Seeing the particular market potential for digital accreditation and digital identity, Turing Chain/Turing Certs, which has been born in 2018 and returned in order to Taiwan in 2020, has decided to subvert the public’s concept of conventional license issuance and identity authentication methods by capitalizing on its own expertise of blockchain plus information safety technology.
Jeff Hu, creator and CEO of Turing Certs, was born and raised in Taiwan. After graduating from the National Hsinchu Senior High School, he obtained with honors a full scholarship from Hong Kong University of Science and Technologies and began a rich career associated with studying overseas, doing internships and even starting a business.
In school, he majored withinformation engineering and studied artificial intelligence, cryptography, blockchain and other technologies. When thinking about if blockchain offers a “landing application” which is closer to the daily life of the public aside from cryptocurrency, this individual remembered that he had in order to prepare documents like graduation certificates to apply intended for admission in order to graduate schools of many recognized universities and colleges inside Europe plus the United States. This cumbersome experience that was both time-consuming and expensive gave him a hunch to invest in the research of electronic certificate like a business topic, resulting in the birth of Turing Certs.
Obtaining assistance through Taiwan’s TAcc+ Accelerator, the SelectUSA and American Institute in Taiwan (AIT), this particular start-up team first accumulated some experience in the US marketplace, mainly focusing on Berkeley Law Executive, Harvard HCAP and then returned to Taiwan, where Turing Certs has successively won the particular trust of more than 30 institutions, for example Office of International Affairs associated with National Taiwan University, National Tsing Hua University, Chinese Culture College, Soochow University or college, National Chung Hsing College or university, etc . Because a result, Turing Certs has gradually expanded its territory plus prepared to enter Japan, Southeast Asia and other markets. So far, Turing Certs has issued more than 60, 000 certificates.
Turing Certs: Blockchain-based e-Certificates
With variety of systems and deeply rooted in Taiwan, Turing Certs is certainly steady within its paths to international market.
The business model of Turing Certs will be to offer certificate issuing units which includes schools with a cloud platform using blockchain as the underlying technology. Turing Certs’ technology complies with EU GDPR specifications and ISO 27001 Information Security Standard. Users perform not need IT background. As long as these people can log in to the particular platform plus enter the information from the giving object, they will can generate an distinctive and unforgeable digital certificate. In addition to saving the manpower, time, and printing plus mailing costs for the issuing unit, this is also a great boon for any certificate holder in the process of applying for schools, job-hunting and sending resumes, because digitized personal academic certificates or professional accreditation that are credibly encrypted with technology are usually not only more convenient in order to obtain plus save but also help save a lot of time and money.
“At present, the majority of people still regard paper certificates like ‘original’, plus digital documents are ‘copies’. We hope to reverse this concept in the future, ” said Shaun Hu. Through the Turing Certs’ digital certificate system, users are allowed to download files and print a paper “copy”, which will become accompanied by a QR Code pointing towards the digitized “original”.
Because of the relatively conservative and closed nature associated with the schooling market, Hu admitted that Turing Certs did not really promote the business in order to local universities and colleges so smoothly at the beginning.
“Some universities that are a lot more than 100 many years old possess doubts about the trustworthiness of online companies like ours, or they ask us to supply various compliance documents, ” Hu stated. Nevertheless , this did not deter him and his team members but urged them to work even harder in order to complete the particular tedious steps required simply by potential customers. Therefore , these people have won the favor of many international colleges and associated research organizations.
Along with certification for education and learning market, Turing Certs also maintains technologies neutrality plus can provide certifications to get corporate sustainability reports or even other items such seeing that automobiles, real estate, art, and agriculture. In fact, in this year, Turing Certification also cooperated with multiple institutions including Dun & Bradstreet (ESG & Sustainability Report) and the Ministry of Electronic Affairs (Taiwan) on the digital certification projects.
Inside the future, Turing Certs even plans to get into the metaverse world to provide virtual identification certification. In addition to continuing to improve technically—including passing the INTERNATIONALE ORGANISATION FÜR STANDARDISIERUNG 27701 standard and compatibility with numerous more some other systems (for instance, the particular goal pertaining to Azure Active Directory would be to log in with a single account), Turing Certs may also actively participate inside the formulation of world standards (such as W3C DID), thus as to gain a firm foothold in the global market.
(Extended reading: For more information on the review of TACC+ as well as the startup group at the particular “2022 Choose USA Technology Investment Summit”, please refer to the previous article . )
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