It's everywhere these days. From fake news to the latest modified image on social media, each day it becomes more difficult to tell fact from fiction.
There's no better use for blockchain technology than to help fight counterfeits, which is especially important in the precious metals industry; investors depend on real safe-haven assets during turbulent market times.
At Blockchain Mint, we developed our own standards-based solution to give our valued customers, collectors and investors an unprecedented level of confidence in every product we manufacture. We call it Bevis, and it means...
Every product we manufacture features a 6-digit Asset ID, either laser-etched discretely onto the surface or imprinted on the product's security seal.
But the Asset ID is more than just a string of random digits; in fact, it's the 2nd through 7th digits of a Bitcoin Cash full public key.
Think of a Bitcoin Cash (BCH) public key as a one-way, read-only email address. Whatever transactions sent to that unique address stay recorded there, forever. There is NO way to reverse, modify or delete a message sent to a Bitcoin Cash address. In fact, that's the beauty of blockchain technology: millions of computers across the globe store a tamper-proof copy of the blockchain, and the chain can only grow if the previous block remains unmodified.
How it Works:
When your Blockchain Mint product is completed at our factory in Singapore, we generate a unique html certificate containing all the manufacturing data of your investment. This web page is unique to your product, and it contains all the relevant data we can share, pertaining to the genesis of your coin or other collectible. That digital certificate is saved to the Interplanetary File System (IPFS) by its Content ID (CID).
By saving your product's unique certificate to IPFS - the permanent web - no one is ever able to modify it, thanks to the unique IPFS content-addressing format. Files are stored in IPFS by their unique digital fingerprint, not file name. Once a file is posted to IPFS, the content is permanent & unchangeable. Loading a file in IPFS by its Content ID will always show the exact same file, every time.
Then, Bevis posts a blockchain message to your Asset ID's public key, encoding the IPFS file name of your web certificate to the blockchain, forever.
One scan of the your Asset ID using Bevis tells the whole story: Bevis checks the blockchain for all messages sent to your public key. Bevis loads the unhackable IPFS page and relays your product's info back to the app for quick verification.
Take an in-depth look at the process:
Part 1 - Asset ID
Because every Bitcoin Cash public key begins with the letter q, skipping the first digit gives us the ability to generate up to 56 billion unique Asset ID's. In the future, Asset ID's may be extended with an additional digit to support more than 3.5 trillion unique assets!
[close-up image of coin rim, sticker asset ID (highlighted), and the full BCH public key with the 6-digits highlighted]
By laser-etching the Asset ID directly onto each product, the product and code become forever inseparable. The product ID cannot be removed without evidence of tampering. Every Blockchain Mint asset is laser-etched, and our list of used Asset ID's is not shared with the general public. We save a list of the Asset ID's used in the manufacturing process for further 3rd party verification.
Part 2 - Your Manufacturing Data
Every product we manufacture tells a story, and though many of these tales are similar, each story is unique.
Every part of the manufacturing process contributes to the story; events such as manufacturing date, shipping destination, raw materials used, quality control and much more are all parts of the story.
A good manufacturer with a commitment to quality is able & willing to share many of these details with partners, distributors and ultimitely, the end user. Shared data provides stakeholders with the knowledge required to make better decisions. And although the shared information can still be faked, irreversibly recording that fraudulent data for all to see is not a great way to cover ones tracks.
Part 3 - Inter-Planetary File System, Hashing & Content Identifiers
The HTTP communication protocol has served as the backbone of the internet since the early days of the web. Using a complex system of name servers and IP addresses, simply type a domain name into your browser bar and the web serves up images, text and media from computer datacenters far away.
Unfortunately, the HTTP system leaves much to be desired. First, the system relies heavily on servers that translate from simple text domain names to the IP address of the server that hosts the files. If a Domain Name Server (DNS) goes down, the content becomes completely inaccessible. Second, DNS servers can be hacked, and requests can be fraudulently routed to an offending server. Third, the HTTP protocal creates a single point of failure for sharing web files, usually requiring data to travels long distances at great proportional cost to reach the end user.
Even in its early stage of development, the Inter-Planetary File System (IPFS) already tackles these challenges and offers users a safer, faster and more honest internet experience. The concept central to the IPFS is the sharing of files based not on name, but instead by Content ID. A CID is inherently unique to each file, just like a file hash is unique to every file. Think of a CID as a file's fingerprint; every file has a unique CID, and changing a single pixel in an image or a character in a novel results in a completely different CID.
You can see it for yourself in the following example: select any file from your computer, or create a new text document with random text. Save the file and drop it on the square below, and your browser display the document's CID. Then, change any single in the file and check the hash - a completely different value is displayed. Change the character back, and the CID returns to the original value.
[hash calculator demo]
Every file has a unique CID. Using the IPFS protocol, content is accessed by CID, not by name, eliminating the possibility of files being hacked during name translation, or becoming unavailable due to a failed DNS servers. Further, files shared on the IPFS network are served up by a the growing global network of nodes, not a single computer or even a cluster of systems. A CID requested using the IPFS protocol will be sent by the closest, fastest server that's hosting the resource, verifying and delivering the content based on the file's unique and unfakeable digital fingerprint.
Part 4 - The Blockchain
Launched as a fork off the Bitcoin blockchain, Bitcoin Cash was created to address the decreasing speeds and increasing costs of transacting in the world's leading digital currency. On XXXX 2017 at block XXX,XXX, a copy of Bitcoin came to life, supporting larger blocks and XXXX and XXXX, allowing a higher throughput of transactions at a fraction of the cost. Bitcoin Cash's convenience, scalability and leadership made it an instant success for both merchants and miners, and now firmly holds a spot in the list of most popular digital currencies by market capitalization. Millions of computers across the globe store a copy of the Bitcoin Cash blockchain, recording every transaction and keeping the network running with perfection.
With its low cost, ease of use and widespread installation, Bitcoin Cash offers the perfect backbone for Bevis. It's fast, reliable, and its growing base of support leads us to believe its longetivity is the most likely of all digital currencies.
Part 5 - Data Retrieval
Ultimately, for any of this to matter, the permanently recorded data must be easily accessible and readily presentable.
One quick scan of your Asset ID QR code, or manually entering the 6-digit Asset ID into Bevis, will reveal the underlying data.
First, Bevis uses publicly accessible blockchain explorers to check the Asset ID's Bitcoin Cash address. The public block explorer will show any & all transactions using that address. Bevis scans
BLOCKCHAIN MINT: Transparency & Accountability for Investment Grade Metals