Blockchain networks process an exchange of data or value in linear sequence, using cryptography to secure transactions in place of traditional ‘by eye’ methods. This safeguards the transfer of value between entities, and in turn validates the permanent transaction record it generates, meaning the data stored on a distributed ledger cannot be hacked, changed or otherwise amended once it has been processed.
In practice this means that a smart contract can be used to provide proof that an activity has taken place, or an agreement made between parties, and the Canyudo app can be used to evidence the following:
For a small one-time fee users can generate validated digital records via smart contract execution, creating an immutable record on our private distributed ledger that they can call upon in the future should they ever have to provide it. Records can be accessed via the transaction summary screen, with user data protected by a secure login process.
This service will be provided free in the first year following our product launch, and cost $2 per distributed ledger record thereafter.
Our transaction records are held on a ledger which is distributed across the Ethereum network, meaning personal or financial details are never stored in one location. For app users this means you have zero risk of fraud due to data loss, and should you ever need to evidence a payment made, a contract agreed upon, or a service provided, you can supply a copy from an immutable source.
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