by Nuno Menezes
Blockchain technology is in vogue and its growing demand is taking it into higher grounds. One of the most attractive features of this new technology is that it has the potential to completely disrupt the way how security is implemented on the web. Security within the web is becoming a serious issue. There is an increasing demand for new solutions and startups are looking to fill the void.
One of these new startups is Everex; a FinTech and Blockchain development company battling for the financial inclusion for millions of unbanked people globally. Developing new services and solutions on top of Ethereum, the company’s ambition is to improve the financial ecosystem and deliver the resources to transform the global economy.
Despite the company’s main focus being directed toward financial products, Everex recently launched a new product called Chainy, an independent Ethereum-based smart contract (DApp,) which allows anyone to engrave a message in the blockchain as proof of existence, and ownership over content. As long as a message is engraved in the blockchain, it cannot be changed and it will exist forever as long as the blockchain lives.
It will always be possible to view the data, on this and any future explorer that can access the Ethereum API. All stored proofs and data will be available forever. Even if the developers abandon the project, all previously stored proofs, and data, will be available via the Ethereum API through Mist or some other open-source viewer.
How does this new product improve web security? Hackers and malware operators frequently use short URL links to send you to phishing or malware-infected sites, instead of what you were really looking for. This is security flaw is solved with the help of an Ethereum smart contract.
By engraving the short link on the Ethereum blockchain, this ensures that this short link will forever be immutable and always point you in the right direction. Chainy prevents short URL links being nefariously replaced, making it impossible to tamper with them. The real address destination is saved in the blockchain with a unique short code.
If you are a publisher and you know the shortened URL in an article today leads to Btcmanager.com, you want to make sure that long after the article has been published the link will not lead users somewhere else. With this new product, publishers will be able to create links engraved on the blockchain making it impossible for anyone to attempt to use their links for malicious purposes.
You are also able to store a short link to a file and digital signature and broadcast a message and get proof of timestamp on the Ethereum blockchain, thus allowing for Proof of Existence and Proof of Content.
If you need to sign a file and provide a link, allowing others to see this file and to check its signature, for security or privacy reasons, you may not want to save your file on a third-party server. Here, this problem is solved by saving the proof and a link to the file together in a smart contract.
Users will be able to record their text right onto the blockchain and it will be there forever, or you could encrypt it as well, for privacy. Blockchain technology has the ability to be used in the simplest things which can have a great impact. With Chainy’s blockchain engravings, it will become the simplest and securest way to link up profiles with content.