VeriTransfer(TM) Unveils the First Known Proof-of-Concept for a Blockchain Enabled Firearms Licence Verification and Ownership Transfer
Blockchain Enabled Firearms Solution Ensures Instant Verification of Ownership and Safe Transfer While Maintaining Data Privacy
TORONTO, July 12, 2018 (GLOBE NEWSWIRE) -- VeriTransfer(TM) today announced the completion of its Proof-of-Concept ("POC") of the first publicly announced Blockchain enabled solution that decentralizes the process of storing the ownership rights and transfer of firearms.
VeriTransfer(TM) is also pleased to announce that it will donate a percentage of all future revenues or the proceeds from any future sale of the company towards foundations whose mission is to end gun violence and build safer communities.
The Gun Epidemic & The Economic Impact
The United States hosts 4.4% of the world's population, but almost 50% of the 644 million civilian-owned guns globally are located in the U.S. Disturbingly, more American citizens have died as a result of gunshots in the U.S. since 1968 than on the battlefield of all the wars in American history from 1175 to 2015. In addition, the estimated annual cost of fatal and non-fatal gun violence to the U.S. was $229 billion, representing 1.4% of total GDP1.
There have been 154 mass shootings in the United States since January 1st, 2018. This includes 23 school shootings that have occurred as of June 30th, 2018 in the U.S. where someone was either hurt or killed. That averages out to more than one school shooting a week2.
The Potential Bipartisan Solution
VeriTransfer's mission is to help increase public safety, mitigate firearm-related deaths, all while empowering firearm owners to safely manage the ownership of their firearms and maintain complete data privacy. The decentralized and private structure of the VeriTransfer system gives full ownership of firearm data to the licence holder, while empowering law-abiding citizens to reduce the flow of firearms into criminal or suicidal hands.
Mathieu Glaude, CEO of Northern Block, the Toronto-based blockchain product development company is excited about VeriTransfer's potential societal impact. "We see the management of firearms as a perfect use case for blockchain technologies. Empowering individuals and retailers to privately manage their firearms in a decentralized manner is powerful and it presents an optimal solution to the unresolved gun control problem." said Glaude.
"We are incredibly excited to be involved in a real-world use case of blockchain technologies that has the potential to save lives," said Kesem Frank, COO of AION. "This is all achieved while maintaining data privacy and has the potential to eliminate data silos within government agencies."
VeriTransfer is a distributed system that decentralizes the storage of the ownership of firearms. The application makes it easy for any licenced firearm owner/retailer to manage their firearm inventory. Additionally, firearm holders can use VeriTransfer to digitally store a Government-issued licence, if applicable. VeriTransfer makes it simple for users to transfer firearm ownership at point-of-sale (B2B or B2C) or between licence holders (C2C) by scanning a QR code of the purchaser's licence using their mobile device. Additionally, firearm retailers can use VeriTransfer to perform licence eligibility checks prior to transferring firearm ownership to another person (e.g., selling a restricted firearm).
VeriTransfer is not a gun registry, it's a decentralized application that gives full ownership of firearm data to the licence owner. Firearm owners can be confident that their firearm data remains private and in their control at all times. Details about someone's identity, firearm licence (if applicable), and firearm ownership remain fully confidential and can only be accessed by external parties if consent is provided.
With blockchain technologies, the VeriTransfer decentralized application (dApp) uses permissioned smart contracts for users to access data from the blockchain. Firearms are turned into unique digital tokens, similar to the ERC-721 non-fungible token standard developed for Ethereum. These unique tokens are tied to engraved serial numbers or RFID-chipped firearms. Firearm ownership can be transferred between licence holders by sending these tokens electronically between the blockchain addresses of the licence holders. There's no need for users to acquire tokens, since they are automatically created through the system every time a firearm is added to the network.
AION is an all-in-one blockchain network that enables hybrid architectures, scalability and interoperability for solutions built on top of it. AION allows building interoperable permissioned blockchains that has the ability to scale to an enterprise level.
Key Smart Contracts
Many functions of VeriTransfer (TM) rely on smart contracts within AION. A smart contract is a collection of code and data that resides on a specific blockchain address. They can facilitate, verify and enforce access to blockchain data between different users. Smart contracts can be described as a specific data slot on a blockchain that can be queried and changed by calling its functions.
In VeriTransfer (TM), a firearm licence holder's data is managed through the following smart contracts:
1. Licensing Smart Contract. Anytime a firearm licence is issued to an individual, a transaction is sent to VeriTransfer's permissioned blockchain. This smart contract records the fact that a person has a licence and stores the hashed validation of this fact to the permissioned blockchain. This allows for immutable track records of firearm holders to be kept on the blockchain.
2. Firearms Smart Contract. This maintains the record of gun ownership represented by a digital token within the contract and associates it with a specific individual. Retailers and firearms holders can pass the ownership from one to another, and the smart contract will facilitate the transfer of the digital token between users that are registered on a blockchain and have a blockchain address.
These two smart contracts interact with one another. Every new firearm registered in the system creates a new unique token that can be associated with a dealer's / individual's blockchain address.
The completion of the VeriTransfer (TM) Proof-of Concept is significant, as this process and key technology can be replicated in a bespoke manner for the US market, while dually maintaining data privacy without violating the Second Amendment of the United States Constitution. VeriTransfer is currently in discussions with various parties in order to commence a Pilot Project in Canada and/or the United States with selected firearms dealers and government agencies. You can find a link to our Whitepaper and video demo of the application here: Veritransfer.io
About VeriTransfer (TM)
VeriTransfer (TM), is the first known Blockchain enabled distributed system that decentralizes the process of the storage of the ownership rights, and transfer of firearms.
T: +1 647 256 1986
CEO, Northern Block Inc.
T: +1 647 991 8863
T: +1 647 970 3736
- Michelle Singletary, The Washington Post, February 22, 2018; Mother Jones Report.
- Gun Violence Archive, 2018.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/830e7a9e-b315-46f6-8a35-a0b46d84dc81
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: VeriTransfer via Globenewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Følg saker fra GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra GlobeNewswire
New YPO Global Leadership Survey Finds Young Business Leaders Overwhelmingly Believe Business is a Force For Good23.1.2019 06:01 | Pressemelding
Ninety-three percent surveyed say business should have a positive impact on society DAVOS, Switzerland, Jan. 23, 2019 (GLOBE NEWSWIRE) -- YPO, the premier global leadership organization for more than 27,000 chief executives, conducted a survey of its members in over 130 countries to get their thoughts on if the purpose of business is to have an impact on society beyond profits and wealth. YPO’s 2019 Global Leadership Survey , conducted 23 December 2018 through 4 January 2019 with more than 2,200 CEO respondents, found that a massive cultural shift about the role of business leadership is in progress as indicated by the following findings: • A large majority of respondents (74 percent) say their perspective on their role as a business leader has changed in the past five years. Employees (43 percent), colleagues (40 percent) and their children (37 percent) were cited as some of the top influencers behind this new belief. • Business leaders shared that they are much more inclined to make
Cloudian Provides Seamless Hybrid and Multi-cloud Storage Integration for Veeam Environments22.1.2019 20:05 | Pressemelding
Object Storage Platform Delivers Highly Cost-effective, Exabyte-scalable Backup, Archive and Disaster Recovery Under Single Data Management Architecture SAN MATEO, Calif., Jan. 22, 2019 (GLOBE NEWSWIRE) -- Cloudian today announced that its HyperStore object storage platform integrates seamlessly with Veeam’s newest data protection software release, Veeam Availability Suite 9.5 Update 4. This integration provides new and existing Veeam customers with highly cost-effective, limitlessly scalable storage that works across public and private cloud environments. With data playing an increasingly central role in an organization’s success, keeping it safe and readily available is more critical than ever. However, doing so has become more challenging in the face of continued rapid data growth. Veeam software is designed to provide both data protection and availability for all workloads—physical, virtual and cloud—and one of the key features in the new release is support of S3-compatible object
Brookfield Asset Management Notice of 2018 Year End Results Conference Call and Webcast22.1.2019 15:37 | Pressemelding
Date: Thursday, February 14, 2019 Time: 11:00 a.m. (Eastern Time) BROOKFIELD, NEWS, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Brookfield Asset Management (NYSE:BAM)(TSX:BAM.A)(EURONEXT AMSTERDAM:BAMA): You are invited to participate in Brookfield Asset Management’s 2018 Year End Results Conference Call & Webcast on Thursday, February 14, 2019 at 11:00 a.m. (Eastern Time) to discuss with members of senior management our results and current business initiatives. These results will be released on February 14th before 7:00 a.m. (Eastern Time) and will be available following the release on our website at www.brookfield.com “News – Press Releases.” The Conference Call will also be Webcast live on our website, where it will be archived for future reference. To participate in the Conference Call, please dial 1-866-688-9425 toll free in North America, or for overseas calls please dial 1-409-216-0815 (Conference ID: 7174879) at approximately 10:50 a.m. The Conference Call will also be Webcast live at ht
K2 Acquires Distributor K2NE, Strengthening Its Digital Process Automation Capabilities Across Europe22.1.2019 15:00 | Pressemelding
Acquisition expands the digital process automation company’s presence into new markets Bellevue, Wash., Jan. 22, 2019 (GLOBE NEWSWIRE) -- SourceCode Technology Holdings, Inc. (“K2”), the leader in low-code digital process automation, today announced the acquisition of one of its distributors, K2NE. With this acquisition, K2 establishes a direct presence in mainland Europe, increasing the direct customer footprint to 14 European countries, further investing and committing to growth across the continent. K2 customers will now see increased opportunities and offerings centered around strengthening their digital transformation. K2NE has a demonstrated history of strong business growth and success gaining market shares in Spain, Switzerland and Germany. “We are thrilled to welcome the K2NE team to the K2 family,” said Evan Ellis, K2 CEO. “As two organizations built around customer-first approaches to digital process automation, we can together leverage our common vision, expand our geograph
Altus Group Report Reveals Rapid Acceleration of PropTech Adoption and Rise of Disintermediation as Major Trends Impacting the Commercial Real Estate Industry in 201922.1.2019 15:00 | Pressemelding
Automation, use of AI and disintermediating business models having major impact on CRE industry; growing number of CRE firms are directly investing in PropTech companies TORONTO, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Altus Group Limited (“Altus Group”) (TSX: AIF), a leading provider of software, data solutions and independent advisory services to the global commercial real estate (“CRE”) industry, today released the latest Altus Group CRE Innovation Report. The report provides an outlook on technology trends impacting the global CRE industry and highlights the significant acceleration in adoption of property technology (“PropTech”), the effect of disintermediating technologies, as well as a growing trend of CRE firms investing directly in PropTech companies and startups themselves. According to the report, which is based on a global survey of 400 CRE executives at firms with assets under management (“AUM”) of at least US $250 million representing a total AUM of over US $2 trillion, driving
ATTO Technology is Now Certified DataCore Ready™ and will Showcase at the DataCore Partner Conference in Frankfurt, Germany22.1.2019 14:47 | Pressemelding
AMHERST, N.Y., Jan. 22, 2019 (GLOBE NEWSWIRE) -- ATTO Technology, Inc., a global leader of storage, network connectivity and infrastructure solutions for data-intensive computing environments for over 30 years, is proud to announce ATTO Celerity™ Gen 6 32Gb and 16Gb Fibre Channel host bus adapters (HBAs) are certified DataCore Ready™. In addition, as a member of the DataCore Ready Partner Program, ATTO will highlight its certified connectivity options for software-defined storage and data management solutions at the DataCore Partner Conference January 22-23 in Frankfurt, Germany. “We are excited to certify the ATTO Celerity HBAs as DataCore Ready as they will help IT departments achieve the flexibility and freedom that software-defined storage solutions offer, while providing the network performance and reliability that mission-critical applications need,” said Gerardo Dada, CMO of DataCore Software. “We look forward to seeing the products in action at our annual partner conference.” A