London, UK, October 15, 2019 – Proof of Trust, the smart contracts provider, has today announced that it has selected IBM to provide services, expertise, and the IBM Blockchain Platform to build its new multi-platform blockchain application for dispute resolution and smart contract validation.
Smart contracts are digitally encoded agreements, between two parties, that automatically execute once certain conditions have been met. By automating processes, the need for intermediaries and middlemen is reduced, resulting in cheaper more efficient transactions at greater speed.
Proof of Trust delivers an innovative anti-collusion algorithm to enable more effective and trustworthy use of blockchain technology. It does so by ensuring the authenticity of data put on the blockchain and used to execute smart contracts.
Built for use across multiple dApps and blockchain networks, the technology is designed to assure settlement only when inputs are validated by a set of delegates. Proof of Trust have selected IBM due to its open, scalable IBM Blockchain Platform solution as well its standing in the industry as having ‘strongest credentials in the blockchain sector, well ahead of competitors’, according to Juniper Research.
Proof of Trust will utilise IBM’s Blockchain Platform to provide provenance by randomly selecting highly skilled delegates to adjudicate on the validity of data entered into a smart contract. It also enables the Proof of Trust algorithm to scale on public or private cloud and enables it to be easily deployed on on Redhat Openshift, Azure, AWS and IBM cloud.
Dean Armstrong QC and CEO of The Proof of Trust commented:
“We look forward to jointly offering governments and businesses alike the effect of this remarkable technology.”
Development of the Proof of Trust protocol is now complete, and the company will work with IBM to build out the user interface and future industry specific use cases in areas such as supply chain, voting, cross-border transactions and insurance. Development of the technical solutions is underway with launch of the Proof of Trust dApp expected in February 2020.