Tuesday, November 20, 2018

How will ETC change how official documents are validated? 

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Hi there,

Today we're going to take a look at a project called OriginalMy that makes substantial use of the ETC blockchain.

OriginalMy is a set of products that allows people to certify documents (and other data) on the blockchain. They have also started piloting share holder voting in Brazil; with their first vote taking place on October 9th in association with the Brazilian FinTech Association, a network of 400+ Brazilian FinTech corporations.

 

Why certify a document on ETC?

Documents are certified to prove two essential things: That they existed at a certain point in time, and that they have not been altered. For a variety of documents, particularly agreements, it is crucially important that the signees of the document be able to prove when they made their agreement and that no party has changed the terms of the agreement.

So if we entered a contract where I paid you 10 ETC for a service it would certainly be bad if I then later argued that I agreed to pay you 1 ETC and presented an edited document. Certification prevents that and makes it impossible to change agreements without both of our consent.

 

Why vote on ETC?

Blockchain voting works the same way, you have a vote where many people may be interested in messing with the outcome. To prevent this you have their votes recorded on a blockchain to prevent tampering. After all it would be bad if you were a share holder in one of the 400 companies that the Brazilian FinTech Association oversees and someone changed your vote or voted in your name.

 

Blockchain Immutability.

In both cases ETC infrastructure provides an ideal platform for certifying documents and blockchain voting as it is one of the few battle-tested blockchains that agrees to not revert or alter history. In this way ETC's immutability and non-interventionism is not simply an ideal, it is a practical necessity with nearly limitless applications in business and public use.

To keep up with the new projects and people developing on Ethereum Classic, visit Powered By ETC

Powered By ETC

Thanks again for choosing to keep up with ETC.

Until next time,

~Anthony Lusardi
Director, US | Ethereum Classic Cooperative
@pyskell

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