Proof of Trust, the smart contracts provider, has selected IBM 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 apps and blockchain networks, the technology is designed to assure settlement only when inputs are validated by a set of delegates.
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.
Dean Armstrong, CEO of Proof of Trust comments: “we look forward to jointly offering governments and businesses alike the effect of this remarkable technology.”