A global, distributed, financial record network.
At scale, transformative technology is all about reducing repetitive, mistake-riddled human tasks with a faster, cheaper, better solution. Trusting information is still literally another human being vouching for the authenticity of documents and data, which get replicated, hacked, lost, outdated, and even forged or intentionally destroyed to cover up fraudulent activity.
By creating a single source of mathematically verifiable truth, records can be secured, governed, authenticated and traced like never before. An immutable, single source of documents, data, and information that eliminates the risks and redundancies between people, organizations, assets, and transactions. The effort to audit and vouch for information as a form of trust can now be standardized and automated — even across global legal jurisdictions.
Records are converted to a cryptographic hash and logged to the ledger as an immutable record.
When a record vault is created on the network, a corresponding cryptographic hash is created on the XDEX ledger.
When you upload a document into a record vault on XDEX, the binary of the document file is hashed and encrypted. Then the text of the document is extracted and also encrypted. Then the file and all the associated data about the document is hashed into a unique cryptographic code that works like a fingerprint. That cryptographic hash is then encoded onto the XDEX distributed ledger. Because it is based on a blockchain, the hash records stored within the blocks of data are distributed, which makes them extremely difficult to attack or alter.
How it’s better: We focus on making a person, entity, asset or transaction provable — because the underlying documents already exist and are already provable. A standardized system of record network of provable documents and data makes it easier to automate and share trusted data between organizations and stakeholders. The hash encryption authenticates any specific document as the true and valid original version of the document later on down the road. This is especially important when relying upon any document to prove the validity of any claim or assertion about people, identities, assets, entities, and transactions.
While an individual document file could be altered or updated, the mathematical record of actions and versions can never be altered. The log of “who did what and when” can never be altered. In this way, we can secure and automate the process of trade and exchange between all stakeholders.
Everything in one place, not scattered all over the place.
Recent studies have concluded the average professional in today’s business market spends 2.5 hours daily just looking for files. That’s an entire day per work week!
Financial records are a struggle to manage effectively when stuff is spread out across multiple systems, apps, cloud services, network drives, local drives, email attachments, file services, task managers, spreadsheets, chats, meetings, etc… Now multiply that between lots of inter-connected organizations and stakeholders. Things get lost, you don’t know where to look for stuff, and people put the right information in the wrong place. Not good. Especially if you ever need to find something specific. And when it comes to record verification, auditing and compliance, all of the documents and data are duplicated over and over.
But when it’s all pulled together and digitized with XDEX, you’ll know where everything is, access it all with a click of a button, and securely share official records with your stakeholders with ease.
Before XDEX: Asset or securities documents are scattered across multiple locations, different platforms, email in-boxes, and other insecure locations. Things get lost and slip, mistakes are made, security and audits are a nightmare, and people are stressed. This is why audits and regulatory reporting eat away at asset returns — which makes everyone unhappy. After XDEX: Every document related to a financial asset, related entities, and transaction is organized in a single, highly secured network. XDEX keeps everything organized by default. Things are always where you expect, and it’s obvious where to put stuff. You’re on top of things, everything is accessible with a few clicks, and a sense of calm sets in.