Blockchain & records management, a perfect match
The most unique and powerful capability of XDEX is the integrated Advanced Records Management system.
Records management refers to a set of activities required for systematically controlling the creation, distribution, use, maintenance, and disposition of recorded information maintained as evidence of business activities and transactions.
Records are how we enumerate, identify, and classify individuals, entities, assets, and transactions. Records preserve aspects of institutional memory. In determining how long to retain records, their capacity for re-use is important. Many records are kept as evidence of activities, transactions, and decisions. Others document what happened and why. Records management ensures an organization has the records it needs when they are required.
The purpose of records management is part of the broader function of governance, risk management, and compliance and is primarily concerned with managing the evidence of an organization’s activities as well as the reduction or mitigation of risk associated with it.
The key word is “evidence.” Put simply, a record can be defined as evidence that a particular event took place: a birth, an account created, a purchase, a contract approval, the sending and receipt of an email. Records management is primarily concerned with the evidence of an organization’s activities and is usually applied according to the value of the records rather than their physical format.
The problem with current blockchain ecosystems is the gaps between the underlying blockchain technology and business transactions in the real world. Business in the real world requires more than just a blockchain transaction confirmation.
XDEX bridges the gaps
XDEX adds what is missing — contextual information about a transaction. We call this information “metadata,” which is “data about the data.” This metadata includes things like business information, documents, contracts, purchase orders, invoices, tax returns, accounting reports… and all the list of what goes into any given transaction between parties for anything that exists in the real world. It also includes governance rules about the details of a transaction, as well as auditing and reporting, and yes, jurisdiction-based regulations.
Until now, there has been little emphasis on the infrastructure and management requirements of blockchain deployments, specifically the elements that relate to reliability, availability, scalability, and maintainability. These are crucial factors in ensuring that the blockchain can find mainstream adoption by enterprises and mass users. Governance and quality assurance are key metrics missing from blockchain technology — mainly due to the inherent limitations of most blockchain protocols, which were never designed with the extended features necessary for enterprise adoption.
XDEX has been built to address these issues preventing blockchain from being adopted by mainstream users.
XDEX is structured to deliver greater security, efficiency, performance, and scalability. The XDEX ecosystem also leverages the efficiencies of its infrastructure to incentivize its perpetual operation and expansion. The result is a system of digital value that is built on sound principles — and ideally suited to attract mainstream enterprises and users around the world.
The vision of XDEX is the full realization of the “Internet of Trust,” in which authenticated users can create, manage, and trade all kinds of digital assets over a specialized virtual private network. What becomes possible is a world filled with border-less transactions conducted in many types of assets and completed anywhere in the world, at any time of day or night, instantaneously, securely and for virtually no cost. This is just the beginning of what is possible with the XDEX ecosystem.
By adapting trust to the digital paradigm, we can access all of these possibilities. Trust is the currency of XDEX, and XDEX is the currency of trust. As the internet did with information, XDEX will unlock unprecedented opportunities to reorganize how we manage the world around us and bring efficiencies to transactions.
XDEX is not just a blockchain, but an enterprise cloud ecosystem that extends the core blockchain itself with features like expert system business rule management, extended metadata storage, and API connectivity for integration into 3rd party application layers.
While the underlying core is indeed a distributed blockchain framework providing the security and immutability of a distributed token ledger, XDEX is a complete technology stack that helps enforce business and regulatory rules — ensuring enterprise level needs are met.
Hashing records to the blockchain
XDEX records management capabilities include assigning unique identifier encrypted hashes to individual records, providing safeguards against unauthorized changes being made to those records, and creating an unbreakable audit trail for reasons of accountability and eDiscovery.
Once a document or information record has been committed to XDEX, it is hashed, encrypted, and written to the XDEX ledger. Unauthorized changes are prevented by implementing airtight permissions and workflow procedures to keep a document from being modified after it has been declared as a record.
Audit trails guarantee an enforceable chain of custody by making it possible to know what a record said at a particular point in time, how its content evolved to that point, and who was involved with it. This is key to preserving the link between the record and the process or event it describes, and for being able to demonstrate exactly who made what changes and when.
Every action taken with a specific record or document, down to the individual instance of viewing that record, is also logged across the XDEX network. That log entry is also hashed and written to the XDEX ledger, providing an immutable proof of every action taken as part of the permissioning and governance of the record.
More XDEX capabilities
Advanced Records Management
The most unique and powerful capability of XDEX is the integrated Advanced Records Management system.
API-based Oracles for Smart Contracts
Certified partners can consume the cloud layer and integrate with XDEX to extend their current enterprise line of business application stack.
Asset Transfers & Payments
XDEX has the ability to send and receive assets to and from any account on the network. Each account can send tokens from their authenticated network wallet to any other named wallet account across the XDEX Network within seconds.
Blockchain Ledger
The core production XDEX Network blockchain is a decentralized protocol based on Delegated Proof of Stake consensus (DPoS).
Digital Certificates & E-Signatures
XDEX enables users to digitally sign documents within the ecosystem using the private encryption key system.
Document Types
The basic unit of record data in XDEX is the document type, which gets assigned to each document loaded into the network.
Document Uploading, Scanning, Importing, and Indexing
As part of a full solution implementation, XDEX can ingest documents out of business workflows in multiple ways.
Event Logging
XDEX logs and hashes every discreet event at every level across the network to provide immutable tracking of who did what, when, and where.
Identity Management & KYC / AML Integration
Connect real-world identity documents and data with hashed user accounts and controls across decentralized networks and data.
Key Management & Custody
XDEX has a robust certificate-based key management system that provides users with the ability to import and manage public and private keys for key signing and access control function.
OCR Processing
XDEX can be configured to automatically runs basic OCR (optical character recognition) on documents imported into the system.
Permissioning & Advanced Record Access Control
XDEX has a native Advanced Access Control List (ACL) system that provides highly granular permissioning to every object and function within the XDEX ecosystem.
Trading Engine
XDEX Trading Engine module powers a protocol-based marketplace function built on top of the consensus and operations layer of the XDEX Network blockchain.
Workflow States & Transitions
With the addition of state actions and transition triggers, the workflows in XDEX are no longer just informative but can be part of your actual business automation process.
XDEX Asset Wallet Management System
XDEX features an advanced blockchain wallet management system, which enables an enterprise level of governance and controls.