When a record vault is created on the XDEX 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 separately 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.