As a Web3 solution, XDEX helps non-technical people and organizations access automation of trust by helping organize blockchain and distributed ledger networks into user-friendly record repository libraries of documents and metadata.
By consolidating the entire iterative body of information about identities, entities, assets and transactions across organizations and legal jurisdictions, trust becomes automated with highly secured algorithms and cryptography.
The effort to audit and vouch for information as a form of trust can now be standardized and automated within the scope of any Information Governance, Risk, and Compliance (GRC) policy or Master Data Management (MDM) framework — even across multiple global legal jurisdictions.
The mathematically-verifiable, decentralized records network helps to establish a trusted, single source of truth between cooperating participants. The resulting immutable record of documents, data, and information eliminates the risks and redundancies between people, organizations, and entire industries.
How does XDEX work?
When a record vault is created on the XDEX network, a corresponding cryptographic hash is created on the XDEX ledger.
When a document is loaded 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 metadata 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.
Why Is This 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.