It is a given that businesses should work with verifiable data, but there still lies a gap on how exactly these firms can do so. A report by the World Economic Forum found that 35% of businesses believe that the lack of technical expertise is a major hurdle to working with verifiable data.
Blockchain technology can bridge this technical expertise. During the London Blockchain Conference held last May 31 to June 2, a blockchain-based application called AlphaDAPP was showcased as a platform that can easily ensure verifiable data.
AlphaDAPP is made by the BSV blockchain-based firm VX Technologies, led by Justin Pauly. He advertised AlphaDAPP as the company’s flagship app that records and stores data on-chain, distributes that data, and enacts peer-to-peer verification.
According to Pauly, he has high hopes that VX Technologies’ brand-new application will play a crucial role in the mainstream adoption of blockchain. He claimed that, to a degree, “we’ve all failed blockchain by not making the development of blockchain-interacting apps as easy as possible.”
Pauly went on to assure the audience that despite this, all everyone actually needs is someone to facilitate the foundational first step, which is why AlphaDAPP was developed. Focusing on data verification alone resolves numerous issues and enables firms to create a more efficient system for its digital processes.
It is similar to the process of certification management. Picture a licensing institution with a dataset composed of the details of license holders, and these details need to be instantly verified by third parties in order for licenses to be approved and/or released. The keyword here is “instantly;” and it is also what would make the system impossible unless every verifying party has access to the entire original dataset.
However, instant data verification becomes possible when done on the blockchain, which allows for license holders to carry digital versions of their license in their digital wallet. Verifiers need only to scan that license to verify if a corresponding record exists on the blockchain, making data verification nearly instantaneous.
Pauly then took this simple example to another context by citing AlphaDAPP’s use within the educational sector and how it “does not make universities change their current modus operandi.” Schools are generally known for being conservative when it comes to adopting major technological changes. But AlphaDAPP, which has a simple and easy-to-use interface, will not intimidate non-technical persons.
“Our application is very easy, it’s drag-and-drop. But most importantly, it allows the application owner or entity to use AlphaDAPP at an enterprise level—you can take your current data structure and let the data design the application,” Pauly explained.
Blockchain has a functionality called smart contracts, which are self-executing contracts with predefined rules encoded within them. These contracts automate the execution of specific tasks that eliminate manual intervention.
Alongside smart contracts is AlphaDAPP’s artificial intelligence-powered customization to automate the application development process. The AI algorithms analyze the specific requirements of the client and automatically generate tailored modifications to the templates offered by AlphaDAPP’s drag-and-drop interface.
Pauly then ended his discussion by saying that “getting verifiable data is not new, but getting it done in a day is.” This is indeed true. What AlphaDAPP does is actually make it faster and easier for data to be verified. It may seem mundane when stated so, but when actually applied, it can revolutionize innumerable digital systems and processes.
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