Xero cloud-based accounting software company recently tried Tierion’s Chainpoint for securing accounting information by tying down it to the Bitcoin blockchain. Tierion is a platform that checks any information, document, or business process with blockchain.
Tierion built up the Chainpoint protocol as an open standard for mooring information to a blockchain to make a timestamp confirmation of any information, record, or arrangement of occasions.
Each Chainpoint verification gives developers a chance to confirm the integrity and timestamp of data without depending on a trusted 3rd party.
Xero noticed that following benefits of Chainpoint:
- Economies of scale: The Merkle tree usage enables a huge number of hashes to be accumulated and tied down inside one transaction. Chainpoint’s accumulation decreases the cost of tying down information while expanding the amount of information that can be tied down at one time.
- Grapples against different blockchains.
- Makes ‘Chainpoint proofs’. This evidence enables anybody to confirm their information autonomously, without depending on Tierion.
- Doesn’t require owning cash/tokens to utilize.
- Edited compositions of blockchain particular executions/features. ie: exchange speed, exchange costs, API changes
- The simplicity of execution: SDK is written in JS, unavoidably more languages will be supported later on.
- Does not require a framework, administration of system hubs or storage of an entire blockchain.