What is a “Chain of Custody”
In its most straightforward description; the term chain of custody refers to the process of maintaining and documenting the handling of evidence to take away any doubts about possible tempering.
In the case of a blockchain based ecosystem, the chain of custody implies that the data provided can be proven to be uncorrupted following its input or upload by various authenticated parties.
The lifecycle of a traditional
commodities deal
Buyer contacts a middleman who connects the buyer or the buyer contacts the seller directly.
When this connection is established a multichannel firestorm starts so as to qualify the opportunity both from the buyer and seller standpoint.
The multi channel communication involves phone calls and Text, Audio, Pictures, Video, Video Conferencing, Documents/Digital Files and Payments on dedicated apps.
During the initial conversations between the parties involved an enormous amount of data is created with obvious specific timestamps but everything is happening on multiple apps, sometimes as much as 6 different apps or more; they are all part of the buyer’s and the seller’s efforts in “Authenticating Each Other”, ensuring that the product listed have a “Proof of Existence” and if the seller is able to PAY.
All these channels moving all these different sets of data becomes a huge headaches in case of an unfortunate lawsuit due to non performance or any other lawsuit worthy event.
The greatest issue that arises from this situation, depending on what side you are on the litigator or the defendant; the parties delete the sections that make them look bad and the cases are built on incomplete data sets. Cases drag on for years due to the “Lack of Certainty”.
Your safeguard against
fraudulous traders
Blockcerts has built a cluster of apps that are all controlled through an Authenticated Wallet ( BCERTin ) allowing independent and institutional traders of precious and non precious metals (gold, silver, nickel, copper, scrap metal, etc) as well as agricultural (vanilla, pepper, cinnamon, fresh ginger, etc) and livestock (sheep, cattle, goats, chicken feet, etc) to authenticate sellers before engaging in a transaction.
Our BCERTin Wallet acts as a Control Center that accompanies you all over the world to help you remotely authenticate the various suppliers and 3 rd parties that are part of a deal through our built in Know Your Supplier Verifier, the origin of your products and if they exist, register all processes attached to the transaction, track all payments through your authenticated wallet and track the movement of the goods from the country of origin to its final port of delivery.
All the data related to a deal (Text, Audio, Pictures, Video , Video Conferencing, Documents /Digital Files and Payments) are stored in a single channel, all the data accumulated thereafter becomes crucial in cases of litigation due to non performance or any other matter when in court.
