Sequestrum is Catenae's blockchain service. Also known as Distributed Ledger Technology (DLT), it creates a permanent record of assets or transactions and provides the ability to act and report on activity relating to those assets or transactions.
There are thousands of community and local government-led groups and programmes across the country. These programmes and organisations are bound by a duty of care and health and safety obligations for wellbeing of the participants (many of whom are children), the leaders and the general public.
It is equally capable of running as a standalone service or integrated into clients' business applications. Sequestrum has been tested using the Chain-Zy Smart Ledger platform. It operates with any other distributed ledger service.
Each asset or transaction is stored chronologically along with its relevant metadata. Sequestrum assigns a unique fingerprint for each asset or transaction in the form of a cryptographically secure hash as it is stored. This hash is used to compare new uploads to records already in the system and will link new activity to existing assets and transactions. In this way, transactions and assets can be verified and tracked chronologically. Sequestrum also provides a comprehensive search utility to support audit and reporting.
- 70% efficiency improvement for administration tasks around regulatory inspections.
- 100% Proof of Data & Status Existence - Prove the existence of data and its status at a given point in time.
- 100% Proof of Work & Workflow Process - Prove that a task was performed and that the correct workflow process followed.
- 100% Proof of Transaction - Prove that a transaction was conducted between parties in accordance with pre-determined rules.
Sequestrum supports Smart Contracts - legal contracts with the terms of the agreement between two or more parties, for example between a buyer and seller, being directly written into lines of code. This enables self-executing contracts which are stored across a blockchain network to be entered into between parties without the need for a central authority or legal oversight.
Sequestrum to support international trade
An example of how Sequestrum could generate value is in the simplification and acceleration of international trade. Frictionless trade requires trust between the parties involved and the systems that they use. International trade is often complicated with multiple organisations leveraging existing relationships to achieve a chain of trust that works. Blockchain solves this challenge by removing the need for trusted authorities to oversee transactions. Smart contracts can automate the settlement process and ensure that payments are linked to delivery through the supply chain. Sequestrum makes it easy for buyers and sellers to access the power of blockchain.
Explore the key benefits of Sequestrum:
Proof of Existence
With Sequestrum, you can create entries to prove that data existed in a certain state at a certain time. From that point on, anyone with access to the data can verify it against the blockchain version. Future changes to the data will show up like a sore thumb and can be detected quickly.
Proof of Work & Process
Creating cryptographic hashes within Sequestrum during each step of a mission-critical business process provides an irrefutable "proof of work". Sensitive data itself is not stored on the blockchain. Instead, its hash proves the existence of such data. Sequestrum provides transparency in an otherwise opaque process. Utilising "Proof of Process", maintenance reports and inspections along with other Health and Safety records for regulated environments can be logged on the Sequestrum blockchain for accountability.
The Sequestrum blockchain creates immutable evidence by publishing timestamped evidence of your data and documents, preventing costly disputes. Evidence is preserved permanently on the blockchain, ready to review whenever you need to prove validity.
Data entered on the Sequestrum blockchain can never be altered or removed. Therefore, you have a foolproof record of everything that goes in and out of your system. Making it easy to manage who originated the data, when it was created and who has access to that data.
Sequestrum was designed from the ground up as a transactional distributed ledger to achieve high throughput. Traditional crypto-currency blockchains are designed around a mining principle to make it 'hard' to resolve which consumes computing time and slows transactions. Sequestrum works on the principle that the hash key is produced by the digital content being passed through the algorithm only once. Therefore, this is a micro-second process
Utilising the Chain-Zy blockchain service, the platform has undergone independent performance testing in conjunction with the National Physics Laboratory and the Toronto Stock Exchange, which used the Atomic Clock to timestamp each transaction. The testing showed the system had a capacity to deal with over 25 Billion transactions per day, or approximately 288,000 per second. Compared to Visa's Visanet system that typically processes 1,600-2000 transactions per second on average, it is easy to see that our platform is more than capable of supporting the most demanding of environments.
Many blockchain technologies, most notably those used in crypto-currencies, are slow and use a lot of power due to the complexity of the mathematical computations required. Sequestrum, by design, is much more power efficient and environmentally friendly while maintaining the highest level of security protocols.
What is Blockchain?
Blockchain is a means of keeping immutable digital records of assets and transactions chronologically. Traditionally such records have been stored in one place (a ledger) under the control of a trusted body. With Blockchain, the records are duplicated and distributed across a network of computer systems (a distributed ledger). Every time a new transaction occurs, a record is added to each ledger in the network. As each record is added, a mathematical signature (a hash) is created from the record itself. The hash is unique to the record and can only be replicated if the record remains the same. Records are retrieved from the distributed ledger by seeking consensus from the network - resulting in an immutable record - a record that cannot have been modified or tampered with.
This immutability makes distributed ledger technology a powerful tool for use in commercial, organisational and operational environments - for example in recording financial transactions, supporting digital currencies, copyright and supply chain provenance.
The transaction or asset upload is classed as a BLOCK transaction.
Once verified, the transaction or asset is combined with other transactions to create a new BLOCK of data for the ledger.
The new block is then added to the existing BLOCKCHAIN in a way that is permanent and immutable.