VeriDoc Global Explanation Video Why Ethereum


VeriDoc Global has developed an anti-fraud
verification system that leverages Ethereum blockchain technology. But what is Ethereum? Ethereum is an open-source, public blockchain
which also features smart contracts. Like other blockchains, Ethereum is a digital
ledger that records transactions. These transactions are permanently written
into blocks which can never be edited or deleted. On the Ethereum network a new block is created
every 10 to 20 seconds. But why Ethereum? Why is it so special? Ethereum was the first blockchain to implement
smart contracts, in other words self-executing contracts. To better understand this, a smart contract
is like a vending machine. The vending machine replaces an escrow or
a middle-person and in addition to defining the rules around an agreement, it also automatically
enforces those rules. So now, you have the benefits of blockchain
technology, transactions that can never be edited or deleted and the ability for a programmed
set of rules or instructions to self-execute. There are plenty of use cases for this kind
of technology. For example, with driverless cars, we would
want to enforce rules such as, “do not drive the car off the edge of a cliff”. Another example might be, “when the coffee
machine starts to run low in coffee beans, automatically order some more.” Even now, VeriDoc Global is currently working
on a solution that self-executes a report of all the changes made to a legal document
that doesn’t match the original found on the blockchain. The potential for smart blockchain transactions
are limitless. VeriDoc Global the future of blockchain verification.

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