Tierion is a universal platform that allows for verification of data at a massive scale. The team behind Tierion saw that businesses have methods for notarizing and safeguarding important documents, but there was not a universal equivalent for the safeguarding of digital data. The team also saw that such industries as financial service, insurance, and healthcare must safeguard large volumes of critical data, but doing so can be cumbersome, expensive, and/or impossible, particularly when you factor in authenticating the data in question.
Tierion takes the existing Chainpoint technology to create a “proof engine” that the internet can use for applications big and small.
With this technology, Tierion plans to make it possible to use the blockchain to verify data, ranging from online purchases to medical records. The goal is to reduce the complexity and cost of trust.
Anchoring Data to the Blockchain
Tierion is far from the first company to try to anchor data to the blockchain, but its predecessors were not able to overcome the challenges built into this effort. Early systems were not scalable with a single document hash published with every Bitcoin transaction. Since the Bitcoin network throughput is just three transactions per second, this is not enough scalability for applications around the world.
Additionally, anchoring data to Bitcoin was incredibly expensive. The cost was about $0.03 USD as of June 2015 and $3.40 USD by June 2017. Additionally, Bitcoin’s accuracy of block time is about two hours, meaning that the timestamp would not be accurate. Tierion was able to overcome all these obstacles.
How Does Tierion Function?
To work, Tierion creates a proof that connects data with a transaction on a blockchain via what it calls anchoring. Thanks to this proof, anyone can verify the timestamp and integrity of the data without any need for an additional trusted authority, like a notary. Tierion provides the ability to anchor into both the Ethereum and Bitcoin blockchains.
What Are Some Applications of Tierion?
Well before the company’s token sale in summer 2017, Tierion had achieved a great deal. The company launched in June 2015, and by the time of the token sale, it already had a collaborative relationship with Microsoft for data integrity and attestations. Tierion has worked with Philips in IoT data provenance, Blockcerts in credentials that can be verified by the blockchain, and Verifai for machine learning auditability.
The applications for Tierion are nearly limitless. It can be used to timestamp a database’s state, prove processes, give verifiable credentials, or document notarization. Even before the token sale took place last year, more than a thousand companies had used Tierion’s first SaaS application. These included large enterprises that are household names, such as Philips and Microsoft. Other major companies that rely on Tierion technology include Dell, Xero, and Ultimus.
On its website, Tierion outlines multiple other use cases for the network and “proof engine.” Businesses can use it to create an audit trail that shows an immutable history of their processes. It can be used with IoT devices to guarantee the timestamp and integrity of collected data. Companies and individuals can use Tierion to add blockchain timestamp proofs to data and digital documents. It can also be used to prove the accuracy and existence of accounting records. Tierion can be used to create credentials that are verifiable by the blockchain, something useful for educational institutions, awards, and more. Tierion even has potential applications with regulatory compliance since it allows you to prove to regulators that documents and data have not been altered.
What Is Chainpoint?
Chainpoint is the aspect of Tierion for developers. The team markets it as the open standard when it comes to linking data with the blockchain to make a timestamp proof. It is also the fastest and largest network that lets you anchor data to the blockchain. It can be used for many of the above applications and includes developer tools, such as the Chainpoint Node API, Chainpoint Client Library, and Chainpoint CLI, plus the ability to run a Chainpoint Node. Chainpoint is also the very first service found on the Tierion Network and the technological foundation for other Tierion services.
What Is Proof?
Proof is the part of Tierion that businesses can use, letting them prove the timestamp and integrity of their data without needing a notary or other trusted third party. The proofs are verifiable in an independent manner forever, meaning companies do not have to waste resources on a middleman. Proof relies on the Chainpoint Network, which allows it to function on the global scale, offering millions of proofs daily. It is also quite simple to use, allowing businesses to get started within clicks. It will launch soon, and you can sign up to be notified when it does.
Tierion Network Token
The Tierion Network Token or TNT is an economic incentive for securing the network infrastructure. It is also used to access the resources of the network. Anyone can join the Tierion Network and start earning TNT. There is no need to have tokens to be an end user of the network.
The presale for TNT went from July 22 to July 27, 2017, and the public sale began on Aug. 10 with token distribution on Aug. 25, 2017. Of the supply of 1 billion tokens, Tierion allocated 35 percent for the token sale and another 35 percent for incentivized network participation. A further 29 percent were retained by Tierion, and the final 1 percent was used to cover the token sale.
TNT Tokens are available to purchase on the following exchanges:
Tierion is an established company with several years of history and multiple successful technologies already under its belt. Through its technologies, Tierion makes it possible to anchor data to the blockchain to provide proof and simplify trust. Tierion Network has already worked with major names in the industry to further hone its technology and continues to expand with Proof for businesses and Chainpoint for developers.