VeriTransfer, a blockchain start-up focused on providing decentralized storage of firearm ownership, has issued a press release unveiling their unique blockchain-powered solution for firearm owners. According to Globe News Wire, the firm also announced that it will donate a portion of future revenues towards foundations aimed at ending gun violence and making communities safer.
VeriTransfer’s whitepaper describes its solution as making “it easy for any licensed firearm owner/retailer to manage their firearm inventory. Additionally, firearm holders can use VeriTransfer to digitally store a Government-issued license, if applicable.” The document goes on to say that its blockchain application is suitable for both point-of-sale (B2B or B2C) or even between license holders (C2C) simply by scanning a QR code using their mobile device.
The idea is that this solution can help improve public safety and mitigate firearm-related injuries while empowering firearm owners with a new means of management while retaining complete privacy. The decentralized VeriTransfer system gives full ownership of the data to the license holder while making it more difficult for firearms to enter the hands of criminals and the suicidal.
Mark Lawson, managing partner at Clermont Capital Partners and advisor for Veritrade, echoed these sentiments in an exclusive Q&A. “Aside from the immeasurable loss of life, researchers conservatively estimate that gun violence costs the U.S. economy at least $229 billion every year, including $8.6 billion in direct expenses such as for emergency and medical care… In both the U.S. and globally, gun violence is highly correlated with both poverty and inequality,” he said.
The issue of gun violence is also close to the hearts of VeriTransfer’s team. Based out of Toronto, which now has a higher per capita homicide rate than New York City, this blockchain-enabled solution could do much to change the face of gun crime across North America.
Partnership with AION
AION is an all-in-one blockchain platform for developers that is suitable for scaling up solutions to enterprise levels and was the platform of choice for VeriTransfer. It’s the interplay between two different smart contract types on the platform – licensing smart contracts and firearms smart contracts – that enables this particular firearm licensing solution to work at all.
Advisor Mathieu Glaude, who also is President and CEO of blockchain development company Northern Block, said that VeriTransfer chose AION “for performance, scalability and interoperability reasons…AION is a third generation blockchain with APIs, a virtual machine, and future bridge designs which allows to seamlessly build robust dApps. We envision a future in which many instances of VeriTransfer are connected by utilizing bridging technology to facilitate the movement of data in the trusted framework.”
At the same time, Kesem Frank, co-founder of AION, referred to VeriTransfer as “a great example of AION technology being used to deliver social impact,” adding that “it utilizes the core of our architecture to build a far-reaching network effect that can span many different networks and environments.”
“We are incredibly excited to be involved in a real-world use case of blockchain technologies that has the potential to save lives. This is all achieved while maintaining data privacy and has the potential to eliminate data silos within government agencies,” Frank added in the press release.
Aside from the three publically listed advisors on VeriTransfer’s website, the start-up has a fully dedicated management and tech team working hard to implement their pilot project alongside key partners in North America. Although much of those details remain hidden for now, we do know that the project will not require end users to have a thorough understanding of blockchain technology. Instead, the user interface will be simple enough for consumers to use while not being aware of the smart contract technology taking place in the background.
“The VeriTransfer application is user-friendly, intuitive, and resembles an app that a person would download from an app store,” Mathieu said. “The blockchain element adds some important value propositions in regard to data ownership and privacy. A regular user wouldn’t know that smart contracts are being executed from transactions just like a user wouldn’t know what protocols an email service provider is leveraging.”
Although the project is only still in discussions with various parties to begin a pilot project, firearm enthusiasts and those concerned about the rising epidemic of gun violence will have much to look forward and will be keeping an eye out for this blockchain start-up.