We’re proud of the technology that underpins our platform. iov42 incorporates many innovative elements that allow us to embed trust in countless value exchanges worldwide, across a vast range of scenarios.
Although based on an evolution of blockchain, iov42 is enhanced with several other pioneering technologies that make it simple, fast and secure. The core elements outlined below are instrumental in making our platform versatile, adaptable and scalable to virtually any use case, while meeting high levels of regulatory compliance.
The iov42 Proofmesh® is our unique mechanism for recording transactions. With Proofmesh®, each identity and asset type combination has its own distinct chain of transaction proofs. For every transaction involving two or more identities, the chains of the respective identities and assets are combined, forming an ever-expanding mesh of cryptographically linked proofs. This approach increases scalability, performance and security.
One of the challenges of any new technology is the need to integrate it with existing systems. DLT is no different. That’s why iov42 provides an open, easy-to-understand API that supports integration with other systems, and a relevant trust model that can easily be applied to your use case.
All participants on the iov42 platform have assigned identities with linked data that allows others to verify their authenticity and trustworthiness. This enables everyone to trust who they’re dealing with and what actions are taking place. We enable identities to be modelled flexibly, so individuals can decide what verified details to include, from date-of-birth or nationality to employer information.
Thanks to iov42’s delegate modelling and permissioning capabilities, users enjoy the highest levels of data security, along with trusted delegation of authority and granular control of data accessibility. This allows organisations to meet their governance requirements while maximising process efficiency and service delivery.
With our asset modelling approach, any physical or digital asset can be represented on the platform without needing to be tied to an underlying token. Our platform certifies clear ownership of assets and ensures secure, fully authorised transfers.
Our platform automatically uses atomic swaps, a type of asset exchange that cannot happen unless both transacting parties agree. With atomic swaps, both elements are transferred in parallel, which prevents one party potentially receiving their item, while the other part of the exchange hasn’t gone through. Our platform can also support multiple legs in a single atomic transaction, enabling quick, multi-asset transactions.
Our platform is based on a zoned architecture. Each ‘zone’ is made up of a limited number of network participants (or “node operators”), all of whom are known to each other, who participate in our Proof-of-Authority styled consensus. The formation of zones can be based on various factors such as geographical location, industry, or even regulatory requirements. This permissioned, zoned architecture has performance, data security, and regulatory benefits.
Our patented consensus mechanism, DRME (Distributed Random Master Election), delivers high levels of performance and energy efficiency. For each transaction happening in an iov42 zone, DRME randomly assigns one participant to lead the coordination of reaching consensus between the participants. This randomised, per-transaction approach allows the platform to provide high levels of security without compromising performance or efficiency.
Since our foundation, we’ve been focused on enabling trust so that everyone can thrive in a digital society. Today, iov42’s unique technology allows people and organisations to build solutions that allow them to coordinate with complete confidence, establishing and nurturing stronger bonds of trust.
Around 15-30% of timber is thought to be illegally sourced. Our Timber Chain solution allows the identification, secure recording and verification of supply-chain activity at every stage – giving timber companies, exporters, certifiers and all other stakeholders a trusted, end-to-end system for ensuring wood is sourced according to local regulations. The underlying technology can easily be adapted for other commodity supply chains.
The technology that makes Timber Chain so powerful can also be adapted and scaled for other raw materials and their end products. In the case of steel, iov42 creates an unbroken, immutable audit trail that encompasses all participants and stages of production from ore mining onwards, thus safeguarding the legality, sustainability and quality of this vital product.
