creating programmable trust. The documents themselves are not stored on the blockchain. Only the transactions associated with the documents are recorded on-chain, such as which party viewed or modified a document. The contents of the documents—in any digital format, including Excel, PDF, PPT, Word, and so on—remain in Deal Box’s central repository, a cloud-based document storage solution. The UCID verifies the documents and keeps track of changes and digital signatures, which are recorded on the blockchain with the UCID. Investors can verify the pedigree of the documentation, and third-party regulators can review and approve document workflows without viewing the sensitive contents, which avoids violating restrictions like Personally Identifiable Information (PII). 

Various levels of encryption and blockchain-based permissions define who can see—and verify—workflows and document contents. UCID metadata is the key. Metadata fields enable specifying which individual or role has access to the data. In addition, the UCID and blockchain-based permissions can support visibility and governance for international transactions. Because UCID was initially designed for verifying devices, access to the contents on the blockchain can be geofenced, and access can be limited based on specific devices across the network. By extension, on the broader network, users can be managed via encrypted identity, and data managed via standard encryption. This reduces the amount of fenced data that needs to be transferred across the network and maintains visibility for regulatory requirements that may differ by country or region, such as compliance with the European Union's General Data Protection Regulation (GDPR).

The UCID verifies the relevant transactions that occur on the verification blockchain. This enables cross-chain mobility and interoperability, essential as the use of blockchain continues to evolve. There will never be a single blockchain. This means blockchain interoperability will be a key consideration from a future-proofing perspective to navigate the inevitable shifts, changes, and disruptions, and to contend with the potential of other emerging scenarios such as the development of nation-state Internets.

Accelerating future innovation and trust

Bringing the due diligence process onto the blockchain ultimately enhances trust for all parties involved, accelerating time to capital and fostering innovation. Going beyond investment packaging, the technology offers promise in a range of other applications that also present friction and would benefit from enhanced trust.

Think about the Internet of Things. Connected devices already outnumber us two to one. IoT data and associated workflows will need to be secured on an immutable blockchain ledger for accountability and security. As the IoT becomes an ever-more essential part of daily life, and as we push into the future of smart cities, smart cars, and smart everything, bringing these devices and processes on-chain is of paramount importance.

As the metaverse takes shape, virtual real estate is becoming a hot commodity and another potential use case. Some of the world’s biggest celebrities and companies, in sectors from entertainment to banking, are staking out virtual territory for as-of-yet undeveloped immersive experiences and events. This “digital land-grab” drove digital land sales of over $500 million in 2021 with a projected compound annual growth rate of 31 percent through 2028. These virtual assets and related transactions will also need to be similarly secured.

The world is becoming increasingly virtual, and trust is becoming more elusive. At the same time, innovation and security hinge upon it. Technologies such as blockchain and UCID are here, and companies like TNS and Deal Box are using them to address these critical areas today and continuously innovating to extend them well beyond as the world evolves.