A propriety Distributed Ledger Technology can revolutionise societies and businesses.
The founders of Maltese start-up TechWeave believe time is way too precious to be wasted. For instance, why do new property owners need to spend significant time to inform local authorities and other third-parties about their change in address? Would it be more convenient if such changes could be inputted through an eID online portal and all necessary updates would be automatically performed by merely providing our consent? This simple online application can spare a typical person hours of queuing and parking.
What is keeping this value leap from happening? Is it data security, trust or has the new GDPR regulation made it more challenging?
A viable and proven solution may exist and it is not too far away. Technology start-up TechWeave has recently built a proof-of-concept of a proprietary Permissioned Distributed Ledger Technology (DLT) that has the potential to revolutionise our society and business ecosystem.
The technology, branded SafeNet, was demonstrated at the MITA Innovation Hub after the founders were selected to participate in YouStartIT#3, an intensive four-month accelerator programme.
The software solution is a highly interoperable, scalable and secure peer-to-peer protocol designed to decentralise and automate complicated processes, making them faster, more efficient and reliable, traceable and immutable, and GDPR compliant. SafeNet comes as middleware Application Programming Interface software that allows system architects to build their own DLT-ready networks that securely exchange official data over public internet.
SafeNet implemented for eID would mean citizens can change their address online through a eCitizen portal and after a few seconds, any authorised organisation that has been granted consent and requires to send you a letter by post, be it a hospital appointment, bank statement or electricity bill, would have seamless access to your new address.
It can slash unnecessary delays and costs and assure GDPR compliance throughout the data exchange process
Addresses are only stored in one place at eID and only accessed when needed, thus eliminating data duplication and inaccuracies. All accesses are recorded on an immutable and traceable ledger. SafeNet is not only limited to eID applications, but it can be implemented in health, education, registries, local authorities and law enforcement.
On SafeNet a digital prescription can take less than a second to be processed after securely collecting key patient information from hospital records, health insurance and population registry in order to take an automatic informed decision on whether the prescription is valid or not. This means that by the time you get out of the GP clinic your medicine can be picked up from the pharmacy upon presentation of your ID card. Queuing and coloured prescriptions become a thing of the past. The immutability and transparency of the DLT technology makes it possible that official documents, such as an affidavit given by an emergency doctor, can be recognised in courts without the doctor having to attend to the court hearing.
It may look a long way to get there, but this technology has been implemented and proven in Estonia for almost two decades now. The backbone of eEstonia, X-Road, is a DLT-based eGovernment solution that has automated and decentralised the Estonian eGovernment system and today saves the Estonian taxpayers 800 person years and €1 Billion annually. The population of Estonia is three times larger than Malta, and this is not counting the virtual residents, a residency programme which is possible because it runs on X-Road.
TechWeave has formed a strategic alliance with the Estonian partner who founded X-Road with the intention to launch the proven DLT technology in Malta and overseas. SafeNet goes beyond eGovernment. TechWeave is collaborating with the Estonian partner to make the DLT software work on an enterprise level, enabling SMEs and large organisations to create a scalable distributed network, connecting with their business partner’s systems for better customer service and business process automation. SafeNet can slash unnecessary delays and costs and assure GDPR compliance throughout the data exchange process.
The industries and applications are limitless, including factories, insurance, banks, cargo, shipping, iGaming and many more. A smart contract involving numerous stakeholders can be easily implemented on SafeNet and can run in under two seconds. Moreover, in light of the Industry 4.0 paradigm, the company is also working to get IoT-enabled smart machines to be part of the ecosystem, enabling specialised machines to take well-informed, accountable and fast decisions.
TechWeave’s big goal is to build a secure data exchange platform that enables the creation of a digital ecosystem incorporating eGovernment, eCitizen, eBusiness and smart machines, all interacting in harmony with the intention of improving efficiency of service.