BANKEX Trust Service

What's it?

BANKEX Trust Service is The Secure Decentralized ‘Handshake’ for Deals and Agreements.

BANKEX has developed the technology of Trust Service for storing and confirming transactions on blockchain.

The BANKEX Development Team has released an alpha version of its new Trust Service, a decentralized handshake that stores details of agreements and transactions on the blockchain.

TRUST SERVICE is an Ethereum module allowing parties to create and access a decentralized receipt of monetary transfers and additional information critical to a transaction such as details and conditions of a contract. The purpose of the TRUST SERVICE is to preserve and confirm the identities and circumstances of blockchain transactions, contracts, or other interactions for further independent verification in a distributed network.

Currently most blockchain transactions are made without binding agreements. This is fine if you know the person you are working with. If you don’t - and you just sent someone the access code to your wallet - you could be out of luck. When you transfer funds to another person, you want to be sure you’re going to get what you have agreed to pay for.

TRUST SERVICE from BANKEX facilitates the creation of a "transaction imprint" fixed on the blockchain. A photo of a document or even a screenshot from a chat room on Telegram - users of the service can attach up to 10 documents in various formats, including data files, photos, PDFs, or actual legal agreements to confirm the facts regarding the conclusion and terms and conditions of a deal. Information about the location, amount changing hands and identities of the participants in a transaction can be added to seal the deal with confidence.

The TRUST SERVICE gives both parties more trust in agreements and transactions without intermediates such as notaries and legal professionals.

With the TRUST SERVICE, parties not only receive a record of the transaction imprint, but are assured of their privacy and security. The data is stored in a secure Microsoft Azure database and is not accessible to anyone other than the hash owners of the transaction.

The BANKEX TRUST SERVICE makes use of the Proof-of-Asset protocol and is a product of the development and implementation of BANKEX asset tokenization technology. Its purpose is to allow people and companies to preserve and confirm the circumstances of transactions, contracts, or other interactions for further independent verification in a distributed network. This protects both parties against the loss possible of documents, various forms of breach of contract in relation to the conditions of the agreement and fraud.

Here we see the a Record Your Contract button and Completed button, a window to paste the hash of the transaction that will created by the TRUST SERVICE as well as a Scan button that will take us to the location of the transaction on the blockchain.

How to start using The Trust Service?

On these screens, we’ll show you how one party can create a record of a transaction in the alpha version of the TRUST SERVICE.

For those who want to review the code of the BANKEX TRUST SERVICE, it will be available on github:

To begin to make a TRUST SERVICE record on the blockchain, let’s click ‘Record Your Contract’ and enter all the essential terms of our simple service transaction.

Here we see a number of windows that we need to fill in with the details of our transaction. We can enter the parameters of the transaction: the name of the transaction, let’s call it ‘Website Development Contract’ - it's just an example, we could call it anything. Next we enter a description of the transaction (on screen). Here is the interesting part - we can add attachments at this point that contain details of the transaction - for example our deal could have a description of the website to be made and other conditions. Then we enter the transaction location (also on screen), the transaction amount (also arbitrary text).

Now let’s take a look here where is says Proof of the Transaction. Here we will see the "Upload file" button. As we are completing the information fields above, we can upload documents, photos, screenshots and other files relevant to the deal here. These documents are additional proof of the agreement.

At this point, we click the button at the very bottom of the page that says, Record and Receive Your Address to BKX-Scan. This will take us back to the first page and from here we can see and verify the hash of the completed transaction.

We paste hash and press the Scan button. This will take us the the Etherscan of this transaction of the blockchain where we can review the details of the contract and verify the confirmation by both parties.

And congratulations! We’re done. This has been a short demonstration of how the BANKEX TRUST SERVICE works to create secure records of transactions and agreements on the blockchain.

We’re BankEx, proof-of-asset-protocol. Stay tuned for more updates and demos.