The Proof of Trust is a digital protocol powered by distributed consensus, designed to manage arbitration or dispute resolution that could exist in smart contracts.
This Friday, January 17th, local media in London reported that Proof of Trust, a firm that works to solve issues with smart contracts, aims to float on the London Stock Exchange’s (LSE) Main Market.
“We at the Proof of Trust are excited at the prospect of a full listing on the main market of the company’s shares and we look forward to providing investors with the opportunity to share in this groundbreaking project”, said lawyer and Proof of Trust CEO, Dean Armstrong.
The blockchain firm has not released any financial detail or timetable for the listing, but something true is that this company is targeting the main market (the London Stock Exchange), which is very ambitious for a young firm working with blockchain technology. This step will bring more success to the company.
As local media reviewed, achievements such as the aforementioned are generally reserved for larger companies with a proven track record. Also, said achievements set a higher threshold of requirements for listing. Smaller and newer firms more often attempt to float on the Alternative Investment Market (AIM) market.
However, Proof of Trust has the opportunity to list the London Stock Exchange, despite being a smaller company.
The company that works in partnership with IBM gave more details about the project on its official website, theproofoftrust.com. There it explains that they are building a protocol using distributed consensus to “manage arbitration or dispute resolution for smart contracts”.
About Proof of Trust
The main objective of the “anti-collision algorithm” is to validate the authenticity of data with “trusted and verified experts”. It is done before it is recorded on the blockchain platform and used to execute smart contracts.
“As smart contracts and blockchain technology reshapes the way that customers and businesses interact, the more we need to redefine how we treat disputes between businesses and customers”, explains the website.
Last October 2019, the firm partnered with IBM blockchain. In this way, the solution may ultimately be deployed across IBM Cloud, Redhat Openshift, Azure and AWS.
The Proof of Trust is a digital protocol powered by distributed consensus, designed to manage arbitration or dispute resolution for smart contracts.
It helps reach “a fair, transparent, timely outcome for all parties involved”, whilst limiting exposure, according to what the company assures on its official site.
Proof of Trust focuses on multiple aspects as risks, influence, time and fairness since smart contracts require reliable data during all the process for the understanding of the parties involved in the contract.
This firm claims that the protocol has come to the attention of major governments and corporations globally, and has been presented to several prime ministers.
Crypto and blockchain-related firms seek a listing on the LSE because of the air of respectability that such a listing adds. It would help increase the reputation of cryptocurrencies and blockchain platforms in traditional financial circles to boost the crypto world.
By María Rodríguez