Blockchain in Ireland: Our client contracts are now on-chain
As part of our drive to educate SME’s and individuals on how they can use Blockchain as a valuable tool for business we are now offering all of our clients the option to put any contracts entered into with REPTILEHAUS onto a public Blockchain DLT such as Ethereum.
The method with which we offer this new value added service is known as Proof-of-existence and involved both parties to agree the terms of a traditional paper contract and sign it the usual way.
Once this is done both parties will generate a Keccak hash of the file, this hash is then submitted to the smart contracts that REPTILEHAUS has deployed on the Ethereum main net and this will be there forever and verifiable at any time should either party need it.
It is worth mentioning that this hash is a unique identifier of this document, it can only be replicated by running this document through the same hashing algorithm, So long as it has not been modified in any way at all it will always produce the same unique hash, if so much as a full stop is added it will drastically change the hash and prove that the document was altered.
Because this hash is submitted by both parties and signed with their respective private key it is a solid way to verify that either party acknowledges that they agreed to the original contract’s terms at that point in time – once it is on the Blockchain it cannot be deleted and this method is being recognized by judicial systems around the world as a valid form of evidence.
We will provide full training on how to do the process from start to finish, it is really not so difficult but does require that both parties has some Ether to cover the cost of transacting with the contract (i.e Gas).
Metamask will be required to do the interaction with the contract.
We will be releasing our smart contracts soon so stay tuned! The will be available on our public Github.