Proxeus Opens Blockchain Data Storage dApp As ‘Digital Safety Deposit Box’

Proxeus announced the release of the latest version of its beta that will add blockchain storage and work as a virtual security deposit box. Through this Proxeus decentralized data storage app, users will gain full control of their online identity. The DApp will store the encrypted user data in highly secure off-chain facilities while using advanced on-chain access controls via smart contracts. Proxeus has managed to create a self-sustaining data solution where users can build public or private registers and become independent data providers.

The Proxeus DApp works in the same way as the web’s hyperlink system, offering the ability to link files and embedding various resources, to present the entire and chronological history of a person’s virtual identity. According to one of the founders, Patrick Alleman, the goal is to create the most advanced file management and sharing platform that is entirely decentralized and where every user retains total data privacy.

The XES Token

The app eliminates the conventional data storage contracts and subscriptions, as it offers more flexible payment methods based on individual files and also paid for using XES token. Storage providers will be able to seamlessly connect to this Proxeus app through the blockchain and sell their storage services, with the present monthly subscription contracts replaced entirely by smart contracts that will manage security and access. With storage, access, sharing and payment all done using XES and within the Proxeus environment, it means increased potential for getting unlimited storage with no risk of data loss or safety issues.

Clients will hold the keys to every piece of data within the Proxeus storage decentralized app, and only they can decide who will get access to that data. The system is founded on blockchain's immutability, and the service already has a potential of making a massive effect on the controlled and secure selling and sharing of IP and data. It eliminates intermediates, data-mining and the need for international copy across cloud storage solutions.

Increasing Trust

The storage app will add validation levels every time Proxeus issued documents are countersigned. Hence, the user’s identity continues to gain trust over time since the files are verifiable and immutable. It creates new uses cases for businesses, as users can offer conditional access to documents or even create smart, time-sensitive documents that will self-destruct after some time.

Proxeus Digital Safety Deposit Box Conclusion

The addition of the storage module in the Proxeus ecosystem will make transitioning to blockchain workflows easier for organizations. Proxeus also offers a document generator and workflow engine, which the firm hopes will help to improve enterprise blockchain adoption as it dramatically enhances processing efficiency. The data storage prototype was already demonstrated in March in a partnership with the Swiss-based storage company, MOUNT10, and it was well received with positive results.

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