The benefits of Blockchain technology in curbing fraud and theft have been highlighted quite often. One company seems to have built their business model around this Blockchain strength, and that company is Registry Blocks.
What Is Registry Blocks?
Registry Blocks is a company that utilizes the Blockchain technology to prevent fraudulent cases through registration of items and documents on its Blockchain platform. Once the documents are registered, they are assigned a unique ID which is used to trace the items.
The company then uses the Unique ID to register any item that has an RFID chip or a serial number under one’s personal account. Once the data has been stored in the Blockchain database, it cannot be altered thereby providing a lasting evidence of the product as well as its ownership.
The platform is designed to allow the transfer of an item’s unique ID to other accounts if need be. Additionally, one can perform periodic checks on the platform to determine if an item's serial number is already assigned to an account.
Registry Blocks Blockchain Fraud Prevention Business Solutions
Registry Blocks Insurance acts as a link that connects insurance companies to the items Unique ID to facilitate fraud prevention in insurance claims. This move leads to reduced insurance costs and better insurance packages for all involved since charges for insurance claims are passed on to all policyholders.
With the application of Registry Blocks Insurance, fraudsters would find it difficult to fabricate stolen goods and claim payment since they can be easily traced. Moreover, if the items are hidden, they are blacklisted and become worthless because they can no longer be sold on the platform.
Registry Blocks provides a practical solution for document fraud prevention. With the increase in signature and documentation forgery, the company offers several options to curb the vice. Registry Blocks gets rid of the traditional paper agreements system in favor of an enhanced eSignature system. By digitizing the process, it gets rid of the paper expenses, reduces error margins and saves time.
Registry Block assigns a serial number to every document and creates a Unique document ID by matching its serial number to a User ID. The owner of the Unique ID then signs the document and is free to invite others to co-sign it.
Registry Blocks Marketplace enables buyers and sellers to transact securely and allays any fears of fraud between the two parties. Thanks to its decentralized system, the company can guarantee its users that they will get exactly what they paid for.
Additionally, there is enhanced security on the platform as the Registry Block Community also plays the role of authenticators. Any community member is free to participate in a vote based on the authenticity of a delivered product based on its photos and invoices.
Big Data Insights
The company generates a considerable amount of detailed data that could prove invaluable to businesses. Registry Blocks generates the data through its linkages of registered items, client information, geographical location and behavior in its platform. Registry Blocks can sell the big data to businesses on the platform through REG tokens. The company can also avail premium advertising options to companies seeking targeted audience groups.
Registry Blocks REG Token & ICO Details
The company’s model is geared towards generating profits. Various services can be accessed on the platform which is paid for using REG tokens. The several avenues for making income on the platform promises high revenues for the company. Registry Blocks shares 100% of all profits with REG token holders.
The company’s ICO will be launched on June 1st, with 50% discount on the first 0.75% of REG tokens.
Parameters Of The ICO
- Total tokens: 500,000,000 REG tokens, no further tokens will be made
- Hardcap – 325,000,000 REG tokens
- Softcap – 11,250,000 REG tokens
- Initial Coil Offering: Sell 65% of the coins
- Bounty – 5%
- Legal – 3.5%
- Team Bonus – 10%
- Operations – 19.1%
- Marketing & Sales – 23.2%
- Research & Technical Development- 39.2%