VeriTransfer has announced the launch of its Proof-of-Concept of the first Blockchain enabled solution that decentralizes the process of storing the ownership rights and transfer of firearms. VeriTransfer is a distributed system that decentralizes the storage of the ownership of firearms. The application makes it easy for any licensed firearm owner/retailer to manage their firearm inventory.
Additionally, firearm holders can use VeriTransfer to digitally store a government-issued license, if applicable.
VeriTransfer makes it simple for users to transfer firearm ownership at point-of-sale (B2B or B2C) or between license holders (C2C) by scanning a QR code of the purchaser’s license using their mobile device. Additionally, firearm retailers can use VeriTransfer to perform license eligibility checks prior to transferring firearm ownership to another person (e.g. selling a restricted firearm).
VeriTransfer seeks to use its platform to reduce the gun epidemic and the attendant social and economic impact in the U.S.
The United States hosts 4.4% of the world’s population, but almost 50% of the 644 million civilian-owned guns globally are located in the U.S. Disturbingly, more American citizens have died as a result of gunshots in the U.S. since 1968 than on the battlefield of all the wars in American history from 1175 to 2015. In addition, the estimated annual cost of fatal and non-fatal gun violence to the U.S. was $229 billion, representing 1.4% of total GDP1.
There have been 154 mass shootings in the United States since January 1st, 2018. This includes 23 school shootings that have occurred as of June 30th, 2018 where someone was either hurt or killed. That averages out to more than one school shooting a week.
The VeriTransfer Potential Bipartisan Solution
VeriTransfer’s mission is to help increase public safety, mitigate firearm-related deaths, all while empowering firearm owners to safely manage the ownership of their firearms and maintain complete data privacy. The decentralized and private structure of the VeriTransfer system gives full ownership of firearm data to the license holder, while empowering law-abiding citizens to reduce the flow of firearms into criminal or suicidal hands.
Mathieu Glaude, CEO of Northern Block, the Toronto-based blockchain product development company is excited about VeriTransfer’s potential societal impact.
“We see the management of firearms as a perfect use case for blockchain technologies. Empowering individuals and retailers to privately manage their firearms in a decentralized manner is powerful and it presents an optimal solution to the unresolved gun control problem,” said Glaude.
“We are incredibly excited to be involved in a real-world use case of blockchain technologies that have the potential to save lives,” said Kesem Frank, COO of AION. “This is all achieved while maintaining data privacy and has the potential to eliminate data silos within government agencies.”
VeriTransfer is also pleased to announce that it will donate a percentage of all future revenues or the proceeds from any future sale of the company towards foundations whose mission is to end gun violence and build safer communities.