What is Trace?

Trace is a blockchain-based data trust verification service provided by Luniverse. As data recorded on the blockchain is immutable (i.e. cannot be changed), users may trace history of all recorded data.

Trace Features

โ€‹๐Ÿ”’ Data Integrity and Securing Reliability

  • Integrity of data is a key property required in a variety of services, such as contracts and records. Data must not be tampered with by a third party; it is important to document any changes made to the data, and such records must also be trustworthy.

  • Trace uses distributed data storage technology by real-time recording "hashed" data in the blockchain.

  • Trust verification service can be easily used in various fields by validating recorded data with API.

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โ€‹โœ Event History Record

  • For services which event history must be transparent and original (e.g. transactions, deliveries, etc), adding blockchain technology to existing service increases its safety. Trace provides an API that allows recording of data without the need of blockchain developers.

โ€‹๐Ÿ“ก Tracking

  • Recorded data can be grouped according to Object ID. Any changes made to the event in t object group can be detected.

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โ€‹๐Ÿ‘จ๐Ÿ’ป TIP : Create Trace with Luniverse by following our tutorial!

You can create blockchain-based data trust verification service within 5 minutes. Try it out for free.

Trace Use Cases

โ€‹๐Ÿ“ˆ Trading Unlisted Stocks in the OTC market

Trading unlisted stocks in the OTC market requires finding sellers ("bidders") and buyers ("askers") through a web bulletin or a face-to-face meeting, which makes the whole trading process extremely inconvenient. Currently, high proportion of unlisted stocks are classified as "non-uniform stock certificates", which refers to non-listed stocks that are not supervised and managed under securities depository. Trading such stocks require actual human labour when recording data (e.g. transfer of stock ownership), and this process is generally inefficient and is prone to human errors.

In order to minimize such risks, a trader must be aware of legal issues related to buying/selling unlisted stocks. As a business point of view, there are limits to ensure safety and integrity when utilizing stock trading services or developing its own processor.

Trace will securely process all transaction events (capital, stock options, etc) safely by recording data on blockchain so that none of the data is modified, ultimately ensuring integrity of data and simplifying the trading process.

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โ€‹๐Ÿš— Buying Used Vehicles

In contactless used vehicle sales, the seller must properly manage history of the vehicle in order to deliver accurate product information to the buyer.

One effective way to build trust for the buyer is to employ blockchain technology. Consumers would be convinced that any history of the vehicle including damages, parts replacement, transfer of ownership, insurance records, etc., is transparent and reliable if they were recorded in the blockchain so that no data can ever be modified.

If both the history of vehicle purchase and the state of the vehicle are transparently registered in blockchain, post-warranties will be assured, building trust between sellers and buyers.

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โ€‹๐Ÿ“ฆ Buying/Selling Secondhand Items

Selling/purchasing secondhand products through an online market platform have its own risks as there is a chance of fraud. For example, a buyer may not show up on promised time and location. Or, the seller may not ship appropriate item after receiving money / buyer may not transfer money after receiving the product.

To combat this issue, the "victim" must provide details about the counterparty as well as evidence of the transaction. However, if the counterparty deletes its own account, there is no way the victim can prove their guilt.

However, if all transaction history, product information, transaction amount, and counterparty information were to be recorded on blockchain, then it may be used to prove any losses incurred by whom, when, and how much.

The fact that transactions registered in the blockchain will deter more fraud and allow proof of guilt would lead to a reduction in number of crimes and ensure the security of online secondhand transactions.