REV3AL knows how to verify ownership authentication of a crypto asset
With great investments comes great responsibilities 一 phew!
Do you have Cryptocurrencies that you need to prove to someone without giving your private key? Or do you need to verify that someone truly possesses the assets they allege to? Do you have any concerns about crypto currency inheritances and endowments?
Relax, it is not just you, we all have these concerns to deal with, because with the NFT spirit in the house there comes trepidation of the scammers.
Counterfeit and stolen goods or property are a major issue in worldwide trade. The overall worth of fakes sold worldwide each year, according to the Economist, is estimated to be $1.8 trillion. Without even considering the false loss for consumers, this results in enormous losses for product owners. Furthermore, consumers and insurance providers lose money when stolen goods are resold. Every year, the insurance industry has to pay out over $150 million in jewellery theft claims.
The issue stems from the difficulty to distinguish between genuine and counterfeit items, as well as establish accurate provenance and ownership history. Many sectors still use paper to prove whether something is real or whether a specific individual owns an asset for historical and legacy reasons. Paper can be manipulated. Paper might be misplaced. When buying a diamond ring from a jeweller, it’s all too simple for the certificate to say one thing and the ring to say something very different.
Until the blockchain came along, this was a difficult challenge to tackle.
The blockchain’s core virtue is that once anything is on the blockchain, it cannot be changed or counterfeited. One application for the technology that has begun to emerge is as an ownership verification tool. Unless the owner certifies a change, an asset’s ownership is unchangeable once it’s posted on the blockchain. Something that has been digitised can be stored on the blockchain. The ownership record can be stored alongside all of that information.
The counterfeit goods sector costs firms trillions of dollars every year. It is extremely tough to prove that an item is a fake right now. It would be significantly more difficult for a counterfeiter to market his or her product as genuine if firms began documenting their products on the blockchain. Consumers might then use a user-friendly, non-technical method to check that a product is listed on the blockchain, allowing firms to gain more revenue and consumers to obtain real products.
But, is Blockchain answer to all the Concerns ?
The ownership of assets is directly connected to the correspondent Private Key in Public Key cryptography, which is utilised in Blockchains and other Distributed Ledger Technologies (DLT). You must prove that you know the respective Private Key in order to prove possession of these crypto currency. However, for a variety of reasons, disclosing the Private Key would be unacceptable. The most serious consequence is that you jeopardise the security of your crypto currency; anyone with access to your Private Key can do anything with them.
As a result, sharing the Private Key directly to show ownership isn’t a good idea. Some businesses show ownership by moving a small sum from the respective address to the address of the third-party requesting ownership verification. However, this strategy is equally vulnerable to fraud and unreliable.
Let’s have an example to sort this out!
I could, for example, order a crypto exchange to send a certain amount to a third-party address. If that crypto exchange transfers this amount from an omnibus wallet, a third-party may incorrectly infer that I hold all of the funds on the appropriate address, which I clearly do not.
Signing a given message with your Private Key is the most reliable way to prove ownership of crypto currency. The third-party can thus verify that the counterparty truly understands the corresponding Private Key without having to expose the key or send a transaction.
Well, to cut long story short 一
To hardwire concerns of ownership authentication of a crypto asset concerns, rev3al comes into picture. We believe in being authentic because the world loves it. REV3AL Digital Copyright Protection & Anti-Counterfeit Technology protects artists, creators, and owners of Intellectual Property across the digital spectrum and into the physical world. REV3AL makes an appearance to protect, authenticate and verify beyond the blockchain. We make the best of our efforts to futureproof multi — factor authentication and anti counterfeit protocols ; and this applies to authenticate and interact with digital assets and NFTs in the physical world.
It is with REV3AL where you may experience technology based on decades of anti — counterfeiting & brand protecti on with a multi layered and multi factor approach for files, assets and the carbon world.
To know more and to “Keep it Real” check out our website: https://www.rev3al.io/