This article originally appeared on Global FinTech Series.
Truebit Verify securely connects Web3 applications with real-world systems
Truebit announced a new verified computing platform specializing in enhancing functionality and interoperability of Web3 enterprise applications, extending capabilities beyond traditional blockchains. Truebit’s integration framework allows developers to read and write code to any API, deploy applications iteratively and quickly, optimize workflow, as well as improve security, data integrity and process transparency. Truebit Verify leverages decentralization for developers to build applications that interact with multiple data sources, including blockchains, and verifiably execute complex code.
Dr. Jason Teutsch, founder of Truebit, designed the original Truebit protocol to verify complex computations for smart contracts, as detailed in the white paper he co-authored with Christian Reitwiessner, creator of Solidity, Ethereum’s smart contract language. Today, Truebit’s next generation platform continues to use verification games to achieve provable trust: trust in knowing what code executed, that it executed correctly, trust in data and algorithms, and transparency and provenance for data used in AI and other automated processing.
“The rapidly evolving need for verified computation is becoming critical in areas where risk exceeds the ability to trust, such as public APIs, regulated industries, and core financial controls. As demands on the enterprise to work more collaboratively with trading partners and customers increase, Web3 technology provides the transparent proof needed,” commented Dr. Teutsch.
By leveraging Truebit Verify, developers can secure the 99 percent of application logic that executes offchain. Developers can write code in familiar languages, deploy applications iteratively and quickly optimize their workflow.
Web3 Beyond Blockchains
While Web3 technology is often associated with cryptocurrencies and NFTs, it has the potential to revolutionize enterprise computing. A new generation of infrastructure is emerging which leverages consensus, verification, and transparency to address rapidly evolving challenges in computing. The factors driving a shift to hybrid, multi-cloud infrastructures are the same forces underlying Web3: security, reliability, risk mitigation, portability, interoperability, and cost control. According to IDC, within the next 5 years, 80 percent of enterprises will be part of industry ecosystems that rely on decentralized Web3 code.
“The surge of interest in blockchain technology, decentralization and Web3 continues to evolve as developers are increasingly building decentralized applications that are vital to the way IT systems work,” said Holger Mueller, vice president and principal analyst, Constellation Research. “From creating a more secure and transparent digital environment to enhancing operational efficiency and user empowerment, Web3 offers vast potential in promoting transparency, trust, and data security. As more enterprise organizations keep critical data in private and protected places, stored in blockchain and other types of distributed ledgers, a rising share of applications will run using smart contracts that all stakeholders can transparently view, verify, and agree to.”
Leading Innovation in Transparent Verification
Truebit has built the next generation of transparent verification to make Web3 development accessible, reliable, and possible for real world applications. The Truebit platform provides a secure way for developers to create interoperable Web3 applications that go beyond blockchains. Truebit Verify validates application data processed by external sources and provides portable certification. Features include:
- Web3 Microservices – Truebit secures critical offchain code. Truebit Tasks are always-on, accessible from a standard REST interface, and ready to support an applications’ event-driven architecture.
- Secure, Fast Execution – Truebit Verify’s Wasm architecture provides a fully isolated sandbox for safe execution of off-ledger tasks. Wasm’s compact footprint provides immediate availability of code across any of Truebit’s Nodes, enabling instant response times.
- API Integration – Truebit Tasks can read and write data from public and private APIs while providing fully verified operations for any data transformations or calculations.
- Cross-Blockchain Operations – Copy data and transfer assets between ledgers with rules and validation specifically tailored to an application’s needs. Truebit Verify provides a safe, neutral environment for execution of cross-chain code.
- Continuous Verification – Multiple, independent Nodes automatically verify each task. Truebit verify ensures that the code written is the same as the code executed and that no one has altered the processing of task inputs.
- Audit Trail – Each portable transcript certifies permanent evidence of task execution. Transcripts can be easily linked to ledger transactions, or can be used entirely off ledger to provide transparent audit trails.
“With the re-architecting of cloud environments to accommodate the shift to hybrid and multi-cloud infrastructure, Web3 naturally emerges as the next evolution of the compute we rely on today — from VMs to containers to serverless functions,” said Blane Sims, head of product, Truebit. “The future of enterprise computing lies in harnessing the power of Web3 to build automated, distributed ecosystems beyond the confines of individual organizations.”
Truebit in Action
Truebit’s mission is to provide a trustless solution for builders and data owners to certify truth so they can prove the integrity of data, systems and organizations to others. The company’s team of experts work together with customers and technologists to build innovative, real-world applications, including:
- The Quadrans Foundation provides blockchain technology to trace and digitally authenticate food and textile products, enabling a transparent, safe, and reliable supply chain ecosystem. As part of the TRICK Consortium, Quadrans leverages Truebit to achieve TRICK’s development goals by providing transparent and tamper-proof tracking to reduce fraud and enable interoperability across data systems, including multiple blockchains and accounting systems. Truebit creates a single source of transparent truth with an audit trail of transcripts certifying task execution.
- A financial services company needs to provide a full audit trail of KYC identity validation and AI-based fraud detection. Truebit provides a certified transcript of identity validation services provided by a third-party, verified integration with AI/ML-based algorithms that monitor transactions for suspicious activities, including independent verification to ensure smart contracts function as intended and trades settle accurately, and certifies data reported to investors and regulators (e.g. financial statements) are correct.
- A group of major recording artists are developing a platform that will transparently calculate and distribute royalties to downstream stakeholders that own a minority stake in songs, will use Truebit Verify to: source data from authentic origins (any streaming platform) for precise royalty calculations, calculate royalties based on verifiable metrics such as downloads, listens, and views, automatically pay royalties through payment services APIs and generate a certificate of correctness for every transaction.
Truebit is a verified computing platform, paving the way for developers to unlock the full potential of Web3 by building certified, interoperable applications that integrate seamlessly with any data source, interact across multiple ledgers, and execute complex code.
Built on a foundation of transparent computation, Truebit Verify provides a new level of transparent authentication with provable, off ledger code execution for the 99% of application logic that exists outside of blockchains while allowing developers to write code in familiar languages and deploy applications iteratively and quickly.