PeerNova has developed a technology platform that provides immutability and data integrity for use in financial services applications, such as compliance and audit. Inspired by blockchain, our patent-pending technology enables use of immutable ledgers and databases in real-time. Traditional applications of blockchains involve de-centralized ledgers, distributed consensus protocols, and anonymous users. PeerNova’s solution is built for commercial usage by enabling the same type of data integrity and immutability for financial ledgers without needing to de-centralize the ledger or allowing anonymous users to participate.
In a cryptographic ledger system such as a blockchain, transaction records are stored chronologically. The signature (or hash) of each record is also fully embedded into the signature of the leading transaction record. Since manipulating records in any way would in turn change the cryptographic signature of the chain, tampering with this method of storing data becomes difficult and easy to detect.