The Metanet project built on the Bitcoin SV (BSV) blockchain is going to revolutionize the sharing of data. It is basically the Internet on steroids and offers a serious amount of protection to both netizens and data, using the strengths of the blockchain to ensure information is verifiable and immutable. As the program continues to be rolled out, a new service is now being offered that can provide an extra layer of protection. Legally Chained offers both onchain identity, as well as document management, solutions.
According to a Legally Chained tweet, “Legally Chained is an onchain identity and document management application, powered by the Metanet, useable by every single company, professional and regular internet user in the world without ever having to own, buy or hold Bitcoin.”
The company further adds, “We provide an API for businesses that want to use our service to onboard users. We envision a world where the user has ownership of data, services compete for access to it. Users can easily revoke access and move their onchain data to another service.”
By creating a free onchain identity through the platform’s website, users are able to sign onchain documents and verify their identity. Putting documents on the platform to be signed by others can cost as low as $0.99, and anyone signing a document created by another is free.
Digital signatures and digital documents have already been legalized in many countries around the world. Legally Chained takes that concept to a new level, offering an increased amount of protection and verified status for contracts, loan agreements, non-disclosure agreements and more.
To overcome issues found in document services such as DocuSign and others, Legally Chained believes that a new protocol may be in order. It explains on its website, “To deal with these issues using the Bitcoin network, we propose the Bitcoin Attestation Protocol – BAP, a protocol to create a chain of trust for any kind of information on the Bitcoin blockchain.”
Legally Chained is one of the many applications being designed on the BSV blockchain that cannot be found elsewhere. The main reason for this is BSV’s large scaling capability, which is missing on all other major crypto platforms. This enables huge amounts of data to be stored and shared securely and quickly around the world, facilitating—and revolutionizing—business on a global level.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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