WeldChain Technology

  • Blockchain The WeldChain ledger is deployed on the Ethereum blockchain, a proven permissionless blockchain platform.  Although this platform currently uses an energy-intensive Proof-of-Work (POW) consensus methodology, it will soon transition to Proof-of-Stake (POS) for faster and less energy-intensive transaction verification.  

  • Distributed Applications The WeldChain application is deployed as a distributed application for both desktop and mobile access.  As a distributed application it is not controlled by a central entity, but is maintained by multiple nodes, ensuring low-cost, robust operation free of interruptions.

  • Smart Contracts Transactions on the WeldChain are managed by Ethereum smart contracts.  The contracts are open for anyone to review and audit and, once deployed, will only be updated by a consensus of WeldCoin token holders.

  • Tokens WeldCoin is an ERC-20 fungible token that is used to transact on the WeldChain.  Users who add verified transactions to the WeldChain will earn WeldCoin and users who need to extract information from the WeldChain will need WeldCoin to enable the transaction.  The WeldCoin is also used to pay for network and application fees associated with the Ethereum network.  The value of the WeldCoin is fixed, but the amount of WeldCoin earned and required to extract information will be set by the WeldChain market based on reduced cost for the producers and consumers of welding information.

  • Distributed Autonomous Organization (DAO)  The underlying smart contracts and further development activity will be managed by a Distributed Autonomous Organization.  WeldCoin holders will be able to make recommendations regarding contract and application updates and will have a vote proportional to the tokens they hold.

  • Interplanetary File Server (IPFS) Only transaction and verification information is stored on the blockchain in order to keep overall network cost low.  If evidence documents are required to be retrievable as part of the welding specification, they are stored off-chain on an Interplanetary File Server (IPFS), a secure, peer-to-peer network for storing and sharing data in a distributed file system.

  • Cryptography WeldChain uses public/private key cryptography to ensure security and privacy.

  • Internet of Things (IOT) WeldChain uses IOT APIs to connect with welding, biometric and inspection equipment for secure and efficient transfer of welding information to the blockchain.

  • Identity and Certifications Weldchain uses Personal Identification technology, along with trusted certificate verification protocols to establish the credentials of users interacting with the WeldChain.