Frequently Asked Questions
How is Blockchain better than paper logs, .pdfs, Excel or databases?
Once information is verified and added to a blockchain, it lives permanently on the web and cannot be altered. Individuals or institutions with the proper credentials can access the information with open-source tools or customized web-based applications. Information for commissioning and validation is shared directly on the blockchain, not copied and sent between parties. The WeldChain is not owned or maintained by any one entity. After it has been launched, it is public and available for the benefit of the entire community.
What can I do with the WeldCoins that I earn? Are they taxable?
WeldCoins are used to extract information from the WeldChain. For example, to get weld status information for a project, to assemble turn over packages, to register with an agency to explore job opportunities or for owners and contractors to collect benchmarking information. WeldCoins can also be converted into crypto or fiat currency, but would be taxed as income at that time.
Where are the evidence documents that I upload to the WeldChain stored?
Any evidence document that is uploaded to the WeldChain dApp is stored on the same distributed ledger as the underlying quality transaction. This differs from other blockchain platforms that require links to "off-chain" document storage platforms.
How can I be sure that my information on the WeldChain will not be lost, changed or shared without my permission?
WeldChain transactions are recorded on the Agingo blockchain platform. This platform records transaction data on ledgers maintained by networks of distributed, decentralized nodes. These ledgers are application-specific and are verified and secured by four interlinked blockchains. Access to transaction data is managed by the use of Verifiable Credentials and data sharing rights are coded into the smart contracts.
Isn't blockchain technology bad for the environment?
Unlike Bitcoin, the blockchain technology used by WeldChain does not require significant computing power to secure the distributed ledger transactions. Instead, the WeldChain platform leverages multi-blockchain technology that can use just four devices to record, witness, observe and timestamp the quality transactions. This approach, which leverages the users existing devices and data infrastructure, compares favorably from an energy standpoint not only against other blockchain technologies, but also against centralized data storages approaches.
Can I add existing weld documentation onto the WeldChain or am I starting from scratch?
Yes. Welds that have not been fully verified on the WeldChain can be added in order to bring prior projects or a welder's history up to date. However, these welds will be tagged as "unverified" on the WeldChain.
How does the cost of using WeldChain compare with existing methods of welding documentation?
Blockchain technology can reduce the cost of data collection, verification and storage by up to 85% vs paper-based systems. The cost savings for owners will depend upon the current level of automation and digitalization employed. As a benchmark, the estimated cost to extract complete information for a weld will be $12 in WeldCoin at launch and decrease steadily over time as higher usage spreads the development, maintenance and networks costs over an expanding set of transactions.
Do we need to change our Quality Manual or WPS, PQR and WPQR information in order to use WeldChain?
Companies responsible for maintaining their Quality Manuals, WPSs, PQRs and WPQRs will not need to change their current set of qualifying documents or quality systems. The main change is that the records will be accessible to the WeldChain and used to verify that each weld conforms to the quality requirements before it is permanently recorded on the blockchain.
When will the WeldChain dApp be available?
The WeldChain application will be rolled out in several phases. The first phase, scheduled for early 2023, will allow welders and inspectors to self-certify their credentials and work history in exchange for rewards funded by sponsors and advertisers. The second phase will roll out the full quality platform to biopharmaceutical and semiconductor customers in the first and second quarter of 2023. These industries were chosen since they use orbital autogenous welding. This type of welding is best suited for the electronic transfer of information to the blockchain and must meet stringent documentation standards to meet safety, regulatory and process requirements. The WeldChain will be available to all industries in the United States by the end of 2023 and internationally by the end of 2024.
Is WeldChain acceptable for ASME, AWS, API, NFPA, AHJs and cGMP weld documentation?
Based upon our initial assessment and similar electronic documentation protocols currently in use, we believe that the WeldChain platform can be used as the exclusive permanent record of certified welds and their inspections. As part of our development plan, we will be engaging with authorities and consultants to confirm this assessment.
Can you pay for the welds or inspections using WeldCoins?
The WeldChain is used to exchange information about welds and is not used to purchase goods and services such as welding labor, inspection labor or the weld itself.
Will the price of the WeldCoin fluctuate like Bitcoin?
The price of the WeldCoin is fixed to the US Dollar and will not fluctuate like Bitcoin or other cryptocurrencies. The value of the information added to the WeldChain as well as the cost to extract the information will fluctuate as the network evolves.