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PayStand Leverages the Blockchain to Document Proof-of-Action

No blockchain experience? No problem.

Business payments platform PayStand is launching what it’s calling Assurety-as-a-Service, which is exactly what it sounds like. The new API allows businesses with no prior blockchain experience to verify any event, action, or identity in real-time by creating a record that is notarized on the blockchain.

To picture what this looks like, imagine having a frictionless notary public that can scale; notarizing an unlimited number of documents. In a blog post detailing the API, PayStand illustrates a multitude of use cases across a variety of industries. In the insurance industry, for example, businesses can track the exchange of high-value assets and use an automated collections process to settle a claim more efficiently. And businesses in the real estate vertical can record, track, and transfer land titles, property deeds, and liens, and ensure all documents are accurate and verifiable.

The solution levels the blockchain playing field by not requiring businesses to have any prior experience with the enabling technology. “Assurety-as-a-Service lets businesses skip the steep learning curve and start using blockchain right now,” said PayStand CEO Jeremy Almond. “Any developer can use our API and spin up their own blockchain app in minutes,” added Omar Baqueiro, Director of Product and Engineering.

The Assurety-as-a-Service API helps businesses deploy applications that prevent fraud by leveraging PayStand’s hybrid blockchain to document proof-of-action without allowing anyone to edit the record. The tool offers the accountability of a public blockchain while providing data privacy of a private blockchain. As Baqueiro phrased it, Assurety-as-a-Service “combin[es] the advantages of a trustless, decentralized, immutable public chain with the privacy and security expected of enterprise-level solutions.”

Today’s development comes after the company’s 2018 launch of a blockchain that ensures payment, adding security to the PayStand Bank Network. On that blockchain is stored an immutable record of every transaction the company processes.

PayStand showcased at our developers conference, FinDEVr Silicon Valley 2014. Earlier this year the company launched a service that uses the blockchain to automate invoice collection. Businesses can integrate the tool, Automated Receivables, into their existing customer payments infrastructure.