A conversation with Emiliyan Enev, CEO of ReCheck
As we have previously briefly featured, ReCheck brings simple, safe, and user-friendly access to Blockchain technology. What makes ReCheck different is the nature of the solution – super easy registration, verification, sharing, tracking, and signing of data on the blockchain. ReCheck is data and blockchain-agnostic, meaning that it allows for a blockchain ecosystem to be changed and adapted when needed. Person-to-person encryption allows users to benefit from a maximum level of security when sharing sensitive data.
Exchange sensitive data. Protect privacy. Manage traceability.
In 2020, ReCheck pivoted to an online document-management service deployed on the æternity blockchain, providing startups and SMEs with a set of tools (protocol for encryption, software libraries, API, etc. packaged in an SDK) to protect sensitive data and share with ultimate security and privacy. The SDK of the company dramatically decreases time, costs, and risks for everyone who would like to leverage blockchain for practical business purposes.
æternity blockchain development team spoke to Emiliyan Enev, CEO of ReCheck, to bring the æcommunity the story behind and the latest results of the team.
In the following paragraphs readers can find some of the official ReCheck statements, and the CEO’s commentary. Furthermore, Emiliyan will share his advice to blockchain-based companies from the perspective of a founder, as well as a look back on the beginnings of ReCheck and why they decided to build and grow on the æternity blockchain.
The new solution will streamline document exchange. Through optimization of the process, interested parties will improve efficiency in data management, without compromising privacy and security.
Can you give us an example of who will benefit most from streamlining their processes and how will privacy and security stay uncompromised?
“The real optimization of business processes is achieved through smart contracts and leveraging the decentralized identities and data management approach. Each file registered on the blockchain with ReCheck tools gets a unique identifier (timestamp and fingerprint). Then it could be shared with many recipients – for example with a request to be signed or reviewed. There is full traceability of all interactions with the data based on the executed transactions on the blockchain. Businesses could program certain logic and rules in the way data is managed and can make sure that processes are implemented accordingly. This is especially useful in multi-stakeholder processes where certain files are transferred from one mail server and database to another. With ReCheck the data is securely encrypted and stored by the creator who manages who could access it and based on what terms.
The parties that will benefit most from securing and streamlining business processes with ReCheck tools are those who deal with sensitive data – legal companies, financial institutions, content creators, healthcare organizations, insurance companies, and many others.”
The company is a pioneer in developing decentralized applications that generate practical value to businesses and it has already completed numerous successful projects across the EU.
Can you name and shortly talk about some of the use cases and projects ReCheck is proud of? Also, where can æcosystem members access and test/try/learn more?
“The solution for secure and private data exchange is available at: https://my.recheck.io/. Before logging in, users should install the ReCheck mobile application and create a decentralized identity on their mobile devices. They are in full control of the generated identities because they own the private keys associated with the identities. Each piece of data that is uploaded and registered on blockchain with our solution is encrypted with the private key of the users and ReCheck is not able to read the data as a service provider. And that’s the critical difference when we compare our approach to other online services for data management. We follow the principles of privacy by design and we give ultimate control and ownership over data to our users. It is like having the keys to manage your essential documents always on your mobile device. When data is shared with other users, the sender encrypts the file to the identity of the recipient in a way that only the selected receiving user can decrypt and access data. No man-in-the-middle attacks like fishing are possible and businesses and ordinary people could communicate with peace of mind without being tracked or exposed to data breaches or leaks.
Some of the use cases and projects worth mentioning include a marketplace for intellectual property, passports of construction materials, a service for tracking the origin of coffee, a platform for legal services, and an invoice sharing system.”
In June 2020, ReCheck’s beta version of the data exchange web tool for businesses was launched. The online service features intuitive interface and improved user experience. All transactions that are executed through the tool will be recorded on the æternity blockchain. Digital proofs from the transactions can be later verified through the æternity blockchain explorer.
Please, briefly explain why the æternity blockchain was chosen, and, if possible, share with the æcosystem the major transaction statistics and what you aim to achieve on the annual and bi-annual level.
“We have chosen æternity blockchain because we were looking for a public blockchain with low gas price and reasonable fees for running transactions. We like the fundamental technology backbone of æternity and the development tools and resources. The speed of executing transactions on the main net is fast and we have not experienced any technical difficulties in leveraging the public æternity blockchain for our business purposes”, explains Emiliyan Enev.
What’s the value of the Paper? Why is it important for founders to influence innovations in the blockchain industry, and do you have any advice for the current and new founders eager to disrupt the blockchain industry?
“The INATBA official Position Paper on Decentralised Identities lays some foundational aspects regarding how the concept of self-sovereign identities can be implemented, adopted and further developed. It poses some major challenges toward the interoperability of the technology.
The great value of SSI is that it allows individuals to get control of their digital identities so that they can manage the core functions of that digital identity. This will respectively then change the way digital identities are perceived and will lead to a change in the way society experiences its “digitised life”.
SSI can be used for almost all online processes, from simple authentication requests (e.g., service log in), to requests such as filling out forms digitally. It will enable societies to control the access to their data while executing daily transactions.
As governments are looking to more human-centered policies, users’ privacy and data integrity will become more and more important. Entrepreneurs and innovators need to create their products and services based on those principles if they want to stay compliant and further grow their business.”
What is ReCheck currently working on?
Please, tell us what can be expected in 2021 and where æcosystem members and community can follow the updates?
“ReCheck develops the Building Renovation Passport (BRP) – decentralised app to manage digitally all essential real estate data from one place. The Building Renovation Passport (BRP) acts as an online vault where homeowners and businesses create identifiers of their real estate and manage all files related to their properties. The specific purpose of the solution is to support the transition to energy efficient buildings with low carbon use with new tools for better data collection, accessibility and verification.
Users of BRP are in full control of the data – all of the added items are encrypted with their identities and only the homeowners are able to access and share the stored data. The documents are digitally certified on blockchain to ensure the trustworthiness and reliability of the data. In that way the Building Renovation Passport is a digital representation of the real estate and a new class of asset that increases the valuation of the properties.
The BRP is also a tool for compliance with the EU Green Deal because it will allow users to assess the current situation of their real estate in terms of energy performance, make a plan for upgrades and implement the renovation with reliable monitoring, reporting and verification of the results. On the blockchain, of course.”
Talking about ReCheck’s beginnings, as well as Emiliyan’s own history in blockchain and innovation technology in general, we asked him what advice he would give to individuals and teams looking to start building on blockchain.
Emiliyan shares that his most valuable lesson learnt is that it’s not about the technology, rather it is about solving real problems and creating tangible value for customers and partners.
His advice for teams building on blockchain is to avoid pushing the technology and to focus on the business case. Blockchain, he adds, is just like cloud or database – one of the tools in the arsenal of the contemporary developers.
“Yes, blockchain provides new infrastructure to connect, interact and exchange value in a direct p2p way with other users, but the user experience defines which solutions will be adopted by the market. So, try to develop your dapps in a way that your parents don’t even notice they are running on blockchain.“
Speaking about recent market trends and the most popular innovation in the field of blockchain, we asked Emiliyan about developments he is most interested in.
“No, it is not the NFTs“, he says with a smile, “I’m not sure if it is a trend but recently I am fascinated by the concept of data trusts as a means of pooling and monetising huge volumes of data without compromising privacy and ensuring fair and transparent distribution of the value created from the collected data.“
As mentioned above, ReCheck team is currently working on some new things, and the next big milestone we can expect is the BRP. As Emiliyan put it: “You can expect to hear from us when we launch the first version of the building renovation passport towards the end of the summer this year. We will make some noise and splashes!”