HealthSpace Data Systems announced an update to its VIA Protocol & Marketplace whitepaper to include details on why a blockchain protocol should be included in compliance management.
Called the “VIA Protocol & Marketplace,” the company’s second version of the whitepaper details how blockchain can benefit compliance management “across numerous verticals.”
Compliance management is described as vital components to the corporate governance and regulatory processes that have an impact on government and private sectors around the world.
“We are proud of this latest release which provides detail and clarity to numerous stakeholders on how this revolutionary technology can be utilized across many spectrums,” Silas Garrison, CEO of HealthSpace Data Systems, said in the release.
The updated version of the whitepaper offers a new approach to regulators, software providers and private companies for sharing data. This includes simplified toolkits and interfaces, all of which are on a singular protocol in a distributed network.
Further, HealthSpace’s blockchain solution is comprised of two crucial components: the VIA Protocol, which will capture and validate compliance data and regulatory purposes.
The whitepaper explains that the VIA Protocol is designed around four key elements, which includes: validated business identity, verified regulatory compliance baseline, VIA data submission history, and VIA compliance score and rating.
“The protocol validates inputted data against verified business identity, creating deeper, more meaningful data while empowering business to monetize their contribution with the VIA Data Marketplace,” the document reads.
The second component is the VIA Data Marketplace, which aids the VIA Protocol. VIA Data Marketplace is an aggregated data marketplace of verified data from the government and private sector. The VIA Data Marketplace will be used to advance compliance best practices, regulatory management and risk mitigation.
HealthSpace Data Systems claims in the document that its blockchain solution is advantageous in that its characteristics are “uniquely suited” for the compliance industry.
Those attributes include: having a trusted and transparent ledger of compliant businesses, being decentralized that is verified right away, having an immutable record of compliance data, having a way for businesses to track data through the VIA Data Marketplace, and being a “qualified and trusted data set” and improving real-time decisions.
“The VIA Blockchain Solution will become the de facto global standard for verified regulatory compliance data whilst creating a virtually unlimited number of monetizable opportunities for both public and private sector as a result of these qualified aggregated data sets,” the paper claims.
According to the press release, the VIA Protocol is currently in the beta phase and is being used to create a pilot program in Ontario in storing food permit and inspection data. After completion, that will make it the first public use of the VIA Protocol and a “first-of-its-kind” application of displaying government data publicly using blockchain.
Over Wednesday’s trading period, shares of HealthSpace Data Systems remained unchanged from its previous close of C$0.05. Shares of the company have tumbled this year from C$0.22 on January 2 and breifly touched an all-time high of C$0.26 on January 10.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.