Registries are databases. Databases rely on trust. A digitalised database or ledger is only as reliable as the organization that maintains it. Blockchain technologies solve this trust problem by removing the need for a trusted central authority to maintain the ledger. Another key aspect of blockchain systems is that the larger the network of participants maintaining this ledger, the more trustworthy its data becomes. Furthermore, the size of the network increases the difficulty of tampering with the data on its ledger. The larger the decentralized ledger, the more difficult it becomes to alter data records to re-write the truth.
Restricted firearms retailers must always keep their inventory well accounted for and organized in a ledger of some sort. Many non-restricted retailers do this as well, but it’s not yet required, and they can’t be penalized for not doing so.
Restricted firearm retailers are also required to perform an eligibility check on the purchaser’s licence ID at point-of-sale. This process can be time consuming and adds friction to the client’s experience and the experience for a consumer to transfer a firearm to another licence holder is even more time consuming.
Once licence validity verifications are complete, a retailer and/or individual transferring the ownership of a firearm to another licence holder should be confident that the ownership is no longer theirs. Firearm holders that take the proper safety precautions to secure their firearms should know what firearm data is linked to their identity.
Data privacy has become a problem not only in the firearm control debate but is a new reality within the digital world. Data privacy is a growing concern. People are realizing that single entities are utilizing their personal data to re-sell products and services to them. In the firearm debate, people also care about their data and don’t feel comfortable with having a central party take ownership of it. Unlike data that Google collects, firearm data requires a higher level of privacy because it directly impacts someone’s security. Having sensitive data like this in a centralized database creates many potential risks if a data breach happens.
VeriTransfer™ is the first step towards creating an optimized management flow of firearms in a decentralized manner, while maintaining data privacy.
VeriTransfer™ will empower businesses and individuals to maintain and secure their firearms. For a retailer that manages high quantities of inventory, it becomes time consuming to maintain a concise and up-to-date ledger. There is no easy way to transfer firearm inventory to another business or individual. Without an easy tool for this process, there are risks that human error can cause mistakes even if they are involuntary ones.
VeriTransfer™’s goal is to become the defacto tool for firearm holders to maintain their firearm inventory, and to ensure that once a transfer is made the firearm is no longer associated with them.