Meet The Team
The Ledger-Safe team is comprised of Josh James and Ken Miyachi. Josh and Ken met in college at a blockchain conference that bridged their unique backgrounds with the potential of decentralized data sharing. Joshua’s economic expertise perfectly complimented Ken’s technical proficiency, and the friendship grew into the formation of an online technology think tank.
Josh comes from a Political Science and Economics background at Arizona State University and has been involved in the market analysis and economic impacts of blockchain since 2012. After exploring virtual reality and eCommerce he started looking for secure payment solutions that weren’t limited by traditional methods.
Ken has a Computer Science background from the University of California, San Diego and is currently a Principal Investigator at the San Diego Supercomputer Centers BlockLAB and the Chair for the IEEE San Diego Blockchain Initiative. After working in Natural Language Processing and Blockchain Development he was extremely interested in the potential of decentralized solutions in the compliance and regulatory space.
Frequently Asked Questions
What is Ledger-Safe?
LedgerSafe optimizes the existing filing systems for current financial institutions by creating a bridge between business data systems and those filing systems in full compliance with state and federal standards.
High-risk businesses are required to provide transaction information to their banking partners who use it to fill out forms for reporting their merchants suspicious transactions to the government if those partners deem their banking activity to be non-compliant with FinCEN rules.
By near-immutably tracking all point-of-sale transactions, and giving partitioned ledger access to both financial institutions and federal government entities, inherent data sharing trust in high-risk industries can be established with less friction, leading to a better financial and regulatory technology framework with increased transparency.
How Does Ledger-Safe Work?
The LedgerSafe solution provides merchants with a tool that integrates their existing enterprise tracking software, with payment processing data, and sharing that information with banks in order to more effectively comply with financial compliance laws.
What Is FinCen?
From the Fincen website:
“FinCEN is a bureau of the U.S. Department of the Treasury. The Director of FinCEN is appointed by the Secretary of the Treasury and reports to the Treasury Under Secretary for Terrorism and Financial Intelligence. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.
FinCEN carries out its mission by receiving and maintaining financial transactions data; analyzing and disseminating that data for law enforcement purposes; and building global cooperation with counterpart organizations in other countries and with international bodies” (Fincen.gov).
The LedgerSafe solution allows suspicious transaction data to be near instantly compiled into a format that integrates with the Financial Crimes Enforcement Network (FinCEN) suspicious activity reporting (SAR) platform for financial monitoring in accordance with the United States Bank Secrecy Act of 1970.
This LedgerSafe protocol is aimed at bringing high-risk merchants into FinCEN compliance with more ease, efficiency, and effectiveness than previously possible with traditional SAR electronic filing methods which will lower payment processing and bank servicing fees over time for high-risk merchants.
What is Distributed Ledger Technology?
Distributed ledger technology (DLT) is a digital system for recording the transaction of assets in which the transactions and their details are recorded in multiple places at the same time. Unlike traditional databases, distributed ledgers have no central data store or administration functionality.
Many Distributed Ledger Technology (DLT) implementations are based off a linked list data structure at the most basic level. The novel aspect that makes these blockchain structures much more useful than a regular linked list are two different hashing structures:
Hash chains that links the blocks together which attributes to the immutability of the ledger.
Hash Trees that are internal to each individual block that allow for very quick transaction look-ups.
However, in a network with multiple transactions from different entities, it becomes increasingly hard to link data across blocks, as iterating through a linked list data structure can be very computationally intensive. An index of the ledger is necessary to quickly link all the data on a blockchain and/or distributed ledger with certain associations to track and audit full transaction statements of different entities.
The LedgerSafe team has implemented an indexing protocol based off of Linked Data Indexing of Distributed Ledgers. This allows for complete transparency and a significant improvement in auditing techniques for transaction verification.