Introducing Ledger-Safe

Cash intensive industries carry an increased risk of illegal activity due to the nature of their transactions and the systems they use to track them. Furthermore, these industries often have confusing legislation surrounding their operational guidelines which may change between jurisdictions. This poses a major problem for companies in cash intensive or high-risk industries to scale, garner investment, and innovate due to lack of traditional financial tools and resources.

We propose a technological solution called the Ledger-Safe protocol to increase the trust between regulators and merchants so that effective growth can be maintained throughout these cash-intensive industries, without compromising legal compliance or established merchant business models.

We found a solution that combines trust based technology and existing banking and transactions processor platforms to enable high-risk and cash merchants the ability to track and transmit transactions at the point-of-sale to their banking partners with ease.

The goal of the Ledger-Safe protocol is to develop an immutable ledger based on these findings. We will build upon a hybrid solution of existing  hardware and software systems maintained by high-risk transactional industries in order to ensure continued compliance.

Ledger-Safe technology optimizes the existing filing systems within current financial institutions (FI) workflows by creating a bridge between both parties data systems in full compliance with state and federal standards. Disincentive protocols can be agreed upon between federal agencies and banks, reducing the amount of illegal activity in the industry.

High risk merchants are legally required to provide information to their banking partners to fill out forms reporting their transactions 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 at lower costs, leading to a better financial and regulatory technology framework without comparatively sacrificing revenue for those that maintain it.

The team is comprised of Joshua James and Ken Miyachi. Joshua 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.

Joshua 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.