VeriTransfer(TM) Unveils the First Known Proof-of-Concept for a Blockchain Enabled Firearms Licence Verification and Ownership Transfer

Blockchain Enabled Firearms Solution Ensures Instant Verification of Ownership and Safe Transfer While Maintaining Data Privacy

  

 

TORONTO, July 12, 2018 (GLOBE NEWSWIRE) -- VeriTransfer(TM) today announced the completion of its Proof-of-Concept ("POC") of the first publicly announced Blockchain enabled solution that decentralizes the process of storing the ownership rights and transfer of firearms.

VeriTransfer(TM) is also pleased to announce that it will donate a percentage of all future revenues or the proceeds from any future sale of the company towards foundations whose mission is to end gun violence and build safer communities.

The Gun Epidemic & The Economic Impact

The United States hosts 4.4% of the world's population, but almost 50% of the 644 million civilian-owned guns globally are located in the U.S. Disturbingly, more American citizens have died as a result of gunshots in the U.S. since 1968 than on the battlefield of all the wars in American history from 1175 to 2015. In addition, the estimated annual cost of fatal and non-fatal gun violence to the U.S. was $229 billion, representing 1.4% of total GDP¹.

There have been 154 mass shootings in the United States since January 1^st, 2018. This includes 23 school shootings that have occurred as of June 30^th, 2018 in the U.S. where someone was either hurt or killed. That averages out to more than one school shooting a week².                                 

The Potential Bipartisan Solution

VeriTransfer's mission is to help increase public safety, mitigate firearm-related deaths, all while empowering firearm owners to safely manage the ownership of their firearms and maintain complete data privacy. The decentralized and private structure of the VeriTransfer system gives full ownership of firearm data to the licence holder, while empowering law-abiding citizens to reduce the flow of firearms into criminal or suicidal hands.

Mathieu Glaude, CEO of Northern Block, the Toronto-based blockchain product development company is excited about VeriTransfer's potential societal impact. "We see the management of firearms as a perfect use case for blockchain technologies. Empowering individuals and retailers to privately manage their firearms in a decentralized manner is powerful and it presents an optimal solution to the unresolved gun control problem." said Glaude.