Decentralized cryptocurrencies have been with us for the best part of a decade now and their capabilities are well established. Yet it is only in the past couple of years that useful blockchain-based applications, other than currencies, have begun to materialise.
Such innovations are happening thanks to the creation of new application layers, sitting on top of the principal blockchain. These enable a far greater volume of transactions to be verified than the blockchain’s capacity would normally support. In simple terms, they aggregate many off-chain transactions and commit their combined ‘state’ to the chain less frequently.
These new layers also allow a wide range of non-monetary transaction types to be represented on the blockchain.
We are truly excited about the advent of these technologies and proud to announce that one of the most innovative services – Woleet – is now available to Ledger users. Woleet has developed a custom application for the Ledger Nano S, available to download using the Ledger Manager.
Woleet uses the Bitcoin blockchain to create timestamped proofs of existence and signature for documents. Tools like these are invaluable to anyone working with contracts, legal documents, and intellectual property.
Until now, such services have been provided by authorised verification companies. These can be expensive, complicated to set up, and are ultimately still centralised bodies, lacking the safeguards associated with distributed verification.
Woleet simplifies the process of document authentication, helps make it available to everyone by removing prohibitive pricing, and increases levels of trust by employing Bitcoin’s rigorous safeguards.
The arrival of Woleet for Ledger illustrates the pace at which cryptocurrency and blockchain-enabled technologies are establishing their practical value within society. The promise of multi-purpose blockchains, supporting a vast internet of things, is rapidly becoming real.
For Ledger, the launch of the Woleet app underscores our commitment to supporting an ever-expanding range of third party applications, giving people the best, most secure tools to navigate their digital future.
Read more about using Woleet for Ledger Nano S.