Apps Powered by Pacio Platform: Features and Privacy

2 min read

Pacio will use the Standardised Semantic Information Model (SSIM) to store data
  • Provide real time feedback to improve business results
  • Efficiently process zero fee crypto, fiat, or other payments/
    transfers/transactions between people and entities
  • Eliminate double entries for inter entity exchanges
  • Reduce costs
  • Increase safety
  • Reduce disputes
  • Speed payments
  • Permit inter entity/jurisdiction/app operations or comparisons
  • Facilitate audit where needed
  • Eliminate many opportunities for fraud
  • Provide far better privacy protection

 

Privacy Protection

Pacio data will be private or public as set by its creator or owner, including for just part of a record eg a person’s name might be public, but not his/her email address or birthdate.

Pacio data storage will involve a network of blockchains, decentralised databases, and decentralised file storage systems. This structure will allow entities to keep their data, other than common index and shared Single Entry Accounting done right! (SEA) transaction data, in a completely separate distributed database or chain that is private and unique to them. Pacio will tie this network together via a shared index, akin to the Internet’s DNS (Domain Name System) that was one of the first distributed databases.

Any data aggregation for analysis or research will be on a selective opt-in basis, with the default always being to opt out. Homomorphic encryption will be considered for any data aggregation services. (Homomorphic encryption permits analysis without the raw data being decrypted i.e. the original data need never be seen in plain text form by any analysis system.)

Features

Standardised semantic blockchain

Pacio will use the Standardised Semantic Information Model (SSIM) to store data

  • In a standardised way to be globally interoperable and comparable across entities, jurisdictions/regions, languages, and accounting standards
  • Of any type whether financial or not in a semantic way = data referenced by its content or what it is about

It allows sematic querying, and standardised semantic reporting from simple to complex with interfaces to international standards and data/report languages such as XBRL.

Business Improvement via TARI

TARI (Target Average Rate Index), invented and developed by Pacio founders Dr Keith Cleland and Trevor Watters, is a management methodology built into Pacio. TARI allows feedback to effect business improvement in real time, rather than only by analysis after the event.

Accounting and management features

  • Recording transactions in any fiat or crypto currency, or a mixture, with on the fly conversions
  • Traditional double entry Dr and Cr accounting
  • Blockchain triple-entry accounting, or Single Entry Accounting done right! (SEA)
  • Activity data used by TARI, which is not recorded by most accounting packages
  • Controls over access to data
  • Inter person, inter entity, and inter app transactions
  • Inter blockchain transactions

Inherited third generation blockchain and decentralised database features

  • Improved safety with no central point of control
  • Removal of the need for trusted third parties thanks to blockchain Byzantine fault tolerant consensus
  • Zero cost transactions for apps
  • Scalability
  • Responsiveness with transactions confirmed within seconds
  • Smart contracts written in any language a developer chooses

Enhanced blockchain features

  • Cryptocurrency with multiple purposes, the PIO:
  • Is used by app deployers to pay for network, storage, and advanced API use, optionally converted to any other currency at payment time
  • Is fully traceable, to provide a clear trail in the event of theft
  • Serves as a general cryptocurrency
  • Pays an issuance reward of 25% of newly minted PIOs in proportion to the PIOs held
  • Governance emphasis re a constitution and voting, including governance app support, and the role of the Pacio Governance Council

Additional services

  • Global digital identity support for individuals and entities
  • Data exchange/monetisation support for decentralised data exchange (DDEX) apps
  • Authenticated accounting and other real world data feeds
  • Event triggers to initiate intra or inter app/entity app actions
  • Governance support to governance apps to be written
  • Ricardian contracts (internet of agreements) support
  • An Internet of Things (IoT) interface
  • An artificial intelligence interface

 

 


Pacio is creating a decentralised semantic data application platform and will produce the first Semantic Business Web on the blockchain.


 


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