Adding Metadata to Your Transactions With FIO Data

FIO Data

Lastly, there’s FIO Data, which allows users to add various metadata to any blockchain transaction among FIO-enabled apps.

This is revolutionary compared to other blockchains, where most NFT data does not live on-chain. Adding metadata can be greatly useful for crypto business transfers to bring clarity, accountability, and transparency to both sides accepting crypto transfers.

How can a user add that metadata to any transaction? It works almost the same way as demonstrated with FIO Requests. Let’s quickly see how it goes, using the Edge wallet, once again.

Let’s click on a “Bitcoin Wallet” here, and hit the “Request” button.

Now, let’s put in the amount, and then in the bottom-left corner, click “Fio Request”.

Simply type the FIO crypto handle of your friend or another company. The screen in the video example pops up.

“Memo” is a place where you can type any kind of data, for example, let your friend know what the request is for, or input any important business data.

Even though we’re going over the FIO request feature again, all FIO data actually works the same with sending crypto.

Now slide and confirm. And it’s done! Your friend, or the other company, received the request. They can now slide and confirm the request.

On your own side, you can now see that the funds have been successfully received, and you can check any transaction details.

FIO Data can be especially useful for future decentralized commerce, in which conventional transaction information (like invoices, dates, and additional contact information) can be also stored on-chain for future audits, with full audibility and encryption between counterparties.

FIO Data can also include metadata related to a native blockchain transaction, such as transaction IDs, refund addresses, and even hashes of off-chain data.

Finally, FIO Data can also provide a secure and private mechanism for certain regulated entities to maintain encrypted stores of information on customers, as stipulated by examples such as the Travel Rule. This will allow for a level of cross-application compliance where jurisdiction demands it.