How it works
Four ideas, and the rest follows from them.
1. One receivable, one record
Every registered receivable becomes one unique record on a blockchain, an ERC-721 certificate. The registry refuses to create a second record for the same receivable, and that refusal is what the whole product is for.
2. The identifier is a hash, so nothing is published
A receivable's identity on chain is:
identifier = SHA-256( UPPERCASE(TRIM(Loan ID)) + "|" + pool passkey )
Two consequences.
The identifier is derived, not assigned, so anyone holding the Loan ID and the pool passkey can compute it themselves and look it up, with no account and without asking STOKR.
It also reveals nothing. Someone reading the blockchain sees anonymous records changing hands between anonymous addresses, and cannot work backwards to a Loan ID, a debtor, or an amount.
3. The owner is the status
The only thing stored against a certificate is who holds it. Ownership therefore carries the status:
| Holder | Status |
|---|---|
| STOKR's custody vault | Available. Registered, not sold. |
| A funder's vault | Sold to that funder. A pool has exactly one holder. |
There is no "paid", "unpaid", "live" or "expired". SPCR holds no amounts and no collections data, so it could only ever repeat someone's claim about payment rather than verify it. See Questions we get asked.
4. Verification happens in the funder's browser
When a funder checks a receivable, their browser computes the hash locally and sends only the hash. The Loan ID and the passkey never reach STOKR's servers. A whole loan tape can be dropped in and checked in one pass, and the file is parsed in the browser and never uploaded.
The lifecycle, end to end
- Originator creates a pool with a code, a name and a passkey.
- Originator registers receivables into it, by uploading a loan tape or typing Loan IDs. Each row is judged on its own; one bad row never blocks the others. Accepted rows go on chain immediately, into custody. There is no STOKR approval step.
- A funder verifies whatever they have been given, on the public site.
- Originator sells the pool to that funder, as one block. The certificates move from custody to the funder's vault. This is irreversible.
- The funder can sell it on to another funder later, and the history of every move stays visible on chain.
Nothing is ever deleted or burned. A receivable's record is permanent once registered, which is precisely why its Loan ID can never be reused.