How it works
SPCR is built on four design principles. This page describes each one and the lifecycle of a registered receivable.
1. One receivable, one record
Each registered receivable is represented by a single record on a blockchain, an ERC-721 certificate. The registry rejects any attempt to create a second record for the same receivable.
2. The identifier is a hash
A receivable's on-chain identifier is:
identifier = SHA-256( UPPERCASE(TRIM(Loan ID)) + "|" + pool passkey )
The identifier is derived, not assigned. Anyone holding the Loan ID and the pool passkey can compute it and look it up on chain, without contacting STOKR.
The identifier discloses nothing about the receivable. The blockchain shows anonymous identifiers held by anonymous addresses. A Loan ID, debtor or amount cannot be derived from it.
3. Ownership determines status
The only information recorded against a certificate is its current holder. The holder determines the status:
| Holder | Status |
|---|---|
| STOKR's custody vault | Available. Registered and not sold. |
| A funder's vault | Sold to that funder. Each pool has exactly one holder. |
SPCR does not report payment status such as "paid", "unpaid", "live" or "expired". SPCR holds no amounts or collections data, so it cannot verify payment. See FAQ.
4. Verification runs in the browser
When a funder verifies a receivable, the browser computes the hash locally and sends only the hash. The Loan ID and the passkey are never sent to STOKR's servers. A complete loan tape can be verified in one pass. The file is parsed in the browser and is not uploaded.
Lifecycle
- The originator creates a pool with a code, a name and a passkey.
- The originator registers receivables into the pool by uploading a loan tape or entering Loan IDs. Each row is processed independently, so an invalid row does not block the others. Accepted rows are recorded on chain immediately and held in custody. No STOKR approval is required.
- The funder verifies the receivables on the verification site, spcr.io.
- The originator sells the pool to the funder as a single block. The certificates move from custody to the funder's vault. This action is irreversible.
- The funder may sell the pool on to another funder. Every transfer remains visible on chain.
Certificates are never deleted or burned. A registered record is permanent, so its Loan ID cannot be reused.