South Korean blockchain-based global electronic contract (e-contract) startup FirmaChain announced that it joined hands with DTT Alliance (Decentralized Timestamping Alliance). DTT Alliance is comprised of TSA (Time Stamping Authority) and data verification companies.
Along with DTT Alliance, Firmachain aims to develop a blockchain-based decentralized TSA service ecosystem, overcoming existing processes’ limitations. The e-contract startup also plans to collaborate with DTT Alliance partners to achieve scalability of the blockchain network.
DTT Alliance addresses opportunities and barriers in various markets of data authentication and distribution. This is in line with the enactment of Three Data Bills, the amendment of the Basic Act on Electronic Documents and E-Commerce, and the abolition of public authentication certificates in South Korea.
Expanding the Blockchain Ecosystem
“Together with blockchain-based electronic contract platform FirmaChain, it will be possible to record and verify corporate core data, including e-contracts using blockchain.”
-Shin Jae Hyuk, Secretary-General of DTT Alliance
DTT Alliance said that 15 corporates confirmed participation, including CJ OliveNetworks, Daebo Communication & Systems Corporation, Lotte Data Communication, Bespin Global, Busan International Film Festival, Argo, eXsoft, Initech, Xangle, Chain Partners, Topedo, Fujitsu Korea, and Hyundai AutoEver.
“We hope that our participation in DTT Alliance activates the use of a more transparent blockchain-based e-contract platforms like FirmaChain in the contactless and private authentication markets. Participation by various corporates in DTT Alliance will lead to the formation of a highly scalable network.”
-Young Yoon, CEO of FirmaChain
Currently, FirmaChain intends to expand the blockchain ecosystem by actively accepting blockchain-based technology useful in diverse industries. The expansion, for example, is the collaboration with one of the four major DID (Decentralized IDentifier) associations in Korea with MYKEEPiN ALLIANCE.
FirmaChain aims to substitute all written contracts concerning social and legal matters using its blockchain-based e-contract platform. The startup would use blockchain’s decentralization capability to solve forgery in traditional written and electronic documents. FirmaChain could check the contract’s validity through its hash function, verified in an independent node, to resolve legal disputes.
Blockchain eliminates the risk of document forgery and an effective technology applied to FirmaChain’s first DApp (decentralized application) – duite service.
Duite, a blockchain-based e-contract solution that changes contracts, signatures, and management methods, focuses on solving forgery problems such as signature forgery and document falsification. Elliptic Curve Cryptography (ECC) encrypts the user’s contract data, guaranteeing the document’s security. Then, encrypted data uploads to the server owned by FirmaChain and the InterPlanetary File System (IPFS), ensuring the safety of the user’s contract data.
The double-posting security mechanism provides technically enhanced assurance that signed contract documents are kept in inviolable document storage.
The DApp implements a reliable contract-making procedure between parties. It reduces the processing cost for international contracts through contract writing using fewer resources and simplifying the process. FirmaChain is creating a service that overcomes the limitation of written contracts.
Visit FirmaChain’s website https://firmachain.org/ for more information.
About DTT Alliance
DTT Alliance formed after the outbreak of COVID-19 to resolve various market opportunities and barriers. It aims to look at the future of the data authentication and distribution market. The alliance can be used in various data verification processes, starting with TSA, an essential element of electronic documents/electronic contracts, financial and public verification processes, in MyData, medical record management, development code audit, and more. The goal is to develop into a single source trust platform and a value-added communications network that distributes core data.
Visit the DTT Alliance website https://www.blocko.io/dtt/ for more information.
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