FirmaChain, a global blockchain-based electronic contract platform operator, and Bluehelix Korea stated that they are forming a strategic business partnership. In 2019, Chae Hun and Lee Sangwook co-established Bluehelix Korea, a leading blockchain financial information and security tech firm, providing decentralized digital management services.
With Bluehelix Korea, FirmaChain plans to replace all written contracts regarding legal and social issues with blockchain-based electronic contracts. Furthermore, one of FirmaChain’s main objectives is to advance the paperless transition and foster electronic platform usage.
To solve issues regarding paper document forgery and tampering, FirmaChain and Bluehelix Korea will utilize blockchain technology. With FirmaChain’s capabilities, the two companies aim to improve data security by employing decentralized contract systems with unique identification values for every stored document. In addition to the blockchain solutions, both companies will also develop other convenience functions for operational efficiency.
Currently, Bluehelix Korea continues to expand its core business activities in three areas, including HBTC Chain development, SaaS (software as a service) exchange system development, and HBTC exchange. Recently, industry officials have been focusing on HBTC exchange due to WOZX’s first listing, a cryptocurrency from blockchain startup Efforce.
Bluehelix acquired a $15 million backing from multiple capital firms during its initial developments, including Node Capital and Houbi Global. Because of the investments it received during its early stages, Bluehelix showed its significant business capabilities and growth potential.
Promoting Blockchain-Based E-Contracts
In FirmaChain’s collaboration announcement, its partnership with Bluehelix Korea principally targets to boost FirmaChain’s blockchain electronic contract technologies and services. Under the partnership, the two companies will develop and promote blockchain-based technologies to advance their technical proficiency through cooperation.
“Through the partnership, we can expect the stable operation of Augustus, the mainnet of FirmaChain,” said Yoon Young-In, FirmaChain’s CEO. In particular, both companies will jointly expand FirmaChain’s mainnet Augustus, a blockchain-based electronic contract solution, providing extra security and convenience. Additionally, FirmaChain expects to establish more blockchain-related projects with Bluehelix Korea in the future to boost sensitive data security.
“Our team will continue our efforts to develop and market FirmaChain to a wider audience,” stated FirmaChain. The electronic contract operator also said that it plans to provide more blockchain technology contributions and expand the blockchain-based ecosystem.
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