In the digital world, the trend of digital contracts and electronic signatures has become a norm over the earlier written contracts. Now electronic contracts have been legally recognised and accepted. Still many companies have been depending on written contracts. The problem with written contracts is that they can be misplaced, physically damaged or even forged. To resolve these issues of lack of security and accessibility, Korean company FirmaChain has developed an electronic contract management service by utilising blockchain technology.
Utilising the decentralisation data storage
FirmaChain aims to replace all social and legal actions (contracts, notarisations) that are based on existing written contracts with a transparent platform that combines electronic document signature with blockchain.
FirmaChain has devised a decentralised distributed file storage system to provide reliable storage that protects the integrity and reliability of the data. Decentralisation means that the system is managed and operated by every participant in the blockchain system without the central management of the file storage system.
FirmaChain has adopted a market system through which users can buy and sell file storage space upon their individual needs. Further, this system does not require the users to maintain uploading the files in order to download the files from the system. FirmaChain’s Decentralized Data Storage has been designed to allow the users to store huge files for a specified period at a reasonable price.
‘Forgery of an electronic document from FirmaChain platform is not possible and so it can be used as legally binding documentation.’
Making smart and safe contracts
FirmaChain not only provides support and management of contract process but utilises smart contract features and also highest level of security cost efficiency convenience possible for any type of contract written or electronic. The structure of FirmaChain’s platform is reliable through implementation of a reasonable contract-making procedure between parties using DApp. This reduces the processing cost for international contracts through contract writing using less resources and simplifying the process. It ultimately creates a service that overcomes the limitations of a written contract.
The e-contracts through FirmaChain are available through web and mobile. All documents are verified through two layers of encryption and distribution for maximum security. The best feature of the platform is its transparency, where due to the nature of blockchain, the contract data once uploaded cannot be modified or forged upon.
FirmChain expects to release its e-contract corporate service by the first quarter of 2019 and by first quarter 2020 the company expects to decentralise data storage main-net activated and database substitution of e-contract as well.
FirmaChain is the future of security of legal contracts and documents. It has potential to grow with the support from a solid development team.