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SEOUL, South Korea, December 4, 2020 / PRNewswire / – South Korea-based FirmaChain, a blockchain-based global electronic contracts platform, has announced that it has joined the DTT Alliance (Decentralized Trusted Timestamping Alliance), a blockchain-based decentralized TSA alliance (Time Stamping Authority ) and verification of company data.
SignatureChain DTT Alliance
FirmaChain plans to partner with the DTT Alliance to build a blockchain-based decentralized TSA service ecosystem and overcome the limitations of existing processes. FirmaChain is also evaluating collaboration with DTT Alliance partners in the future for scalability of the blockchain network.
DTT Alliance was formed to jointly address the opportunities and barriers in the different markets of authentication and data distribution in line with the amendment of the basic law on electronic documents and e-commerce, the issuance of Three Data Bills and the ‘abolition of public authentication certificates in South Korea.
DTT Alliance has already confirmed the participation of 15 companies, 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.
Shin jae hyuk, Secretary General of DTT Alliance, shared: “Together with the FirmaChain blockchain-based electronic contract platform, it will be possible to record and verify the company’s core data, including electronic contracts, using blockchain.”
Young Yoon, CEO of FirmaChain said: “We hope our participation in the DTT Alliance will enable the use of a more transparent blockchain-based electronic contract platform such as FirmaChain in the contactless and private authentication markets. Various companies’ participation in DTT Alliance will lead to the formation of a highly scalable network. “
Currently, FirmaChain is looking to expand the blockchain ecosystem by actively accepting blockchain-based technology that can be used in various industries, for example, by joining MYKEEPiN ALLIANCE, one of the four major DID (Decentralized IDentifier) associations in Korea.
FirmaChain overview
FirmaChain seeks to replace all written contracts governing social and legal issues by using an electronic contracts platform based on FirmaChain’s data blockchain. Since traditional written and electronic documents are easy to forge and verification procedures are complicated, decentralization of the blockchain is used to solve the problem. FirmaChain can verify the validity of the contract through its hash function, which can be verified on an independent node. This verification process can be used as a means of resolving legal disputes. Blockchain is an effective technology that eliminates the risk of forgery of such documents and is applied to FirmaChain’s first DApp (decentralized application), the duite service.
Duite is a blockchain-based electronic contract solution that modifies contracts, signatures and management methods, focusing on solving forgery problems such as signature forgery and document forgery. The user’s contract data is encrypted using Elliptic Curve Cryptography (ECC) to ensure document security and the encrypted document is uploaded to the server owned by FirmaChain and the InterPlanetary File System (IPFS) to ensure the security of the data of the user agreement. The double posting security mechanism provides a technically advanced guarantee that signed contract documents are kept in inviolable document storage.
The DApp implements a reliable procedure for entering into contracts between the parties. Reduce processing costs for international contracts by drafting the contract using fewer resources and simplifying the process. FirmaChain is creating a service that overcomes the limitation of written contracts. Visit the FirmaChain website https://firmachain.org/ for more information.
Press inquiries: Oh Yong Seok, [email protected]
Related images
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SignatureChain DTT Alliance
SignatureChain DTT Alliance
SOURCE FirmaChain
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