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South Korean company FirmaChain, a global platform for electronic block chain contracting, announced that it has joined the Decentralized Trusted Timestamping Alliance (DTT). The DTT Alliance is an alliance of decentralised TSA (Office for Time Stamping) and companies for the verification of chain data.
Together with the DTT Alliance, FirmChain plans to create a decentralized ASD service ecosystem based on a chain of blocks and overcome the limitations of existing processes. FirmChain also plans to work with DTT Alliance partners in the future to expand the block chain network.
The DTT Alliance was established to jointly address opportunities and barriers in the different markets for authentication and data dissemination in the context of the amendment to the Basic Electronic Documents and Electronic Commerce Act and to issue three data laws abolishing public authentication certificates in South Korea.
The TNT 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 the TNT alliance, said: With the FirmChain block chain-based electronic contract platform it will be possible to register and verify company master data, including electronic contracts through block chains.
said Yoon Yoon, CEO of FirmChain: We hope that our participation in the DTT alliance will lead to greater use of more transparent electronic block chain procurement platforms, such as FirmaChain, in the private and contactless authentication markets. The participation of several companies in the DTT alliance will result in a highly scalable network.
CompanyChain is currently expanding its block chain ecosystem by actively using block chain technology that can be used in different industries, for example by joining MYKEEPiN ALLiANCE, one of the four largest DID (Decentralized Identifier) associations in Korea.
CompanyChain – reliable safety throughsaw chain technology
FirmChain strives to replace all written contracts that regulate social and legal issues with an electronic contract platform based on the FirmChain data flow chart. Because traditional written and electronic documents are easy to forge and verification procedures are complex, they are processed in a decentralised chain of blocks. FirmChain can check the validity of the contract, checking the hash function in an independent node. This audit process can be used as a means of resolving legal disputes. The Blockchain is an efficient technology that eliminates the risk of manipulation of these documents and is applicable to the first DApp (Decentralized Application) of FirmaChain, a German Service.
Duite is an electronic contract solution based on block chains that changes contracts, signatures and management techniques and focuses on forgeries such as signature and document forgery. The data in the user agreement is encrypted using Elliptic Curve Cryptography (ECC) to ensure the security of the documents. An encrypted document is uploaded to a FirmChain server and the Interplanetary File System (IPFS) to guarantee the security of the users’ contractual data. The two-point security mechanism provides a technically advanced guarantee that signed contractual documents are stored in an intact storage facility.
The DApp carries out a reliable contractual procedure between the parties. This lowers the cost of processing international contracts by consuming fewer resources and simplifying the process. FirmChain creates a service that overcomes the limitations of written contracts.
About the TNT Alliance
The DTT Alliance is a company created after the emergence of KOVID-19 to address various opportunities and barriers when considering the future of the authentication and data distribution market in the context of the amendment of the Basic Electronic Documents and Electronic Commerce Act, the introduction of three data laws and the revocation of public authentication certificates in South Korea.
DTT Alliance can be used in a variety of data verification processes, starting with ASD, an important part of electronic documents/agreements, financial and public audit processes, in MyData, management of medical records, audit of development codes, etc. The goal is to become one trusted platform and an added-value communication network through which important data is disseminated.
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