Korean blockchain-based electronic contract grows bigger.

With the revision of the Act on Electronic Documents and Electronic Transactions in 2020, electronic documents also took effect, while blockchain-based electronic contract platforms are emerging one after another. Blockchain technology prevents forgery and alteration of electronic documents and automates contract procedures.

According to the blockchain industry on the 9th January, existing companies such as IT specialist Douzone (www.douzone.com) and Law Firm D'Lite (www.dlightlaw.com), as well as blockchain startups, are releasing blockchain-based electronic contract platforms one after another. Most of these platforms have focused on preventing forgery, falsification and hacking of the contents of the contract.

Douzone unveiled the blockchain-based electronic contract platform 'We-Ha-Go-One' at the Digital New Deal and Non-Face Contract Innovation seminar held online on the 8th. We Ha-Go-One is a platform selected as the '2020 Blockchain Private-led National Project' by the Ministry of Science and ICT, focusing on small business contracts.

Ho Cheol SONG, CEO of Douzone Platform Business Division, who presented the seminar, said, "In the non-face-to-face era, it is important to secure the reliability of contracts without meeting in person."

He also explained, "By adding a blockchain-based DID (decentralized identity authentication) technology, we made it easy for small businesses to authenticate and use." In the future, we plan to discover a new business model by allowing multiple stakeholders to participate in the blockchain network.

As contracts are one of the major legal acts, law firms have also developed an electronic contract platform and introduced blockchain technology. “Co-Make,” developed by law firm D'Lite, uses LINE blockchain to prevent forgery and alteration of contract contents, and encrypts and transmits the contents. D'Light, a law firm, has undergone an inspection process, and a mobile version of “Co-Make 2.0” has also been released.

Recently, Co-Make launched Link-Sign as a LINE blockchain-based DApp (Decentralized Application) and announced its entry into the Japanese market. Link-Sign is a localized (localized) version of Comake for the Japanese market, and is also a blockchain app used for electronic contracts.

In addition to existing companies, blockchain startups are also introducing electronic contract platforms one after another. FirmaChain has launched a blockchain-based electronic contract solution 'Duite.' and is providing services in web and mobile versions.

FirmaChain replaces not only electronic documents but also written documents with electronic documents and stores them on the blockchain platform. FirmaChain said, "The goal is to replace all existing document-based legal actions and electronic signatures with a blockchain and a transparent platform."

With the emergence of electronic contract platforms, technologies that verify the authenticity of electronic documents used in contracts are also expanding the scope of application. This can be done with the Blockchain-based Time Stamping Authority (TSA) method.

Timestamp, which is an essential element of TSA, means a string representing a specific time. On the blockchain, a timestamp acts as a kind of electronic seal with the function of ‘proof of existence’ that the electronic document existed at a certain point in time and ‘proof of content’ that the data has not been changed after that. Therefore, it is possible to verify that a certain electronic document is authentic and that the content is also genuine.

Blocko (www.blocko.io), a blockchain start-up company, has formed a ‘DTT Alliance’, an alliance that utilizes its own TSA technology, and is introducing TSA to several companies. If the TSA proves the authenticity of the electronic document, it is possible to make an electronic contract with the document.