FirmaChain has announced the linking of Data Verification Alliance DTT (Decentralized Trusted Timestamping Alliance) and blockchain-based Time Stamping Authority (TSA). TSA is a distributed blockchain technology called timestamping. It records details of data modification, creation, and utilization automatically so that the public’s confidence in documents is strengthened.
FirmaChain has confirmed the development in a Tweet
During the Covid-19 pandemic, there were widespread changes made in the statutory laws related to documentation. The Framework Act on Electronic Documents and E-Commerce, the presentation of the Data 3 Act, and the public certificate were done away with.
These were replaced with the DTT Alliance, which addresses different market possibilities and barriers intending to start a distributed TSA service ecosystem. DTT will replace the prevailing centralized electronic archives and authorized document re-layers. This will pave the way for the distribution market and data certification in the future.
Top companies and manufacturing giants are participating in the DTT Alliance. Among the leading businesses are IT, CloudMSP, and blockchain-based companies, including Chain Partners, Fujitsu Korea, Hyundai, LOTTE Information and Communication, Torpedo, and many others.
The alliance partners will use various data verification processes in the field of medical record management and development code as well as in the public and financial sectors. These facets are critical in electronic documents and contracts that will, in turn, transform later into a single source of an enhanced and trusted communication network for distributing core data.
Given the robustness of the DTT Alliance, joining it is a win-win situation for FirmaChain as it will now go for establishing a decentralized TSA service environment founded on the blockchain. This will help bypass the limitations currently existing in centralized electronic document archives or official electronic document re-layers and lead to a strengthening of the ecosystem through collaboration with other DTT Alliance partners. It will also activate Blockchain-based electronic contract platforms in markets, both untapped and established private certification ones.
About FirmaChain
FirmaChain was launched on April 12, 2018, in Singapore and South Korea. The company’s objective is to replace all written contracts about social and legal issues with new electronic contracts on its contract platform run on Blockchain technology. All documents on the FirmaChain platform are saved twice to ensure robust verification. Maximum security is guaranteed to the documents through robust encryption.