DONUE Expands Electronic Contract Service to the Public Sector
Hello. This is FirmaChain.
Transition to paperless is active in the public sector.
Post-COVID era is witnessing not only the private sector’s adaptation of the “untact” and paperless trend but also the public sector’s transition as well. The public sector is actively embracing change to digitize the traditional ways in which they conduct business.
On the 7th, FirmaChain’s blockchain based global electronic contract platform DONUE announced Sejong Center for the Performing Arts’ (hereinafter “Sejong”) decision to become a client of DONUE.
The newest client’s decision to utilize DONUE’s electronic contract platform will be applied to all contracts entered and signed by Sejong, with the exception of certain cases where relevant laws and regulations mandate the use of an official seal of the institution.
DONUE applies a number of blockchain technology including Decentralized Identity (“DID”) to verify whether a signed contract has been forged or tampered with post-closure. The application of the state-of-the-art technology is fundamentally revolutionizing the entire lifecycle of contract signing in a post-COVID era where “untact” and “remote” remains the key trend.
FirmaChain announced the soft launching of blockchain based electronic contract DONUE last December. Additionally, by announcing the application of DID technology in May, the company has been focusing on enhancing the stability and efficiency of the service.
Last month, a demonstration session for DONUE took place with the employees of Sejong.
The demonstration session was hosted by the Human Resources Management Team, with each division chief from the institution attending to get a better understanding of the service. A brief Q&A session followed the demonstration session.
The decision by Sejong, a public sector institution, to implement an innovative solution like DONUE, is a huge progress towards revolutionizing how the public sector operates. We believe that, not only the employees of this institution but also all our affiliates and our counterparties will be able to drastically save resources when carrying out the daily task of contract signing and management.
Active use of our service by the public sector can further expedite the process of transition into electronic contracts for all relevant parties involved, Such implementation would no doubt improve the bureaucratic efficiency of all relevant institutions and would also render all public servants free from the threat of the virus. Instead of considering the closing of our deal with Sejong as an end, we will strive relentlessly to technologically enhance our service as well as its efficiency by working closely with our newest client.
About FirmaChain
FirmaChain seeks to replace all written contracts governing social and legal issues by using an electronic contract platform based on FirmaChain’s data blockchain. Since traditional written and electronic documents are easy to forge, and the verification procedures are complicated, blockchain’s decentralization is used to solve the problem. FirmaChain can check the contract’s validity through its hash function, which can be verified in an independent node. This verification process can be used as a means to resolve legal disputes. Blockchain is an effective technology that eliminates the risk of forgery of such documents, and it is applied to the first DApp (decentralized application) of FirmaChain — DONUE.
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