FIRMACHAIN
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FIRMACHAIN

[Introduction] Birth of FimaChain

Hello. Greetings to you all from FimaChain.

This week we will take you through a tour of how FirmaChain was born and the problems that we set out to solve.

Investing in the value of the electronic contract industry.

In 2017, CTO Gwanggyu Lee of Bluehole, the company behind the successful development and launching of the first-person shooter game “Battle Ground”, and Youngin Yoon then Global Business Development Team Lead of NC Soft started to take interest in the electronic contract industry.

Youngin Yoon, CEO of FirmaChain

At the time, the two brilliant minds came to realize the absence of a major player in the electronic contract market. The assessment that in the near future most of the paper documents then used by companies to sign contracts would be replaced by electronic documents led the two to jump into the electronic contract market. Mr. Yoon and Mr, Lee saw contract forging and tampering as the biggest obstacle preventing the widespread use of electronic contracts in the market and sought out ways to resolve the issue once and for all.

Mr. Yoon’s and Mr. Lee’s solution to the aforementioned problem was to apply blockchain technology to existing electronic contract solutions and as a result, FirmaChain was born.

In April of 2018, to solve the problems of the existing electronic contract solutions in the market, FirmaChain was established. The word Firma in Italian, means “signature.”

The problems of current electronic contract solutions and FirmaChain’s response.

Currently, most contracts are signed either on paper and in person or by using an online solution that stores all of its data in a centralized server. Unfortunately, both methods have major flaws.

  1. Problem of losing or damaging the original hard copy
  2. Problem of contract being forged or tampered with

The two fatal flaws mentioned above incur serious damage to people and businesses. Unfortunately, no electronic contract solutions provide a clear-cut answer to the above problems, let alone take responsibility when damages happen.

As a response to existing problems in the electronic contract market, FirmaChain’s electronic contract platform applied Blockchain technology well known for its decentralized nature.

On duite., the electronic contract platform developed by FirmaChain, drafted contracts are encrypted and uploaded on Blockchain. All users on Blockchain can share, compare and verify the hash value of the encrypted contracts thereby fundamentally preventing the act of any one party forging a signature or tampering a signed contract. Additionally, duite. provides users with easy to follow workflows when signing contracts and allows users to efficiently manage signed contracts. Thus, duite. guarantees a flawless user experience.

Conceived from the idea of solving existing problems in the electronic contract market, FirmaChain will continue to seek for growth opportunities in the rapidly expanding Blockchain industry.

Our next posting will be on the electronic contract market outlook and the network structure of FirmaChain so stay tuned.

Thank you.

About FirmaChain

FirmaChain is an electronic contract and decentralized data storage platform that utilizes blockchain technology to prevent forgery, efficiently solving all of the limits of current electronic contract services. Through FirmaChain’s electronic contract service “Duite”, negotiations, transactions and editing history can be safely recorded without the contractors needing to meet in person. In addition, in the decentralized data storage of FirmaChain, miners and users can contract to store a certain file. The user transmits the file to be saved to the miner, and when the file transfer is completed, the miner encrypts the file and then copies, encrypts the file. Proof of file storage is then recorded on to the blockchain.

For more information about FirmaChain, or to join our team, please contact us at info@firmachain.org.

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