FirmaChain’s Integration with Chainlink Bridges the Reality Gap In Blockchain Contract Management
The act of reaching an agreement between two parties and leaving proof of such agreement in the form of a signed contract is a fundamental part of our daily lives. From leasing a flat to acquiring a multibillion-dollar company, it is critical to document the terms and conditions of the agreement. However simply writing down the agreement isn’t enough; the document must be signed by the agreeing parties, remain free from the risk of tampering, and be stored securely so that sensitive details of the agreement remain confidential. The traditional method of signing contracts with pen and paper is well outdated and inefficient in this digital age. On the other end, current electronic signature solutions do not fundamentally prevent the risk of signature forgery or document tampering.
Enter FirmaChain’s ‘duite.’, a blockchain based electronic contract solution that changes the way we agree, sign, and manage contracts.
For the past two years, duite. has focused on solving the problems of signature forgery and document tampering. As illustrated in the diagram below, duite. encrypts users’ contract data using Elliptic Curve Cryptography to ensure the security of the documents. Additionally, the encrypted documents are uploaded on FirmaChain owned servers and IPFS to ensure the safety of the user’s contract data. This double posting security mechanism provides technologically-enforced guarantees that the signed contract documents are stored in an unbreachable safe.
Ultimately, encrypted contracts are assigned a unique hash value which can be verified by independent nodes of FirmaChain to assure whether the contract is in fact the original agreement. This validation process has proved to be invaluable for avoiding legal conflict.
Now, FirmaChain’s duite. seeks to expand its horizon into the contract management phase. The word management here means so much more than simply storing electronic copies of the contract in a secure location. To this end, we are eager to announce our integration with market-leading oracle solution Chainlink.
Chainlink, a decentralized oracle network that makes real-world information available to blockchain platforms, will allow users of FirmaChain to check whether specific terms and conditions of a contract were fulfilled in a highly secure and reliable manner. This vastly expands the functionality of the contract, turning it from a static agreement to a dynamic agreement that can understand what’s happening in the outside world and execute automated actions based on this information.
Importantly, Chainlink nodes have credential management capabilities, allowing them to handle login credentials. This is an essential functionality for allowing the contract to connect with permissioned data sets that sit behind paywalls and/or credentialed logins. Chainlink also provides us with a framework to develop strong availability and security guarantees using a decentralized aggregation of multiple secure oracles (nodes) and high-quality data sources to avoid any single point of failure in the delivery of external data on-chain.
Let us take a closer look. For a car rental company to rent out a car, the company must verify whether the presented driver’s license is a valid government issued license. Traditionally, the rental company would sign a rental agreement with the customer after checking the validity of the driver’s license from a separate government database.
With Chainlink’s “oracle” network integration, FirmaChain can add-in the DMV’s license database API on duite. Now the only thing the owner of the rental company has to do is sign the rental agreement with the customer and receive his/her driver’s license through duite. which will automatically be cross referenced with the DMV database. If the license were to turn out as fake, duite. will automatically nullify the rental agreement between the driver and the company and take necessary steps following the nullification of the agreement.
The ability of Chainlink to successfully bridge off-chain data with on-chain applications will open up a whole new frontier for FirmaChain and duite. in the world of contract management.
“Providing a seamless customer experience is our number one priority. Our focus is firmly set on searching reliable methods that would allow FirmaChain to successfully bring off-chain data into our on-chain solution. We are confident that our integration with Chainlink will bring our service to the next level thanks to the introduction of dynamic contracts that are securely connected to high-quality, real-world data.” said FirmaChain’s CEO, Youngin Yoon.
FirmaChain is the developer of electronic contract solution duite., a blockchain based Dapp that sets out to solve the problems of both traditional paper contracts as well as existing cloud based electronic contract platforms. On duite., drafted contracts are encrypted and uploaded on Blockchain so that 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. Currently, Firmachain’s Dapp duite has a wide user base in East Asia and South East Asia.
If you’re a developer and want to connect your smart contract to off-chain data and systems, visit the developer documentation and join the technical discussion on Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network, numerous blockchains such as Ethereum, Polkadot, and Tezos, and large enterprises including Google, Oracle, and SWIFT.
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