“As merchants of Proof” we decided to startup in Estonia using the e-residency program

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In 2015, Estonia established an exciting new practice with their digital e-residency program. This innovative e-residency program would become a world’s first to grant government-approved digital identification cards to foreigners. E-residency is the natural extension of the Estonian e-government practices fulfilling the intent of creating a comprehensive technological ecosystem transforming the day to day life activities of its constituents with the power of technology.

This innovation of a digital identity and its philosophy to extend secure and convenient services to citizen of other countries aligns perfectly with the vision of the founders of CVProof, which is a digital platform enabling the securitization of all types of credential documents used in the job market. CVproof aims to solve two major problems:

First, the phenomenal volume of credentials but uncertain authenticity

Second, the only verification process which currently exists is expensive and time-consuming, and hence the benefits are limited to a few organizations that can afford to invest such a budget.

Most importantly, founders Ray Chow-Toun and Frederic Verin set themselves the mission to create a fully functional token ecosystem offering the tool to authenticate any digital files. This authentication process is pivotal in multiple business use cases such as blockchain identity verification and real estate contract notarization . For this purpose, FileProof.org network was created to host businesses such as CVproof and many others in the future, leveraging on a decentralized proof protocol invented by Ray Chow-Toun and one common token used as currency of this network. ​

So why is e-residency so critical for CVproof:

CVproof teams are located worldwide. A geographically decentralized management of operations is very much the DNA of the company.

First, CVproof founders are based in Switzerland and in Singapore, with their board members scattered around the world. It was therefore critical to implement an effective decentralized governance enabling fast and compliant decision making process. The e-residency identity allows CVProof directors to digitally sign board resolutions removing the ink signature process which is time consuming and requires additional filing hassle.

Second, founders were able at the very early stage to incorporate digitally their legal entity in a european country in a very secure and seamless way. The incorporation process was not only fast and reliable, it was very cost effective.

Why is it important for CVproof to promote the e-residency program:

As we know the e-resident digital signature is legally compliant with the European Union regulation and enables CVProof team to commercially contract with partners and suppliers worldwide in a few clicks. For companies operating with a lean organization in a very fast pace environment, this is a significant advantage.

To fully benefit from this program, it is important that the community of e-estonians grows in millions worldwide acquiring more and more businesses and individuals able to use this secure e-signature and contract between one another.

Taking the mission statement of CVproof and to a larger extent of FileProof.org, it was very natural for the founders to establish their companies in this digital nation. Ray Chow-toun believes that Estonia offers the most favourable environment to develop a blockchain based project of the magnitude of FileProof, as there are clear synergies and cooperation possibilities with Estonian authorities as well as with e-estonian business players. Furthermore, there are multiple applications developing the “trust” business that can be implemented leveraging on the e-residency program services and the FileProof decentralized proof protocol (digital notarization, ticketing authentication, Label of origins for FMCG products, payments just to cite a few).

Looking ahead, the FileProof founders eagerly established the next frontier for authenticated digital documentation through which they envision the Estonian e-residency program as one key feature to their own work.