Bank of America, JPMorgan, other major US banks reportedly planning to join forces for digital wallet
Metaverse: Seoul government becomes the first city in the world to offer administrative services via metaverse platform
Cryptocurrency: OneCoin’s Ruja Ignatova reportedly found after five years in hiding for massive $4B fraud
Deloitte demonstrates new solution for electronic document flow based on Emercoin blockchain
'Big four’ consultancy firm Deloitte presented a new system of electronic document flow on the Emercoin blockchain, at the BlockchainUA Conference held in Kyiv on March 17.
Called ‘DocSensus’, the new system has been developed in Deloitte’s Kyiv office. It is a register of corporate documentation based on the technology of the Emercoin blockchain. It is a complete concept of decentralized document flow for business, individuals, and the state.
DocSensus is able to radically change the existing document flow and protect any document from unauthorized changes, false representations, and losses. Unlike many other existing solutions in the field of document flow and legal data storage, the reliability of this system is ensured by blockchain technology.
During the presentation, the power of attorney by which Deloitte authorized the project team to present DocSensus was demonstrated. Moreover, conference participants had the opportunity to look at the original digital document signed by an electronic digital signature in the Emercoin blockchain.
The conference also featured the second All-Ukrainian Blockchain Hackathon from March 18-19, in which 17 technological teams competed for 30 hours in product development using cryptotechnologies. The DocSensus team from Deloitte significantly improved their solution during these two days and took second place in the competition.
"We worked to meet a serious business need in the field of document flow, which is process simplification and the provision of legal security. We all want to store documents with maximum reliability, prevent their loss, protect them from false representation and abuse, as well as provide the opportunity to ourselves and to third persons to verify paper documents according to digital originals which are impossible to falsify", Dmitry Pavlenko, Director of the Tax and Legal Department of Deloitte.
The next stage of the project will see the testing of smart contract functions, Deloitte said. The smart program will trace legal changes in a document's status and will manage such changes. For example, if an employee who is granted the power of attorney leaves the company, DocSensus will keep track of such information, prepare a decision on the document's cancellation, and record a new status on the block chain.
"This is a very interesting and prospective project. Besides solving the task, we gain new experience and pleasure, because we work according to the best development practices: scrum and design thinking. At present, we are ready to discuss and test solutions with our customers who work with a large volume of important paper documents, analyze their needs and risks, and estimate the economic effect from the possible implementation of DocSensus into their business processes", Pavlenko said.