The digitization of entire economic sectors is a fact. The COVID-19 pandemic has undoubtedly precipitated this process. Currently, there seems to be no turning back from remote work. Concluding contracts and sending, negotiating and signing documents online are becoming a standard practice in many domains.
When Gabriel Dymowski, Piotr Żelazko, Marcin Lorenc and Daniel Bigos received an award for their project Blockchain Powers of Attorney at Global Legal Hackathon held at the Google Campus in Warsaw in February 2019, they could hardly expect that their startup was about to gain momentum. Krzysztof Wojdyło, partner at Wardyński & Partners, and at that time also a member of the jury, said that the awarded endeavor belonged among the top projects for its potential to change the market within the next five years. Time has shown that changes have come much faster.
DoxyChain, a blockchain-based document management solution, has entered into partnership not only with Wolters Kluwer PL on the LexHub platform but also Oracle Global Startup Ecosystem in EMEA. It became the first Polish startup to have joined the Oracle Market Connect program.
“We are delighted to be supporting DoxyChain on their journey to scale via Oracle’s startup program. DoxyChain has everything that it takes for a startup to be successful- a passionate team and an innovative solution, that are now supported by expert Oracle mentorship and introductions to our global network of Enterprise customers. Oracle for Startups works with thousands of startups across the globe and the CEE region represents only about 3% of startups in the program, but it’s one of the fastest-growing, with DoxyChain leading the way. We are thrilled to have this amazing Polish startup story to share with you and we know that 2021 is going to be an exciting year for DoxyChain“ - says Roman Biller, Vice President, CEE Technology Sales, Oracle.
DoxyChain has also been recognised by LegalTech experts as a solution perfectly suited to the needs of the modern legal market, according to the 2020 Future Ready Lawyer Survey Report.
The mission of DoxyChain is to create new European standards for document management. Powered by its own blockchain, DoxyChain is an innovation that combines electronic signature, workflows optimisation and enhanced security which means it is the very first user-oriented holistic digital solution. The platform addresses the needs of both individual clients and SMEs in the SaaS (software as a service) model, as well as larger corporations through dedicated solutions.
As for the security layer, an infrastructure based on distributed ledger technology (DLT) and cryptography has been developed where information, once recorded, cannot be modified. The developers team invested a lot of time and effort to consult the project with leading EU law firms to create an optimal protocol as a response to combined legal, business and technological expectations.
“With DoxyChain, users can create, upload, send, sign and track all documents online, from any device. Its intuitive interface, application responsiveness and architecture will significantly enhance control over the document lifecycle while optimizing everyday operations in the modern digital world. We offer something different than the competition — workflows that facilitate process management and save time through business automation” - says Marcin Lorenc, lawyer and co-founder of DoxyChain.
How does it work?
Simply upload your document to the platform, choose the signature type and grant the relevant powers to your team members — Editor, Viewer, Auditor. You can track the performance of requested actions in the history of the document. Documents are managed within the blockchain secured space. It is a technology that guarantees document immutability, making your database the only true source of information. Blocks in the chain form a system that prevents any unauthorized changes. Your data are updated incrementally, with the history of all modifications saved at every stage. Documents are stored in a secure cloud which makes them virtually unalterable and digitally ageless. The platform is intuitive and it saves time — documents can be managed simultaneously by multiple users, also via mobile devices.
DoxyChain’s competitive advantage derives not only from the use of blockchain technology, but also the way in which it is used. Blockchain DoxyChain is a database that guarantees information immutability for all stored documents and performed operations. Blockchain constitutes the very heart of the DoxyChain architecture, with all actions initiated and implemented from this level of the system. For example, it dictates a certain sequence of actions on every document. This design allows every user to be a part of the system and participate in the blockchain network. Following the idea of the DLT, users who join the network provide protection to one another. Regardless of whether the client uses a strong server or a regular PC, each one of them contributes to the common network security.
While the files themselves are stored in the cloud, their checksums are recorded in blockchain. The architecture that combines blockchain with cloud-based file storage ensures compliance with European requirements regarding a durable medium.
“We believe that such an important process as document management must be supported by a maximum security technology. A technology that will guard all the digital data, guaranteeing their immutability” - says Gabriel Dymowski, CEO DoxyChain.
Next to blockchain, the platform also employs another type of security: user identity. A two-level authentication is required for authorization purposes. Ultimately, apart from an advanced electronic signature, the user will also be subjected to a video verification.
“The DoxyChain system has been developed in compliance with EU legal standards, which allows us to effectively scale the product across the European Union. In December 2020, we ranked second in the German Blockchain Award by BLOCKROCKET, a competition for the best blockchain-related early-stage startups. This achievement has already attracted financing proposals from international funds”- says Marcin Lorenc.
Today DoxyChain team counts 20+ talents who are working on creation of the new normal — new environment for the digital trust.
We democratise blockchain for You! Join us in this adventure!
#DoxyChain #paperless #blockchain #startup #LegalTech #digitisation #documentmanagement #digitaltrust