The partnership enables the expansion of blockchain-based electronic contracts.
South Korea based FirmaChain, a blockchain-based global electronic contract platform, announced that it has joined the DTT Alliance (Decentralized Trusted Timestamping Alliance), an alliance of blockchain-based decentralized TSA (Time Stamping Authority) and data verification companies.
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FirmaChain plans to work together with DTT Alliance to build a blockchain-based decentralized TSA service ecosystem and overcome the limitations of existing processes. FirmaChain is also considering collaboration with DTT Alliance partners in the future for the scalability of the blockchain network.
DTT Alliance was formed to jointly address opportunities and barriers in diverse markets of data authentication and distribution in line with the amendment of the Basic Act on Electronic Documents and E-Commerce, enactment of Three Data Bills, and the abolition of public authentication certificates in South Korea.
DTT Alliance has already confirmed participation from 15 corporates, including CJ OliveNetworks, Daebo Communication & Systems Corporation, Lotte Data Communication, Bespin Global, Busan International Film Festival, Argo, eXsoft, Initech, Xangle, Chain Partners, Topedo, Fujitsu Korea, and Hyundai AutoEver.
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Shin Jae Hyuk, Secretary-General of DTT Alliance, shared, “Together with blockchain-based electronic contract platform FirmaChain, it will be possible to record and verify corporate core data including e-contracts using blockchain.”
Young Yoon, CEO of FirmaChain stated, “We hope that our participation in DTT Alliance activates the use of a more transparent blockchain-based e-contract platform like FirmaChain in the contactless and private authentication markets. Participation by various corporates in DTT Alliance will lead to the formation of a highly scalable network.”
Currently, FirmaChain is striving to expand the blockchain ecosystem by actively accepting blockchain-based technology that can be used in various industries, for example, joining MYKEEPiN ALLIANCE, one of the four major DID (Decentralized IDentifier) associations in Korea.
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