Paperless (blockchain platform)

2020: Start

At the end of March, 2020 the South Korean mobile operator KT Corp started the platform for electronic document management on the basis of a blockchain. The solution which received the name Paperless allows users to create and store electronic documents and also to freely exchange them.

Despite numerous advantages of digitization, tools for authentication of digital information and change of documents are not enough. KT Corp intends to use a blockchain for control of the invariance of data from the moment of creation of the document. The Paperless platform started by the operator intended for corporate users offers three services - drawing up the agreement, execution of the document and electronic storage.

KT Corp started the platform for electronic document management on the basis of a blockchain

We expect that KT Paperless Service will provide effective corporate management with document flow and also will reduce costs for business processes — the vice president of KT Cloud/DX Business Group Jun Dongg Sik explained.

Using such platform, users will be able to create new contracts or to digitize the existing agreements. The third-party body will check all documents before the contract is signed in a blockchain. After drawing up the agreement of the party should sign them, and usually this stage is performed using e-mail or with involvement of the courier that causes delays and can lead to fraud. On a blockchain platform the registrar of documents will allow to sign contracts in a digital format after check of the identity of the user.

Besides, the platform provides a custodial service of documents that will allow to reduce disputes between the companies and will provide possibilities of audit of records. Paperless can be also integrated with the existing systems of documents using API that reduces implementation cost. The payment for signing of the contract makes 1650 wons ($1.35).^[1]

You look also the Blockchain and cryptocurrency

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