Thе innovative solution is one of a kind, as it facilitates the fast and secure exchange of confidential documents by utilizing blockchain technology and smart contracts.
In December 2019, Bulgarian companies ReCheck and Prosperamo Legal, a law firm based in Sofia, with an office in the UK, launched a project that aims to incorporate the first-ever data exchange service that is based on blockchain. The product utilizes a cutting-edge technology and offers unparalleled security in data storage and transfer.
The ingenious blockchain-based solution was created by the Bulgarian IT company that has already developed numerous decentralized apps on blockchain – ReCheck. The online service will be available to the general public in early 2020 and it will empower parties to easily record documents on the blockchain. Once the documents are registered on the blockchain, they cannot be altered, modified or corrupted.
The service distinguishes itself with a friendly interface and easy navigation. You can drag and drop files from your computer and once they have been uploaded to the app, and recorded on the blockchain, each record is assigned a unique digital ‘footprint’. That digital footprint acts as a key for your blockchain identity and allows for the recorded documents to be easily validated, shared and tracked.
Using the service, from now on, the lawyers in Prosperamo Legal will be able to send all papers to the blockchain identity of their clients and other parties if needed. That way the confidential documents can be communicated back and forth, without the help of an intermediary. And then, the files can only be accessed and opened by the authorized person or organization. Information is shared in a secure environment that is protected by a cryptographic protocol.
ReCheck’s innovative solution serves as a better alternative to email communication which is susceptible to phishing or man-in-the-middle attacks. Misconducting is practically impossible with ReCheck Documents, as the digital records on blockchain store all relevant data relating to transaction status and history. All interactions with the documents are recorded with a timestamp, and so they can be easily tracked. As the files can only be read by legitimate parties, modification of sensitive financial data is no longer a threat.
According to attorney-at-law Polina Terziyska, Managing Partner at Prosperamo Legal, in this constantly changing world digital disruption affects all industries and old business solutions are no longer effective. Blockchain-based apps and services provide an extra layer of security that is unparalleled and thanks to ReCheck, her company can offer a state of the art privacy protection to their clients.
ReCheck is a pioneer in the development of decentralized, blockchain-based apps and services. ReCheck Documents is the newest blockchain product that allows secure data exchange with the highest level of protection backed by the decentralized nature of blockchain.
Emiliyan Enev, CEO and co-founder of ReCheck and Att. Polina Terziyska are confident that this innovative solution is the needed prerequisite to promote optimization and improvement within the current data exchange processes, and hence lower the costs associated with managing papers. The initiative has been inspired by digital disruption and the Internet law. It offers practical and efficient business systems that utilize avant-garde technology.