Project description
Going paperless with blockchain contracts
For security reasons, most banks, insurance companies, utilities and tax offices continue to print and archive every contract. Via blockchain technology, the B4TDM project could make the transition to a paperless office possible. Billon, the company behind the project, is a game-changer. It is developing a solution based on a proprietary next generation distributed ledger technology (DLT) architecture that ensures the integrity and security of data in mass scale implementation, ensuring full compliancy with legal regulations. Its unique solution for management of contractual relationships – with active delivery and digital signature – is expected to lower operational costs and boost document security and privacy.
Objective
The era of paper, a technology invented more than 2, 000 years ago, has not finished dying yet for organizations such as banks, insurers, telco operators and utility providers. Most of them (over 80%) still use paper in their contractual relationships with millions of their clients. Organizations are not only struggling to meet often contradictory requirements of the EC regulations of “durable medium” and “the right to be forgotten”, they are also facing a dilemma of choosing IT solutions which only partially address their needs in publication of standardized (e.g. new regulations) and private documents (e.g. loan agreements), digital signatory and KYC (Know Your Customer) procedures. Answering those challenges, Billon developed a revolutionary end-to-end solution based on blockchain that can provide organizations with highly awaited, fully configurable functionalities such as: document publication, active delivery, digital signing, as well as digital identity management based on immutable data storage and fast retrieval. Billon’s solution is based upon a proprietary next generation Distributed Ledger Technology (DLT) architecture which ensures the integrity and security of data in mass scale implementation ensuring full compliancy with legal regulations. Neither currently available IT solutions such WORM (Write Once Read Many) based platforms nor other IT systems, including those based on blockchain are able to meet the need. Billon’s unique solution for management of contractual relationships which addresses the market segment worth €1.6Bn p.a. of the worldwide market which grows at a CAGR of 81.2%. Upon complementing our solution with active delivery, digital signature and digital identify management, all made with the blockchain, Billon has the potential to seriously decrease operational costs and also bring the unprecedented level of document and privacy control, and validation to people all around the world giving them back control over their personal data.
Programme(s)
Funding Scheme
SME-2 - SME instrument phase 2Coordinator
00-867 WARSAW
Poland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.