Deloitte has presented its own blockchain-based solution for e-document flow control dubbed DocSensus during BlockchainUA conference in Kyiv, the capital of the Ukraine.
DocSensus is a ledger of corporate papers employing blockchain technology capable of protecting said documents from unauthorized changes, falsifying, or losses.
The app was developed in Deloitte’s Kyiv headquarters as a result of joint efforts by the company’s legal and IT teams. The solution was ordered by Deloitte’s own legal department.
Over the course of the presentation, the spokespersons demonstrated a letter of attorney empowering the project team to present DocSensus on behalf of Deloitte. Attendees of the conference also saw the digital original copy of the document signed with a digital signature on Emercoin blockchain.
“We’ve been working on satisfying a big business need in document flow control, which is about simplifying processes and maintaining legal security. We all want to store documents as safe as possible, prevent their loss, protect them against feigning and miscounducts, and allow ourselves and third parties to verify paper documents by their digital original copies that cannot be counterfeited whatsoever,” Dmytro Pavlenko, Director for Tax and Law at Deloitte, said.
According to Pavlenko, DocSensus successfully covers those needs, and, as opposed to most other marketed solutions for document flow control and storage of legal data (like those in various state ledgers), is secured by blockchain technology.
“We’re running pilot tests with letters of attorney issued for our employees so that they could conduct legally substantial actions on the company’s behalf, like signing contracts, representing us at public entities, etc. From now on, authenticity of regular paper-based letters of attorney is provable by comparing them to a digital original copy using their details or a QR code. Today we’re showing you the Ukraine’s first blockchain letter of attorney,” Mr. Pavlenko added.
The spokesperson for Deloitte noted that participating in transformation of Ukrainian economy was one of the company’s strategic ambitions. He also stated that blockchain technology would become the condition enabling Ukrainian businesses to launch a major transformation in the society’s legal consciousness. As a result of that, a new legal reality will emerge making paper futile and driving business transactions on a whole new level. This would mean automation, protection against losses and counterfeiting, transparency, high speed, absence of intermediaries, and, after all, genuine trust.
According to Deloitte’s late-2016 research, blockchain’s acceptance and advancement are going faster than expected.