Implementation of blockchain technology onto electronic contract system

Seoul, January 29, 2018; theloop has signed a MOU with Cyberdigm, a company specializing in unstructured contents management, in hopes of collaborating efforts to develop a blockchain-based contract platform. Both companies expect to enhance the credibility of the electronic contract system using blockchain technology. They believe this cooperation will lead to decrease in cost and simplification of the process.

The contract platform can be applied in various fields but the most actively applied sector is expected to be the frequently-repeated contracts such as rent or utility bills. The contracts could be automated on the platform through the smart contracts. Moreover, the contents will be tracked and managed on the blockchains. These changes are anticipated to save time and cost significantly. When the contract platform is applied into other various sectors of our daily lives, the benefits it could bring will be incremental.