On 4 November 2020, South-Korean blockchain firm Blocko launched a Decentralized Trusted Timestamping (DTT) Alliance. The consortium comprises 15 companies, including a South Korean conglomerate subsidiary CJ Olive Networks, Hyundai Autoever and Japanese IT firm Fujitsu. The Alliance plans to establish a blockchain-based distributed time stamping authority (TSA) to replace centralized storage systems for verifying electronic documents. The ultimate aim is to prove a document or contract existed at some point in time.
The DTT Alliance uses blockchain solutions due to the difficulty to forge or alter inputted information, resulting in increased transparency and security. The Alliance hopes to use the same TSA technology for other core data verification initiatives, for example in the finance, public, and medical sectors. The plan is eventually for the network to be used as a single source of trust for the distribution of core data. Blocko adviser, Kim Jong-Hwan claims the Alliance will provide the solution for a reasonable fee, unlike other current electronic document storage services.
Korea recently revised legislation, giving electronic documentation legal effect in its own right, without the previous requirement of having electronic documents alongside original ones for legal effect. Kim said the creation of the DTT Association was influenced by these amendments. “With the revision of the Electronic Documents Act, companies must keep vast amounts of documented data in data format. It is difficult to leave it to general cloud services due to security issues. The DTT Alliance will solve this challenge,” he said.
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