Everything in the business world is based on a contract. However, it has been seen even though the business world has gone digital, these contracts are still one of the many essential things that is still paper based. But since contracts tend to have huge legal and financial implications, it is important for all companies to have a robust paper-less contract management system in place.
Paper-based contracts are prone to damage due to heat, dust, water and numerous other factors. In addition to this, paper-based contracts have several other problems like high printing costs, need for physical storage space and the inconvenience of transportation from one party to another. Also, authentication and verification of paper-based contracts is an extremely challenging task-since unauthorised pages can be inserted inside already signed documents, signatures can be forged and some hand-written documents might contain illegible handwriting.
In order to make companies progress from the outdated paper contracts to something with much more longevity and sophistication, a Chennai-based blockchain company called Primechain Technologies has developed and launched Primechain-CONTRACT, a blockchain solution for Contract Lifecycle Management – storage, tracking, searching and reporting.
While some might think that instead of going the blockchain way one might just simply want to opt for conventional digital signatures. Here’s the catch with this. Conventional digital signatures require additional tools like purchase of digital signature certificates etc. Moreover, when a person ends us revoking a conventional digital signature certificate, they end up invalidating all their previously signed documents.
This is where Primechain-CONTRACT is a clear winner. Its digital signature process is executed directly by the blockchain, thus making the process secure, inexpensive and very quick when compared to its digital and paper counterparts.
According to Primechain, their solution will significantly reduce regulatory risks for organisations, automate workflows and enable senior management to take better decisions. Using the solution, organisations can improve their eDiscovery process, instantly disseminate updated policies and procedures and allow key personnel involved in the contract to easily access the contracts anywhere, anytime they want by simply using their mobile phones.
Additionally, Primechain-CONTRACT saves all the files in a permissioned blockchain to ensure provable immutability and data integrity. Available in cloud-hosted as well as on-premise version, the solution also features automated alerts and notifications, interactive dashboards, rich meta-data, and automated processes for signing of standard documents by thousands of users.