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Doxychain, a company specialising in document archiving in blockchain technology, has aroused great interest in its new solution. It enables the management of electronic documents, while guaranteeing their security and invariability of the stored data. Currently, two foreign investors have pledged €2 million in support for the company.
Doxychain is a company operating on the market since September 2019, which specialises in the management and storage of documents using blockchain technology. Its solutions are based on years of experience and the trust of its employees. The four founders of Doxychain have been working together for a decade, where they created projects such as a cryptocurrency exchange – also based on blockchain technology. The inspiration for the new idea came from a Hackathon event. The idea presented there aroused great interest and triggered a wave of offers, among others from Wolters Kluwer and Wardyński & Partners.
There was also a plan to create a special system for court proxies. Last year, the Law Office Jacek Bajorek donated PLN 860,000 to the company for the implementation of such an idea, which together with other applicants translated into approximately PLN 2m of support.
The greatest advantage of the system is its security, which prevents attempts at forging documents. Doxychain creates a shortcut from each previous version of documents, which enables unambiguous identification of introduced changes, even of a single comma. On the other hand, if one accesses a document via a link, they must first confirm their identity using an SMS code.
In the future, smart contracts are to be developed, which will enable appropriate collection of funds such as trust accounts. Besides, they can speed up the trading process in the renewable energy market.
Interest from the market
Applications of the system have attracted considerable interest both in Poland and abroad. Currently, two foreign investors have pledged €2m for Doxychain. A number of private investors have also spoken up, including Adam Rudowski, who has offered not only capital support but also his experience in selling technology services on the global stage.
The company points out that blockchain’s capabilities can be used in new sectors. The cautious approach to the system is rapidly changing with the law adapting to new options. More and more companies are opting for such solutions and thus saving a lot. An example here can be the provision of 11 million contracts to the system based on blockchain by PKO BP, thanks to which it saves about PLN 20m a year. Whereas the National Depository for Securities conducts voting on the basis of this type of solution.