The demand for blockchain technology is rapidly spreading across all industries, and it has already been integrated into the fashion, sports, gaming, and even music industries. For the most part, blockchain technology has been extensively used to develop a decentralized peer-to-peer financial system (DeFi) that promotes decentralization and transparency in financial transactions. Without a doubt, blockchain technology is the future, and it is now looking to enter the e-validation sector. Most legal files and documents have been stored on centralized servers or in physical locations, which are highly vulnerable to hacking or being lost/stolen, or burned. One of the advantages of a distributed ledger, such as the blockchain, is the security and privacy of products on the chain. There is a need for an additional layer of protection for legal documents, as well as proper proof of originality for legal procedures, without the fear of hacking or forgery. This article will look at KwikTrust, a next-generation e-validation platform that aims to redefine file validation and security processes.
Introducing KwikTrust
Given the current state of third-party file validation and legal file security in general, the value of an e-validation platform like Kwiktrust cannot be overstated. KwikTrust is a breath of fresh air in the file validation and storage security sector, removing the flaws associated with Web 2.0 platforms regarding contract signing, due diligence, and validation processes. KwikTrust is a blockchain-powered solution that speeds up the tracking of file validation and due diligence to provide provenance and legal protection. The goal of the blockchain platform is to create a new standard for signing and securing files in the ‘web3’ world. In the due diligence process, KwikTrust addresses security risks, high costs, and insufficient data.
KwikTrust’s Operational Model
To meet the needs of users, KwikTrust employs a due diligence software-as-a-service model. KwikTrust enables users to record intellectual property on the blockchain safely and securely. KwikTrust includes the following use cases:
- Putting together evidence for legal cases
- The blockchain is used to record property deeds and transactions.
- Keeping track of physical asset ownership proof
- Managing the Supply Chain
- Keeping company records secure and tamper-proof
With blockchain technology, KwikTrust enables both self-certification and third-party validation of files. KwikTrust supports many file formats, including PDF, JPEG, PNG, DOCX, XLSX, PPT, MOV, and MPV.
By combining all of these services, KwikTrust provides users with a secure and straightforward platform for automatically managing various aspects of contract validation while leveraging the security and reliability of blockchain technology.
SuperNFT – Utility NFT of KwikTrust
KwikTrust also offers a utility NFT, SuperNFT, that allows users to mint validated files and convert them into movable assets in the form of NFTs. SuperNFTs are a critical component of the KwikTrust protocol. They open up a whole new use case for NFT technology in finance, asset management, intellectual property management, and proof of identity.
Furthermore, KwikTrust’s native token, KTX, would be used to mint SuperNFTs, creating long-term demand and driving the native token’s value up. The SuperNFT includes proof of origination, provenance, and the creator’s identity, resulting in a more secure transferable asset. KTX tokens would be listed on both centralized and decentralized exchanges, allowing users to mint SuperNFTs easily.
Impact of KwikTrust in The Near Future
By incorporating blockchain technology in the file validation and storage sector, Kwiktrust aims to redefine how we save files, access files, improve provenance, and storage security, among other things. Kwiktrust intends to lead the next generation of e-validation platforms as a new project in the e-validation sector by developing a decentralized, transparent, and permissionless e-validation system.
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Source: https://coinquora.com/how-a-promising-new-blockchain-startup-is-solving-file-validation-and-storage-issues/