KwikTrust Brings Blockchain-based Methods to E-Validation and Digital Signatures
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
E-validation refers to a procedure that allows the signing of documents remotely through digital forms. It is a viable and easy-to-use alternative to signing documents physically, but its adoption meets dangerous bottlenecks in terms of security and censorship-resistance.
Rise of e-validation: Why is it becoming mainstream?
By 2022, e-validation or signing documents with digital signatures is getting more and more popular. It eliminates the need for counterparties to meet “in real life’=” in order to sign documents. At the same time, it meets the strictest standards of security and confidentiality.
The total addressable market (TAM) size for this segment is estimated at around $25 billion and is expected to grow from $4 billion in 2021 to $16.8 billion in 2026, according to research conducted by Marketsandmarkets, with a CAGR of 33.1%.
Today, this sphere is controlled by a few “centralized” unicorns. For instance, the flagship vendor of e-validation services, DocuSign, is responsible for a $23 billion share of market capitalization.
However, “old-fashioned” centralized services are too vulnerable to data leaks: confidential information can be harvested by competitors, government agencies or hackers. That is why blockchains as distributed decentralized databases can be of use.
Introducing KwikTrust, a blockchain-based ecosystem for digital signatures
KwikTrust is a decentralized (on-chain) e-validator solutions kit designed to address issues in the digital signatures sector such as security risks, data insufficiency, low resource-efficiency and so on.
Don't be left behind.
— KwikTrust (@KwikTrust) February 25, 2022
The SuperNFT is the future of NFTs. #KTX is the fuel for the #SuperNFT.
Now's your chance to get in early.
Apply for your allocation at https://t.co/lBopKfBS7c.#nftcommunity #NFT #cryptocommunity pic.twitter.com/EsMenGWHg4
At its core, KwikTrust provides the technical basis for signing contracts, agreements and other critical documents in a secure and decentralized manner. KwikTrust supports various file formats: PDF, JPEG, PNG, DOCX, XLSX, PPT, MOV and MPV.
All procedures on KwikTrust are backed by high-level due diligence procedures: they are valid just like physically signed contacts between legal entities, individuals and so on.
The results of these contracts are stored on the blockchain: they can not be removed, destroyed or replaced by fake data elements.
The progress of KwikTrust is backed by a clutch of high-profile market heavyweights such as YFDAI, IBM and Founder Institute. YFDAI Finance also facilitates the integration of KwikTrust and its mechanisms into a global decentralized finance (DeFi) ecosystem.
Also, KwikTrust’s architecture includes a SuperNFT mechanism applicable for a variety of use cases such as finance, property management, IP management, digital identity verification and so on.
KTX token goes live on Tier 1 exchanges
KwikTrust’s token, KTX, is a backbone element of the protocol’s tokenomics and liquidity ecosystem. KTX works as a governance and utility token for all enthusiasts of the KwikTrust protocol.
WE ARE LIVE!
— KwikTrust (@KwikTrust) March 15, 2022
KTX is trading on @BitMartExchange.
Head to https://t.co/LUHTYVVUrM for your chance to buy! #KTX, the fuel of the #SuperNFT. #cryptotrading #CryptoNews #NFTCommunity pic.twitter.com/OZKSSVDvcJ
KwikTrust is working on listing KTX tokens on top-tier centralized cryptocurrency exchanges. To start with, KwikTrust listed KTX on BitMart, a mainstream crypto trading platform. Trading in KTX-based pairs started on March 14, 2022.
KTX is also integrated in a SuperNFT mechanism as fuel for minting non-fungible tokens within KwikTrust.
Alex Dovbnya
Arman Shirinyan
Dan Burgin