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.
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.
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.