FirmaChain Ico Review – A Blockchain Based E-Contract Platform


About FirmaChain

FirmaChain is launched on 12 Apr 2018 by a team based in Singapore and South Korea, FirmaChain seeks to resolve all the social and legal issues (contracts, notarial, etc.) with written contracts through the use of electronic contracts based on FirmaChain’s data blockchain.

FirmaChain aims to replace all social, legal actions (contract, notarizations, etc.) based on existing written documents with a transparent platform that combines electronic document-signatures with blockchain. Firma Network allows for the easy use of the FirmaChain functions and provides several FirmaChain APIs that enable the easy production of DApp.

Token Basic Information

Decentralization of Data

Millions of personal computers all over the world are constantly operated for considerable time, but not all of a computer’s resources are utilized to the fullest extent. This is especially the case with storage capacity and network bandwidth. If the remaining storage capacity and network resources could be lent to another person at a certain price, the user could save files at costs lower than other similar file storage services while the provider could generate a profit with the unused resources.

FirmaChain have devised a decentralized distributed file storage system to provide reliable storage that protects the integrity and reliability of data. Decentralization means that the system is managed and operated by every participant in the system without the central management of the file storage system.

P2P

P2P distributed file sharing systems, such as BitTorrent, allow individuals upload, store files by sharing data. These P2P file sharing systems, however, are kind of file-sharing community based on the concept that ‘individuals download as much as upload.’ Unfortunately, such system failed to adequately motivate the users maintaining seeds to continue uploading files without any compensations. As a result, P2P distributed file sharing systems do not guarantee sufficient availability of files because these files were always at risk of disappearing at any time.

FirmaChain Token

FCT token necessary for using FirmaChain-related services. FCT can be used (i) to pay the service fees for the DApp, developed using the Firma Network; (ii) to be exchanged as FDR, a currency needed to use FirmaChain’s Decentralized Data Storage; and (iii) to store short strings that require a stricter integrity standard.

Blockchain

Orderbook

In the file storage market, when a User or Miner places a new order, it is transmitted to the blockchain network nodes. The received orders are recorded in a single order book / ledger. This order ledger / book is shared by all network nodes, and the contents of an order are relayed to all other nodes. Orders placed on the order book will be deleted from the order book after a certain period of time if the order fails to conclude. If an order is concluded, it is deleted from the order book and is signed by the User and the Miner and then sent to the network in the form of a transaction.

Problems of Existing License Agreements for Intellectual Property Rights and Solutions Based on Blockchain Technologies

Contracts exist every corner of our lives as an indispensable element in modern society. Among various types of contracts, written international contracts require at least one of the parties to travel abroad, as the parties should execute a contract in-person. As the entire process is very time- and costconsuming, the execution of a written contract requires significant efforts.

When transmitting, modifying, executing license agreement for IP rights electronically, there have been issues on forgery and security as well as verification of contracting parties. Exchanging drafts several times via emails or messengers has also caused many inconveniences. In particular, those who execute a contract for first time with an unknown counterparty had no way of verifying counterparty’s identity, authorities or rights to execute the contract, or had to verify those in an extremely complicated way. However, the advent of blockchain technologies will solve all these problems.

Solution

  • As long as accessible to the internets, the users can confirm the details of IP rights, including the type of IP rights, the titleholder, and the coverage (geographic coverage).
  • Introduction of blockchain-based electronic contracts in the entire process of contract execution will enable the users to record and verify the whole contracting process, such as negotiations and transaction history, etc.
  • A licensor of an IP right who has been confirmed to be legitimate titleholder and licensee whose identity has been verified can execute an international contract online rapidly and free from any risk of fraud using the electronic contract platform (E-Contract) without physically meeting each other. In particular, the platform will secure the reliability in executing a contract with an unknown counterparty.
  • FirmaChain various useful functions, e.g. dashboards, provision of standard contract forms, real-time translation, etc., will be provided to facilitate rapid and convenient execution of contracts. IP rights will be protected in a prompt and affordable manner since lawyers provide real-time online reviews for final drafts and patent attorneys will register the exclusive license in the relevant country after execution of the contract.
  • FirmaChain platform will allow the IP holders to easily locate the potential licensees and thereby facilitate the execution of diverse license agreements at lower costs.

Features of FirmaChain

Forgery and Tamper Proof

Due to the nature of blockchain, once contract data is uploaded, it can not be tampered.

Electronic Signature System

Duite.’s system is built according to the digital signature standard allowing for non-repudiations in contracts.

Streamlines Contract Procedure

Duite. streamlines the processes associated with entering into a contract thereby, reducing the resources required in managing a contract.

Submit as Evidence

Forgery or tampering of an electronic document in duite. is impossible and therefore, can be submitted as evidence in case of legal conflict.

Extended Features – SDK

By utilizing the API or SDK of Firma Network, it is possible to make Decentralized Third-Party Apps.

Core Layer

FirmaChain is used to transfer, collect transactions, distribute finite-state for entire contract procedure, verify the integrity of electronic documents, and protect the contract data from forgery. The contract will have a finite-state for each phrase, and the details are as follows. The states that will actually be implemented are going to be broken down further.

Progress of contract

The contract will be processed, and the transaction amount will be remitted either in FirmaChain or local currency depending on the agreement. In the blockchain and service layer, check the transaction of the remittance to determine the progress of the contract.

Completion of contract

When payment of the transaction amount written in the contract is completed, status of corresponding contract is changed to “waiting for completion.” Once the contents of the contract are verified and confirmed between the parties, the status is changed to “completed” and the settlement cost will be given to the party that receives the contract.

Destruction of contract

Contract may be destroyed due to circumstances mutual to both parties while contract is in progress. A contract that has already been uploaded cannot be deleted, and can only be destroyed by creating an additional contract to override the original. In this case, the information of the destroyed contract will be entered on the E-Contract, and a settlement agreement between both parties, or a refund or additional payment request according to the contract will be settled by creating a new payment contract based on the destroyed contract.

Modification of contract

If there is a sudden problem unforeseen at the time of the contract process, the parties may change the contents of the contract through a special contract. Once the parties create a special contract and all persons involved agree to such, the corresponding special contract will be attached as a subcontract of the main contract. In addition, Hash String of the subcontract will be uploaded to the Smart Contract, and the contents of the subcontract will be uploaded in the Decentralized Data Storage. If there are any changes to the transaction amount when amending the contract, the amount of the new deposit will be additionally remitted or refunded depending on the deposit amount set previously.

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This article is writing on 28 June 2020 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: support@coinworldstory.com Or Whatsapp Us- +13098896258

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