Blockchain-based Global e-Contract System Saves KRW 450 million yearly
"Samsung SDS Nexledger Solution has established a reliable system that manages all the history of contracts and actual contracts signed systematically."CTO, Global Manufacturer
Company S is a global manufacturer who makes cutting-edge materials that are used for secondary cell or semi-conductors. With its global manufacturing and sales subsidiary around the globe, the company manages various contracts with a variety of partners.
However, some overseas subsidiaries do not have e-Contract system, which requires an additional security system depending on the contract system of the resident nation by spending extract cost if the county doesn’t have standards. Therefore, there were risks of long duration to complete contract, contract documents missing, and forge and falsification.
To resolve the issue, some of the e-Contract System functions have been applied in China, Malaysia and Hungary from 2017. The functions include blockchain-based authentication registration, e-Signature and original document confirmation services. These functions save cost and time, prevent forge and falsification of documents and improve security.
Establish blockchain-based authentication instead of the existing systems of the certificate issuing organizations
With the password-derived individual key form suppliers, the value of e-signature will be encrypted, sent, verified and saved in distributed manner
Original document confirmation
Provide service to compare original documents with hashed values from the original PDF
■ Nexledger Service API : E-Contract
■ Nexledger Core : NCA* (Authentication information management (e-signature key), document information and history management (hash information))
* NCA: Nexledger Consensus Algorithm
The application of Samsung SDS Nexledger saves the contract duration from 7 days on average to 3 days and also saves the cost to establish potential contract systems that each nation might have individually introduced. About 4,500 partners saved the cost to issue the certificate for general purposes (450 million yearly), which creates quantitative effects.
The application also eliminates risks of losing contracts in paper and storing them for long. There will be no forge and falsification, which helps establish a reliable global management system.