On November 21, Blocko, an IT startup based in South Korea that builds AERGO, announced that it had successfully deployed a blockchain-based security contract and e-document management system for Hyundai-Kia Motors to help reduce costs and increase security around document management.
Currently, most companies use an electronic document management solution (EDMS) for in-house document management and operate a certified electronic document management system (AKA “public service station”).
Blocko built a blockchain-based integrated document management system for Hyundai-Kia Motors to solve the problems of existing paper document management systems. The platform was developed to reduce costs, scale out the backend infrastructure, increase system security and reliability, and integrate distributed networking technology across the whole company to reduce corporate fraud. The solution takes on the shortcomings and constraints of the existing paper-based system through an electronic document solution (EDMS, authorized electronic document repository).
The blockchain-based document management system allows employees at Hyundai-Kia Motors signing and viewing of pledge documents as well as permanent forgery protection and non-repudiation.
Earlier Coinstelegram reported that Blocko would provide a blockchain-based distributed storage platform to connect real estate registries to government network data with a blockchain ledger for the Korean Ministry of Land, Infrastructure, and Transport.
Additionally, Blocko has begun facilitating micropayments for the Bank of Korea while the bank is exploring blockchain-based micropayment settlement infrastructure. The bank is looking to find out how effective microtransaction settlements on distributed networks could be with regards to making transaction outputs happen faster and saving costs.