The two teams will work in collaboration to use blockchain in identity verification and management
Eleven01 (https://www.eleven01.io/) India’s first native blockchain protocol announced today a partnership with DocsinBlocks (https://docsinblocks.com/), a decentralized blockchain venture focused on document management. The two teams have joined together with the goal of solving documentation problems using Eleven01 blockchain technology and DocsinBlocks identity verification and management systems.
DocsInBlocks and Eleven01 together, plan to provide a decentralized document management platform, where users can manage all of their documents digitally. In order to do this, they will use Time Stamped Tamper Proof (TSTP) protection to provide an on-demand and secure identity verification platform by using Eleven01 protocol.
“DocsinBlocks has developed the solution for a problem that is a textbook example for a blockchain use case. Their team has diligently detailed the redundancy and unreliability that is present in the current document sharing and management systems and will be using blockchain technology to bring auditable trial and real-time verification to the world of documents. This is truly an area ripe for disruption and we are happy to be partners on this journey. We will work closely to help them build a trustless, immutable document database on the blockchain using the Eleven01 protocol,” said Rama Iyer, President & Chief Technology Officer at Eleven01.
The two entities will initially focus on building document management solutions for the education, finance, and travel industries followed by insurance, pharmaceuticals, and other sectors. In addition to streamlining the management of private use documents, DocsInBlocks and Eleven01 will be providing solutions for corporate companies, enterprises, and government entities to help maintain security and confidentiality of vital information.
“Every individual possesses at least three important documents which reinstate their identity. This is in addition to other educational, professional, and executive documents. DocsinBlocks is attempting to make the management of these documents hassle-free using blockchain technology. Partnering with Eleven01 gives us the opportunity to scout all the possible ways of employing blockchain innovation in achieving this. Their industry expertise and technological support is truly invaluable.”, said Brijesh Aggarwal, Founder & CEO of DocsinBlocks.
According to a survey done by Harris Interactive, 92% of “Knowledge Workers” collaborate over documents using email to edit and share, and those same professionals spend 50% of their time searching for information resulting in lost productivity. The current practice of document management not only leaves information vulnerable to hacks but also costs time and money to maintain. Ombud’s research revealed that e-signatures save an estimated $20 per document and reduce turnaround times by 80%, proving that high-tech systems of document management are not only effective to time management but costs as well.
Eleven01 is India’s first-ever native protocol built for public and private sectors aimed at bringing blockchain to the next billion people. With an emphasis on emerging markets, the protocol will be pivotal in driving blockchain adoption among next billion users. The protocol employs cutting edge technologies like homomorphic encryption, customizable consensus, and oracle models and has also forged powerful partnerships across emerging markets. This will empower developers from around the world with an easy to use protocol to build a variety of dApps across industry verticals, bringing global mainstream adoption for blockchain.
DocsinBlocks is disrupting the way e-documents are organised and stored. It is the first decentralized document management platform with blockchain to secure e-documents as UNIQUE Master Original copy which stands reusable, timestamped and NON tamperable and protected at all times in digital world.
Digital Documents stored on DocksinBlocks are immutable and allow the user to manage all his documents digitally without any threat to security.