trace:original

Replacing Paper Originals

Use Cases for trace:original

 

Current use cases

  • Bills of Exchange

  • Promissory notes, Mortgages

  • Bills of Lading

  • Power of Attorney (POA), Proxy

  • Guarantees

  • Air waybills

  • Purchase Orders

  • Warehouse and silo receipts

  • Forwarders Certificate of Receipt

  • Corporate agreements of any kind

  • Share certificate
     

Other use cases, not as evident but still powerful

  • Leasing contracts

  • Letters of Credit

  • Medical journals

  • Compliance and KYC documents

  • Wills, testaments

  • Invoices

  • ...

Fig 1. With trace:original we want to take back the "master" document concept into the digital era. When moving from paper into digital the document was deconstructed into extracts stored in databases and computer systems. Enigio trace:original is digital "paper" readable by man and machine, where only the holder has control of the master document. But even the holder cannot change what has been written without invalidating the original.

The Challenge

Enigio trace:original is a new blockchain innovation by Enigio to handle the challenge of tracing an authoritative digital original that should be handled in one and only one original and where the legal rights constituted by the document are held by the owner of the original document in question.

Fig 2. The trace:original document is a Ricardian contract where references and current holder are logged in a shared public blockchained ledger. All secret business data is in the document, the file. The ledger only stores cryptographic references and signatures which creates immutability, full audit and traceability but is completely anonymous.

Requirements

  • The need to reliably distinguish between the single original document and a copy

  • Document content is to be kept confidential

  • The original should be able to be stored by the holder or in custody of his or her choice

  • Ownership of originals should be transferred safely

Features

Using trace:original you are able to:

  • create a digital original - solely in the control of the holder

  • prove ownership of a digital original

  • distribute copies of a digital original

  • verify if a copy corresponds to the current original

  • amend data to a digital original

  • transfer ownership of a digital original

  • invalidate a digital original

  • keep complete immutable traceability / audit trail

  • all business details can be held confidential

  • original documents stored where the holder prefers

First case - International Mortgage Market

In the Nordics and many other countries around the world, promissory notes for the mortgage market are handled by the use of physical originals. Even if the legal framework is technology neutral, no technical solution (to our knowledge) has yet been able to fulfil the legal requirements for a digital promissory note in the existing legal context of Sweden and other European countries.

Enigio now offers a secure solution for authoritative digital originals solving the above problem regarding digitalisation of promissory notes and other current physical bearer instruments.

See and Listen to 3 min pitch from CV Summit 2018.

Legal framework
  • promissory notes must be issued in one and only one original to be legally enforceable in the Nordics

  • the law does not define an original

    • it is technology neutral

    • no need for a physical medium like paper

  • to define a mechanism to separate an original from a copy is key

  • the original instrument must be transferable

Customer value and benefits
  • customer interaction through digital services

  • costs savings

  • STP - Straight Through Processing

  • a competitive advantage

  • eco-friendly

Enigio is proud to be named a Gartner Cool Vendor 

Click to access report.

Learn more about the possibilities