The 2020 DeFi boom changed the mind of critics who were skeptical of Web 3.0 and decentralized finance. It is becoming obvious that Web 3 and its several applications that cut across various industries such as finance(DeFi), sports, gaming, and even music industries, are well-positioned to be regarded as the future of the internet. One of the reasons for Web 3 growth is decentralization, which aids in providing a better security structure for platforms. The e-validation sector seems to be the next sector that needs the security structure that Web 3 has to offer.
Decentralized systems appear to be the answer to the flaws in the security and privacy of Web 2.0 platforms, which are the only alternative for storing and securing legal documents at the moment. A decentralized solution assists by giving additional security and validation measures while one maintains a chain of custody for all legal procedures and documents. In this article, we’ll examine Kwiktrust, a next-generation blockchain e-validation platform that provides provenance as well as legal protection.
The Innovative Kwiktrust Platform
Kwiktrust is home to the SuperNFT and an innovative blockchain-powered solution for file validation and due diligence to give provenance and legal protection. The purpose of the blockchain platform is to create a new standard for signing and safeguarding data in the ‘web3’ era. In the due diligence process, Kwiktrust handles challenges such as security risks, exorbitant expenses, and insufficient data. The Kwiktrust platform has several distinguishing qualities that set it apart from competing e-validation platforms, some of which are as follows:
- Data Security: The possibility to falsify data and legal documents is one of the drawbacks of traditional e-validation platforms. The adoption of the Kwiktrust platform will surely help to eliminate these weaknesses by giving an undeniable record of activities.
- Effective Due Diligence: Kwiktrust assists in providing effective due diligence while eliminating the risk of human error, making the entire process more efficient. It can be used to put together evidence for legal cases.
- Dynamic Data Monitor: Kwiktrust assists in the monitoring, validation, authentication, and security of blockchain data. The platform also supports in thoroughly reviewing legal documents in order to minimize legal conflicts caused by constantly changing and expiring legal documents and agreements.
- Blockchain Validation: Third-party validations obviously slow down the process and increase the costs incurred. Blockchain Validation helps to avoid errors in the validation process, making it function more smoothly.
“Kwiktrust was designed in conjunction with partners in the legal and commercial business environment. Our solution solves real-world business problems” said Simon Read, the CEO of Kwiktrust.
The platform’s SuperNFT feature allows authenticated identity, provenance, and e-signatures to be locked and minted into non-fungible tokens (NFTs). Patent-pending SuperNFT can be used to establish asset classes in finance, deeds of ownership, and storage for intellectual property. SuperNFT helps to resolve three important difficulties plaguing NFTs today: identity, provenance, and security.
The Kwiktrust platform is powered by its own token, the Kwiktrust token (KTX), which will be used to mint SuperNFTs, creating long-term demand and increasing the native token value. SuperNFT is linked to the identity, content, and e-signature of a legal document on the Kwiktrust platform, and it is used to securely transfer and delegate ownership of assets. Furthermore, SuperNFT offers a legally binding and reliable file authentication method.
There are many use cases for SuperNFT, from financial securities asset transfer and validated fractionalized ownership of real estate, to the management of intellectual property including music, video, and inventions. Imagine being able to manage original creations with provenance validated and locked to the creator’s validated identity. With the SuperNFT, one is able to establish digital ownership, engaging multiple contributors and manage the fair distribution of artist royalties.
Road Ahead for Kwiktrust
The Kwiktrust platform intends to pioneer the next generation of web 3.0 platforms by redefining how we store, secure, and access files. Kwiktrust appears to be well-positioned to set a new standard for legal document e-validation and data authentication by developing novel ways to apply the best security and authentication structure through the usage of blockchain. Over the next few months, Kwiktrust will be launching its KTX utility token and a user dashboard for token staking and wallets, build SuperNFT cross-platform bridges, create the tradeable SuperNFT and enable the SuperNFT to be treated as collateral assets, to name a few of the many plans ahead.