Periodic Reporting for period 2 - B4TDM (Making Contracts Digital with Civilised Blockchain)
Reporting period: 2020-05-01 to 2021-07-31
B4TDM project covers introduction, implementation and scaling up a blockchain-based document and data management system. Billon has built a breakthrough data management solution that fundamentally challenges and surpasses existing centralized software solutions. Utilizing our experience in the practical application of blockchain, we have developed an ultra-secure, fully digital and regulatory compliant Distributed Ledger Technology (DLT) platform that enables data, identity and document exchange providing eco-friendly fully digital approach for managing contractual relations between corporate clients and their customers.
Billon envisions a world without paper, a world that doesn’t waste time waiting to receive forms in the post, and a world where documentation is transparent and controlled equally by service provider and Customer. The challenge isn’t new, but the technology to address it is. TDM- Billon’s blockchain solution is specifically designed to support customers facing persistent challenges with secure digital management of documents and other sensitive data, costing time and money.
72% of customers still receive printed documents even if they use a banking app or online banking:
- Paper is costly and time-consuming – it raises storage and distribution costs, requires personal time, and only 18% of companies consider themselves paperless
- The financial sector as well as organizations such as telco operators and utility providers in the EU, spend each year EUR 60 billion just on distribution of documents.
- Contemporary IT solutions provide only partial solutions – they help store documents in databases or clouds, distribute them, and let them sign electronically with a timestamp
- No other solution but paper, invented more than 2,000 years, is fully compliant with the EC regulations addressing “durable medium” requirement and personal data protection requirement (GDPR)
The project vision is to unleash the transformational capabilities of DLT technology with a high-performance system for Trusted Document Management eliminating paper and reducing costs and complexity of secure and efficient handling of data and documents. Beyond regulatory compliance (GDPR and durable medium), TDM solution provides new business value in digital document management with modules reaching full scope of capabilities covering three fundamental functions:
- Storage and retrieval of immutable data
- Confidential and reliable business communication - Eco-friendly digital delivery of obligatory documents to customers in real-time without a need of face-to-face contact
- Fully digital contractual relationship -blockchain-based contracts with remote signature, active delivery and KYC onboarding process
Billon envisions a world without paper, a world that doesn’t waste time waiting to receive forms in the post, and a world where documentation is transparent and controlled equally by service provider and Customer. The challenge isn’t new, but the technology to address it is. TDM- Billon’s blockchain solution is specifically designed to support customers facing persistent challenges with secure digital management of documents and other sensitive data, costing time and money.
72% of customers still receive printed documents even if they use a banking app or online banking:
- Paper is costly and time-consuming – it raises storage and distribution costs, requires personal time, and only 18% of companies consider themselves paperless
- The financial sector as well as organizations such as telco operators and utility providers in the EU, spend each year EUR 60 billion just on distribution of documents.
- Contemporary IT solutions provide only partial solutions – they help store documents in databases or clouds, distribute them, and let them sign electronically with a timestamp
- No other solution but paper, invented more than 2,000 years, is fully compliant with the EC regulations addressing “durable medium” requirement and personal data protection requirement (GDPR)
The project vision is to unleash the transformational capabilities of DLT technology with a high-performance system for Trusted Document Management eliminating paper and reducing costs and complexity of secure and efficient handling of data and documents. Beyond regulatory compliance (GDPR and durable medium), TDM solution provides new business value in digital document management with modules reaching full scope of capabilities covering three fundamental functions:
- Storage and retrieval of immutable data
- Confidential and reliable business communication - Eco-friendly digital delivery of obligatory documents to customers in real-time without a need of face-to-face contact
- Fully digital contractual relationship -blockchain-based contracts with remote signature, active delivery and KYC onboarding process
During the second reporting period, we focused both on the areas related to the further technical development of additional functionalities to B4TDM specified in the project, and on the commercialization activities.
Working closely with the first clients and based on their recommendations and observations, we introduced a number of improvements to our solution with the aim of satisfying both corporate clients and end-users. On top of functional enhancements to the solution we have also improved system performance with other aspects of the system operations which stand high in customers' and users' agenda.
We were validating and verifying B4TDM in an operational environment with pilot clients and implementing adjustments to main functionalities according to clients recommendations.
Second activity area was related to preparing commercial offer and acquiring new customers where we focused on:
- Preparation of commercial offer including product positioning, pricing and licensing models, working out methods of delivery, deployment and support model
- Business development activities supported by communication efforts focusing on promotion of the project and B4TDM product and its benefits for corporate clients and end-users using general media, social media, website and other channels.
We have implemented several cases of using our solution from a dedicated blockchain platform.
We have developed three product lines based on the B4TDM (Trusted Document Management) on top on the one implemented for banking sector. In the second reporting period we focused our activities around these products preparation for commercialization undertaking also many commercial activities. The three areas are:
a) Digital Students’ Credentials - earlier called as Digital Diploma that recently evolved into more comprehensive product that allows to publish any type of legally binding correspondence between university or school and the student or pupil;
b) High-Value documents attestation platform- Multi-purpose DLT platform for tamper-proof essential documents attestation and certification on blockchain that can provide the following functionality: Publication, storage and sharing of documents on immutable database, with data authenticity and real-time provenance verification providing common source of trustful information.
c) Digital contracts with verified identity and e-signature - paperless mass distribution of private documents, singing and confirmation of delivery to end users;
As our commercial activity is focusing not only on direct sales but mainly on partners, we have also introduced the concept of Unified DLT Platform - a service that allows Billon’s partners to build any of its own services based on Billon’s B4TDM Blockchain technology. It has been designed along the discussions with partners that approached Billon with their own products that manage documents and/or data and suggested that the bare functionality through a simple API may pose a value to their products.
Billon B4TDM provides all-in-one technology & services and combines document integrity, verified digital identities and trusted digital signatures for a more secure and reliable paperless business powered by blockchain technology. At the end of the second reporting period, we have completed the development of all the functionalities defined in the project and now our B4TDM can be commercially used by clients from various sectors. We continue to work with new customers to develop our platform's capacity for other use cases.
Working closely with the first clients and based on their recommendations and observations, we introduced a number of improvements to our solution with the aim of satisfying both corporate clients and end-users. On top of functional enhancements to the solution we have also improved system performance with other aspects of the system operations which stand high in customers' and users' agenda.
We were validating and verifying B4TDM in an operational environment with pilot clients and implementing adjustments to main functionalities according to clients recommendations.
Second activity area was related to preparing commercial offer and acquiring new customers where we focused on:
- Preparation of commercial offer including product positioning, pricing and licensing models, working out methods of delivery, deployment and support model
- Business development activities supported by communication efforts focusing on promotion of the project and B4TDM product and its benefits for corporate clients and end-users using general media, social media, website and other channels.
We have implemented several cases of using our solution from a dedicated blockchain platform.
We have developed three product lines based on the B4TDM (Trusted Document Management) on top on the one implemented for banking sector. In the second reporting period we focused our activities around these products preparation for commercialization undertaking also many commercial activities. The three areas are:
a) Digital Students’ Credentials - earlier called as Digital Diploma that recently evolved into more comprehensive product that allows to publish any type of legally binding correspondence between university or school and the student or pupil;
b) High-Value documents attestation platform- Multi-purpose DLT platform for tamper-proof essential documents attestation and certification on blockchain that can provide the following functionality: Publication, storage and sharing of documents on immutable database, with data authenticity and real-time provenance verification providing common source of trustful information.
c) Digital contracts with verified identity and e-signature - paperless mass distribution of private documents, singing and confirmation of delivery to end users;
As our commercial activity is focusing not only on direct sales but mainly on partners, we have also introduced the concept of Unified DLT Platform - a service that allows Billon’s partners to build any of its own services based on Billon’s B4TDM Blockchain technology. It has been designed along the discussions with partners that approached Billon with their own products that manage documents and/or data and suggested that the bare functionality through a simple API may pose a value to their products.
Billon B4TDM provides all-in-one technology & services and combines document integrity, verified digital identities and trusted digital signatures for a more secure and reliable paperless business powered by blockchain technology. At the end of the second reporting period, we have completed the development of all the functionalities defined in the project and now our B4TDM can be commercially used by clients from various sectors. We continue to work with new customers to develop our platform's capacity for other use cases.
1. Billon’s B4TDM has the potential to completely reshape and change forever the way contemporary organizations are handling their contractual relations with millions of individual clients. We help to accelerate digital transformation with blockchain technology and our use cases with banking sector, energy sector and educational sector have proved that our technology has socio-economic impact and wider societal implications.
2. Billon’s solution being the only viable fully digital alternative to paper can help save app 90% of the costs related to distribution of documents and 30-46% of the costs related to storage of document.
3. Clearly identified, yet unmet needs of a well-defined client group result in massive demand sourcing business opportunity for Billon and satisfying regulatory requirements
4. B4TDM can help businesses in transition from traditional to remote economy while keeping their revenues. With Billon’s solution enterprises can accelerate digital transformation and launch next-gen digital products and services.
2. Billon’s solution being the only viable fully digital alternative to paper can help save app 90% of the costs related to distribution of documents and 30-46% of the costs related to storage of document.
3. Clearly identified, yet unmet needs of a well-defined client group result in massive demand sourcing business opportunity for Billon and satisfying regulatory requirements
4. B4TDM can help businesses in transition from traditional to remote economy while keeping their revenues. With Billon’s solution enterprises can accelerate digital transformation and launch next-gen digital products and services.