“Sistemų integracijos sprendimai” together with “Skaitos kompiuterių servisas” started implementation of the project ” Development of Document Transaction Management Algorithm Model for Distributed Systems (SmartContract)” (project No. J05-LVPA-K-04-01050). For this Project European Union Regional Development Fund under the European Union Funds Investment Action Program 2014-2020 Operational Program Measure 01.2.1-LVPA-K-828 “Intelligence. Joint Science-Business Projects ” was granted EU support of up to EUR 184 344.78.
The essence of the project is to create a Document transaction management algorithm model for Distributed systems (SmartContract). This solution would provide technical capabilities to system manufacturers in an easy way to link data / documents produced by their software with cryptographic algorithms on a Distributed Ledger Technology (DLT) platform, and to be able to read and verify information, which is already registered on the DLT platform. Integration of business processes with decentralized digitalisation technologies is a new and uncertain technological branch, therefore, a systematic analysis of the use of DLT technology for business environment processes is required.
The desired project outcome – the creation of model of document transaction management algorithm for distributed systems (SmartContract). With the help of this technology organizations that apply such a document exchange and signing method will exchange certificate codes and the intermediaries will complement these certificates with their unique codes. The issue and use of such certificate would be quick and easy. This should enable the system manufacturers to easily associate data / documents of their systems stored locally and to register with the use of cryptographic algorithms on the selected DLT platform, and to be able to scan and verify information which is already registered on the DLT platform.
In the time of the project a new product – DLTConnector module prototype will be created. This module prototype will be responsible for sharing of transactions of existing data and document management systems using DLTs. The opportunity for commercialisation of the product – currently there is no system with such features in the market today.
More information: www.esinvesticijos.lt