Finesse launches Prime-CONTRACT, world’s first Blockchain powered Contract Lifecycle Management System in Middle East
Organizations and Government agencies enter into hundreds of contracts with their vendors, partners, customers and employees. Contracts have huge legal and financial implications and hence it is essential for all companies to have a robust paper-less contract management system. Paper-based contracts suffer from several inherent problems including the need for physical storage space, high costs & inconvenience of transportation. Paper-based contracts are also prone to damage due to heat, dust, water and other factors. Authentication and verification of the contents of paper-based contracts is very challenging – signatures can be forged, unauthorized pages can be inserted into large signed documents, hand-written documents may contain illegible handwriting etc.
To solve these pain-points for its customers, Finesse through its partner Primechain Technologies, a global blockchain company, has launched Primechain-CONTRACT, a blockchain solution for Contract Lifecycle Management – storage, tracking, searching, and reporting in Middle East.
Speaking about the solution, Shinam Arora, CEO of Primechain Technologies, said that “Conventional digital signatures require additional tools, and require purchase of digital signature certificates. Moreover, revoking a conventional digital signature certificate invalidates all previously signed documents”. In Primechain-CONTRACT, the contracts are stored in a permissioned blockchain to ensure provable immutability and data integrity. Additionally, strong encryption is used to ensure confidentiality. The solution also features automated alerts & notifications, interactive dashboards, rich meta-data, and automated processes for signing of standard documents by thousands of users.
Speaking about this latest joint offering, Ajay Alex, Head- BFSI Practise at Finesse LLC said that Primechain-CONTRACT can reduce regulatory risks for organizations, enable senior management to take better decisions, automate workflows and streamline vendor management. He also remarked that, it can enable organizations to improve the eDiscovery process, instantly disseminate updated policies and procedures and allow key personnel to access contracts anywhere, anytime using mobile devices
Finesse powered Primechain-CONTRACT is available in cloud-hosted as well as on-premise version for Middle East Customers.