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Dedoco Awarded Deep Analysis Innovation Index Award for 2022

Singapore, 16 November 2022

Dedoco is thrilled to announce that it has been awarded the coveted ‘Innovation Index Award 2022’ by Deep-Analysis, an independent tech advisory firm. Deep-Analysis selected Dedoco from over 150 vendors as a top innovator in the ‘Blockchain’ category. 

Based on the four key selection criteria used by Deep Analysis (problem solving, ingenuity of solution, value addition, product flexibility), Dedoco emerged as one of the top standouts for enterprise blockchain application.

Recognizing Dedoco as one of the pioneers in documents and blockchain pairing, Alan Pelz-Sharpe, Founder and Principal Analyst of Deep Analysis, noted "Though the value of blockchain for verifying and permanently locking documents has been understood for years, it has typically been left to enterprises to design and build their systems. The early successes of Dedoco suggest that such products are viable and can be built and taken to market relatively quickly."

“We are delighted to receive the Deep Analysis’ 2022 Innovation Index award. It’s always an honour to be recognized as one of the first-movers in enterprise blockchain application, especially in today’s rapidly changing technology landscape.” said Daphne Ng, CEO and Co-founder, Dedoco. “It reinforces our vision of being the trust engine for documents”, she added.

Click here to read the entire Innovation Index report or contact us today to find out how our Dedoco trust engine can power your company.

About Dedoco:

Dedoco is a next-generation digital DMaaS (Document Management as-a-Service) that is built on blockchain technology, providing increased data privacy and document security to users. By utilizing blockchain, every Dedoco-issued document is trusted, verifiable, and interoperable across multiple systems. Thus supporting companies in their transition to web3, by providing essential, practical applications that solve universal pain points not addressed by other providers.

This article was orginially published and distributed by PRNewswire. Also available on:

Australian Associated Press [AAP]

Asia Pacific Star

AsiaOne

Blockchain Association of Singapore

Kuala Lumpur Times

Yahoo Finance

Dedoco has been awarded the coveted 'Deep Analysis Innovation Index Award' for 2022 by Deep-Analysis, an independent tech advisory firm.

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Dedoco founder’s journey to building next-gen digital trust technology

10 November 2022

Thanks to advanced cloud computing, related technologies, and improved data storage capability, digital transaction management is now able to facilitate document-based transactions. This helps accelerate numerous administrative reform and digital transformation processes.

Considering the ingrained and overwhelming usage of paper-based processes in all organisations as well as the growing need for workflow and process automation, the potential market for digital transaction management is massive. According to a report by Grand View Research Inc., the market value for global digital transactions is poised to reach over $61 billion by the year 2030 with a compound average growth rate of around 25.5% throughout 2022 – 2030.

Regardless, organisations still face numerous challenges when transitioning to paperless processing due to heightened security, privacy concerns and threats of cyberattacks. A recent report showed that a total of 108.9 million accounts were breached in the third quarter of 2022, which represented a 70% rise in data breaches globally. And third-party IT service providers are responsible for at least two-thirds of data breaches. 

The rise of Dedoco and its ambition to be the ‘Trust Engine for Documents’

Established in 2020, Dedoco now has offices and teams across Australia, Singapore, Vietnam, Malaysia, Hong Kong and US. After close to 3 years serving some of the major customers including from the government, real estate, banking and financial services sector, the company has also evolved from digital signature workflows to  a broader trust engine that powers a much bigger set of enterprise apps and APIs that include main apps suite including: dSign, dVideoSign, dForms, dCert, and dCreds. And what does it mean to be a Dedoco-issued record? It means that the digital record can be trusted, traceable and verifiable even by a 3rd-party. 

Extending this Trust Engine proposition is Dedoco’s key value proposition for ‘high-trust’ sectors like public sector, finance and healthcare. When working with these key sectors (the biggest targets for data breaches) and large organizations that require high-trust handling, Dedoco’s technology ensures that the documents reside securely with their clients, while protecting the integrity of their records on-chain. In short, Dedoco helps their largest clients comply 100% on document residency and regulatory requirements, all while still delivering the respective productivity and efficiencies to these organizations via their suite of enterprise apps.

Recently, it also underwent a brand refresh as they continue to expand aggressively into new markets and verticals and understood that the Dedoco brand, website and client experiences should be revolutionised to keep up with the changing pace. Their updated logo, i.e. the three “Dedoco Blocks” in their symbol represents their belief that there are three key building blocks to Next-Gen Enterprise Trust - one where you can Trust, Trace and Verify your important documents and records.

The journey from corporate banker to tech entrepreneur

Founded by Daphne Ng, Co-Founder & CEO of Dedoco, a former corporate banker, and her co-founder Dr Ernie Teo, Co-Founder and leading their new blockchain division (DeLab), Dedoco has set its eyes set on becoming the number one Web3-based document infrastructure platform with high security and freedom for customers to take full ownership of their documents.

“Prior to the startup space, I was a corporate banker for over 8 years with a major part in the global trade finance space where I was also involved in the early digitisation initiative for e-trade documents and processes. Trade is a vertical synonymous with the need for compliance, heavy documentation, and concerns around incomplete title transfers and fraudulent transactions. Coming from a banking and financial services background, I know that data and document handling is an important part of the risk and compliance handling. While digitalisation is key to transforming the sector, digital documents still need to prove that they can be trusted, and that their chain of custody are traceable and managed securely to comply with data laws,” explained CEO Daphne Ng.

“Losses as a result of erroneous and fraudulent documents are a $42 billion pain point, according to a recent PWC study. So, we focus on how our Trust Engine can be leveraged to solve the issue of trust in records and transactions across all sectors”, Ng added.

For Daphne Ng, the journey to launch Dedoco was both challenging and pleasant, full of all the usual ups and downs, enabling her to become the best version of herself and experience extreme pride and joy. Surprisingly, the first product built by the company was actually dCreds, which is for employer-issued credentials that can be used for digital identification and verification, but was relatively overshadowed with the outstanding success of its other enterprise apps including dSign, dForm, dCert and most recently, dVideoSign.

An innovation by Dedoco, dVideoSign is a signing solution with enabled video components. It enhances electronic digital signatures by authenticating and verifying the identity of each participant in a virtual meeting and can be done in real-time.

“For dSign — our DMaaS (document management-as-a-service) app — the learnings were a combination of technical delivery, user design, experience, and use case adoption. I would say that it was both a victory and challenge that our first few customers and partners were large corporations from key sectors including government and banks, which meant that we had the opportunity to iterate and build products that are of enterprise and security grade from the beginning. We are also ISO-certified and government-accredited. In terms of user design and experience, and new product innovation, it is an ongoing exercise for us”, explained Ng. 

An instant hit

With the team’s hard work and dedication, the response Dedoco gained up till today has been highly positive. “Our first customers were from the banking, professional services, and real estate sectors where, during the 2020 COVID lockdown, there was a need to conduct remote transactions and the use of digital tools like ours accelerated as a result. These include workflows for customer KYC and loan agreements, audit, and accounting reports, and real estate transactions,” Ng recounted.

Dedoco has made remarkable achievements in just 2 years, working with over 4300 enterprise users, registering double-digits M-O-M growth; and will end the year with about 60-staff strong. With its proven track record, Dedoco has raised a total of US$7.5m seed/pre-A funding so far including from Vertex Ventures and True Global Ventures and is on track to reach more milestones. “Our brand equity and credibility definitely grew in the last few months. In a little over 2 years, our initial growth was mainly through direct sales and word of mouth. The plan from Q4 this year is to grow through investments in brand awareness and new markets,” commented Ng on Dedoco’s growth. 

“Dedoco’s DNA is Web3. I believe that Dedoco can lead the way for enterprise Web3 adoption via our suite of enterprise products and solutions. Most importantly, our business is all about trust and how we  can help our customers and partners alike build this same trust for their own brands,” shared Ng on what drives her and her team every day to create impact for their customers and partners.

Original article: https://e27.co/dedoco-a-founders-journey-to-building-next-gen-digital-trust-technology-20221110/ 

Daphne Ng, CEO of Dedoco, was interviewed by the e27 team to discuss how the company’s solutions help innovate the modern digital workplace.

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Singapore Fintech Festival (SFF) 2022

Singapore, 4 November 2022

The world’s largest fintech festival was back for its 2022 edition with the theme of ‘‘Resilient Business Models.”

Dedoco had an  opportunity to be an exhibitor within the Blockchain Association Singapore (BAS) pavilion, Singapore’s FIRST blockchain pavilion that is also Enterprise Singapore endorsed. 

The BAS pavilion was part of the Singapore cluster within the International Pavilions and ESG Zone of the festival where countries featured international exhibitors looking to further develop their business and partnership opportunities.

The Dedoco team had an action packed three days of meeting prospects, clients as well as shareholders at our booth and presenting at the festival. 

Exciting News to Share

Dr. Ernie Teo, CTO and Co-Founder speaking about Blockchain for Business and how Dedoco can help

Our presentations kicked off with CTO and Co-Founder, Dr. Ernie Teo talking about what Blockchain for Business is and how Dedoco can help bridge the gap.  As part of his presentation, he also announced the launch of deLab, Dedoco’s new blockchain division providing enterprise consultancy. 

Ernie continued to be busy throughout the festival. He  had the opportunity to speak at the National Trade Union Congress (NTUC) panel ‘#EveryWorkerMattersConversations on Breaking Into the FinTech Sector’ and with Walter Jennings on the ‘Waves in the Finoverse’ podcast.   

Photo Credit: Blockchain Association of Singapore

We were also lucky enough to secure a client conversation, with Marc Leong, Executive Vice President, SME Banking from Maybank Singapore and  Sheetal Maharaj, our Vice President of Global Marketing on Maybank Singapore’s digital transformation journey with Dedoco. 

Jeff Poon (Product Manager) with Dr. Ernie Teo (CTO and Co-Founder) and Stefano Lau (Product Designer)

The excitement did not stop there as our Product Manager, Jeff Poon and Product Designer, Stefano Lau gave SFF attendees a sneak peek into our certification product, dCert, that aims to be launched in November 2022.

Supporting and being an integral part of the Singapore Fintech Festival was a tremendous experience for the Dedoco Team. We had the opportunity to connect in-person with our supporters, clients, partners, and prospects from around the world. We are very excited with what 2023 holds.

Follow us on LinkedIn for the latest updates, and check out our Youtube Channel for insights into Web3, blockchain and how we empower businesses.

About the Singapore Fintech Festival

The 7th edition of the Singapore FinTech Festival (SFF) held on 2 – 4 November 2022 at the Singapore EXPO brought together the global FinTech community to engage, connect, and collaborate on issues relating to the development of financial services, public policy, and technology. As the world’s largest FinTech festival, last year’s edition brought together over 60,000 participants from 160 countries.

SFF is organised by the Monetary Authority of Singapore, Elevandi, and Constellar and in collaboration with the Association of Banks in Singapore.

About Blockchain Association Singapore

The Blockchain Association Singapore (BAS) seeks to empower its members and the community to leverage blockchain and scalable technologies for business growth and transformation. The Association is designed to be an effective platform for members to engage with multiple stakeholders – both regional and international – to discover solutions and promote best practices in a collaborative, open, and transparent manner. It aims to promote blockchain literacy and build a strong talent pipeline for the digital economy in Singapore.

The world’s largest fintech festival was back for its 2022 edition with the theme of ‘‘Resilient Business Models.” Dedoco had an opportunity exhibit ...

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True Global Ventures Invests US$3 Million into Dedoco - A Document Infrastructure Platform for Enterprise Web3

Dedoco enables organizations to better manage digital workflows, increasing overall security, trust, and transparency through blockchain technology

 

Singapore — May 26, 2022 — Dedoco secures US$3 million funding from True Global Ventures 4 Plus (TGV4 Plus) Fund to fuel its global expansion. TGV is an early investor of prominent projects such as blockchain unicorns Animoca Brands and Sandbox, as well as the recently listed marketplace trading platform, Forge Global in the US.

Dedoco is a next-generation digital DMaaS (Document Management as-a-Service) that is built on blockchain technology, providing increased data privacy and document security to users. Founded in 2020 by Daphne Ng and Dr Ernie Teo, the latest investment brings Dedoco’s total capital raised to US$7.5 million. Dedoco’s seed round was led by Vertex Ventures SEA & India (VVSEAI) who continued to support the company and extended a US$2 million follow-on funding for its ambitious geographical expansion as part of this financing round.

In the last 12 months, the company embarked on its international expansion and now has presence in Australia, Singapore, Malaysia, Thailand and with its sights set on new markets this year, including the US. Its current clients and partners span over 150 across government, banks, financial institutions, real estate, professional services, and technology platforms. They range from organizations such as ERA Realty Network, GovTech Singapore, Nexia TS.

While Dedoco entered a seemingly crowded market, existing solutions failed to address common challenges such as the risk of fraud, unauthorized signatures, and non-compliance. The current solutions typically rely on centralized trust and take custody of digital documents, creating security concerns for organizations dealing with highly sensitive and confidential information such as fintechs, financial institutions, banks and governments. Conversely, Dedoco’s decentralized approach allows users to continue managing their documents “on-premise”, thus supporting organizations in adhering to document security, data residency and sovereignty obligations, especially those in highly-regulated industries.

By utilizing blockchain, every Dedoco-issued document is trusted, verifiable, and interoperable across multiple systems. Thus supporting companies in their transition to web3, by providing essential, practical applications that solve universal pain points not addressed by other providers.

In addition to Dedoco’s decentralized workflow and signing apps,

  1. Dedoco Verify tracks the chain of custody of a digital document and tamper-proofs the evidential audit trail, providing trusted records for both internal and external audits.
  2. Dedoco Document Check feature helps Signers verify the document version before signing or approving the document, solving a US$42 billion global pain point for agreements and legal contracts, and safeguarding business interests.
  3. Dedoco vCerts enables organizations to issue blockchain-verifiable certificates that are ERC721 standard and OpenCerts compatible. This ensures that credentials, such as academic and skills certificates, licenses, and memberships, have not been tampered with, protecting both the issuer and recipient.
  4. Dedoco Form-as-a-service is a customizable workflow solution that integrates easily with any repository to create digital forms and link them to workflows for digital collaboration.
  5. Dedoco VideoSign serves as a virtual meet-and-sign solution, allowing for a holistic experience to achieve greater efficiency and caters to documents that require identification and witnessing of signing parties. Aside from tamper-proofing the recording process, the full evidence capture is tied to the digital document and verifiable on the blockchain.

“The world is already moving away from heavy, complex centralized systems, where many were designed to be closed-loop and system-centric. Dedoco, on the other hand, takes a decentralized approach to document management, while ensuring privacy protection and document security for companies. I believe that the future of technology is about giving our users full control over their documents and getting more out of their technology purchase. We are excited to partner with TGV - who has an impressive track record backing world-class blockchain companies from early on - in supporting our global Web3 vision,” said Daphne Ng, co-founder and CEO of Dedoco, who was recognized as a Top 15 Women Leaders in Asia’s Fintech Industry in 2021 and Top 100 Women in Fintech 2022 globally.

“As a pioneer equity investor in the web3 space since 2017, Dedoco is one of the very few blockchain companies globally that has successfully secured mass enterprise adoption through providing practical applications that businesses understand and need. In addition, we are seeing a phenomenon in the recent few quarters where big techs and enterprises, especially banks, FIs and fintechs are fast adopting new technologies to help them solve complex challenges relating to compliance and security. As long as Dedoco continues to solve these critical challenges and stay focused on their enterprise SaaS strategy, they will continue their strong acceleration of adoption globally”, added Kelly Choo, Founding Partner of TGV4 Plus.

With the recognition of innovative blockchain in enterprises, TGV4 Plus continues to invest in talented serial entrepreneurs leading globally ambitious blockchain start-ups. The fund is dedicated to blockchain companies, primarily in late-stage Series B and C across four verticals: Entertainment, infrastructure, financial services, data analytics, and Artificial Intelligence (AI). Founded by an international group of “super angels”, TGV’s partners are entrepreneurs, business angels, family offices, and institutional investors, many with co-investment rights in future equity rounds.

Start-ups can reach out via LinkedIn or through the Fund’s Contact page:

https://www.tgv4plus.com/contact.html

Original article: https://finance.yahoo.com/news/true-global-ventures-invests-us-000000211.html

https://www.techinasia.com/tgv4-backs-web3-decentralized-document-management-service

https://e27.co/dedoco-raises-us3m-from-true-global-ventures-to-support-global-expansion-plan-20220527/

https://www.tgv4plus.com/tgv-invest-in-first-asian-female-entrepreneur-26-may-2022.html

###

About Dedoco

Dedoco is a digital DMaaS (document management as-a-service) platform that focuses on data privacy, document security and provides customers across a range of sectors with trusted, verifiable and connected documents. As an industry-leading solution that is ISO/IEC 27001:2013 certified and Infocomm Media Development Authority (IMDA) accredited, Dedoco improves efficiency and compliance whilst ensuring a no-store, tamper-proof solution. In maintaining the highest transaction integrity, Dedoco seeks to transform the way organizations manage document workflows.

For more information, visit https://www.dedoco.com/  

Media contact: media@dedoco.com

About True Global Ventures

True Global Ventures (TGV) is a global Venture Capital firm built by a group of serial entrepreneurs with a solid track record of investing their own money together with Limited Partners into ventures run by serial entrepreneurs. Portfolio companies leverage web3 technologies, incorporating blockchain as competitive advantages to drive change with proven products. TGV is a distributed fund with a presence in 20 cities, including Singapore, Hong Kong, Taipei, Dubai, Abu Dhabi, Moscow, Stockholm, Paris, Luxemburg, Madrid, Warsaw, New York, San Francisco, and Vancouver. Visit us at www.tgv4plus.com, and follow us on LinkedIn and Twitter.

Media contact: info@trueglobalventures.com

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How blockchain is reshaping digital documents

According to a McKinsey Global Survey of Executives, companies have accelerated digitisation by three to four years during the pandemic, while the share of digitally enabled products accelerated by seven years. This leap is even greater in Asia Pacific, where the change has accelerated by 10 years.

The dispersion of people away from the office accelerated this digital transformation, which made simple tasks such as signing documents suddenly more challenging. As such, many organisations have turned to digital document signing solutions, but it is important to have a solution that not only enables document signing but does so in a safe and secure way — blockchain-enabled solutions are key to this.

The blockchain market is one of the burgeoning technologies with the global market expected to hit US$15.88 billion by 2023. The adoption of blockchain has emerged to provide solutions to threats of fraud and digital counterfeiting placed on businesses as they adapt to a new technology-centric workplace.

The question is, how does blockchain play a role in digital document signing? And what are the myths IT leaders should be aware of in the industry?

Five myths of digital document signing

Myth 1: Digital document signing solutions only focus on digitising signatures.

In contrast, a true digital document solution would allow multiple signatures and permit automated workflows.

Myth 2: All digital document signing solutions are the same. Many people believe that all solutions digitise signatures (ie, do the same thing), which is simply untrue. It is common for many documents to be produced and changed during negotiations, which can create challenges when it’s time to sign off on a final version.

Using a blockchain-enabled solution in this case is particularly effective since it ensures version control as every party is required to acknowledge and accept changes to the document. This increases overall transparency in the negotiation process.

Myth 3: Paper documents provide more security. Paper documents provide multiple gateways to be compromised, tampered with and copied. Digital documents stored on blockchain solutions are decentralised, inherently making them more secure as they allow users to maintain control of the information.

In addition, digital documents don’t require physical file storage space, and by moving to digital, it’s possible to save up to 90% in printing and ink costs.

Myth 4: Implementing digital document signing workflows is time-consuming. The idea of having to change your entire document management infrastructure sounds time-consuming, but it is much quicker than perceived. Paper-based processes are less efficient as they require the need to print, scan, file and duplicate — not to mention the time it takes, and logistical challenges involved with getting everyone to sign a document.

Myth 5: Digital document solutions are a needless cost. Digitising documents saves both time and money, while also supporting compliance obligations. As a short- and long-term investment, businesses see significant ROI when it comes to savings and productivity.

Digital documents are also boundary-less in nature. Despite COVID restrictions continuing to ease, travel is still limited in some parts of the world. Courier costs continue to rise, and supply chains continue to face disruptions. Creating, reviewing, signing, verifying and finalising digital documents can be done in a matter of minutes.

When blockchain is incorporated into digital documents, it produces compelling results. Businesses can save time and money by integrating these emerging digital document solutions into their workflows. This new era of signing and collaborating with documents has a plethora of benefits that vastly outweigh legacy paper-based processes, including productivity, security and transparency.

Original article: https://www.technologydecisions.com.au/content/cloud-and-virtualisation/article/how-blockchain-is-reshaping-digital-documents-341347652

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Dedoco partners Funding Societies to offer Sign with Singpass, further simplifying KYC process for the FinTech’s MSMEs

Singapore, 13 April 2022 - Dedoco, a decentralised digital document and workflow management platform today announced that it has partnered Funding Societies, Southeast Asia’s largest SME digital financing platform to enable micro, small and medium enterprises (MSME) customers in Singapore to sign loan contracts via the country’s digital signing service, Sign with Singpass. Sign with Singpass allows users to digitally sign documents using their signing certificate contained in their Singpass. The digital signature generated using the signing certificate is cryptographically linked to the signer, providing businesses with a higher assurance of the authenticity and integrity of the signed documents. This rollout further simplifies Funding Societies’ current digital Know-Your-Customer (KYC) process and enables it to serve more underserved MSMEs within the same timeframe.

In its drive to provide MSMEs financial services beyond lending, Funding Societies partnered with Dedoco, one of ten Digital Signing Application Providers (DSAPs) of the Sign with Singpass service, to digitalize its document workflow quickly and securely. Dedoco’s blockchain-enabled platform allows businesses to streamline their document workflow and tap on the platform’s unified, interoperable, and tamper-proof infrastructure for robust levels of security management and no-store data of documents. The ability to digitally sign with Singpass also means that business owners who request for business financing with Funding Societies can now sign the loan agreements only once, as compared to digitally signing on multiple document pages in the past. The partnership will benefit the majority of MSMEs in Singapore as over 80% of them start embracing digital transformation.

Funding Societies’ use of this secure digital signing also facilitates more quick and convenient application processes for small business owners on its Elevate product. Elevate is the FinTech platform’s free-to-apply credit line*, that comes with an opt-in virtual card powered by Matchmove. The product was launched earlier this year and entitles qualified MSMEs to interest-free credit for a period of up to 55 days.

“As more MSMEs go digital, we must ensure that we provide a quicker and more secure loan application experience without compromising on the authenticity and the integrity of the signed documents. Sign with Singpass embeds the digital signature onto the entire document which also removes the hurdle of having multiple electronic signatures across various contracts and increases the convenience for our business owners,” said Chua Cheng Zhan, Head of Operations at Funding Societies.

“Our partnership with Funding Societies provides a decentralised, document solution which enhances the security in the signing process while maintaining a high level of privacy of their digital financing platform workflow,” said Kevin Lam, Head of Sales, SMB Asia at Dedoco.

Funding Societies aims to roll out Sign with Singpass across more documents beyond loan contracts in the coming months.

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  1. https://thepaypers.com/digital-identity-security-online-fraud/dedoco-partners-with-funding-societies-to-augment-kyc-for-msmes--1255820
  2. https://qualgro.com/dedoco-partners-funding-societies-to-offer-sign-with-singpass-further-simplifying-kyc-process-for-the-fintechs-msmes/
  3. https://digitalcfoasia.com/2022/04/13/dedoco-partners-funding-societies-to-offer-sign-with-singpass-further-simplifying-kyc-process-for-the-fintechs-msmes/
  4. https://www.hubbis.com/news/dedoco-partners-funding-societies-to-offer-sign-with-singpass-further-simplifying-kyc-process-for-the-fintech-s-msmes
  5. https://fintechnews.sg/60460/lending/funding-societies-enables-msmes-applying-for-loans-to-sign-with-singpass/

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About Dedoco

Dedoco is a decentralised digital document and workflow management platform that provides customers across a range of sectors with trusted, verifiable, and connected documents that can integrate with existing platforms. As an industry-leading solution that is ISO 27001 certified and Infocomm Media Development Authority (IMDA) accredited, Dedoco improves efficiency and compliance while empowering the user with a no-store, tamper-proof solution. In maintaining the highest transaction integrity, Dedoco seeks to transform the way organisations manage document workflows.

For more information, visit https://www.dedoco.com/

Media Contact

Stephanie Yeo

Marketing & Communications

Dedoco

media@dedoco.com

+65 9859 0920

About Funding Societies

Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia, expanding into a leading SME neobank. It is licensed and registered in Singapore, Indonesia, Thailand, Malaysia, and operating in Vietnam. It is backed by SoftBank Vision Fund, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to small and medium-sized enterprises (SMEs), annualising US$1 billion disbursement in 2021. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019, and ASEAN Startup of the Year by Global Startup Awards in 2020. In 2021, it was honourably mentioned as Responsible Digital Innovator of the Year by World Bank IFC SME Finance Forum and won the MAS Fintech award for the second time.

https://fundingsocieties.com/

Media Contact

Glennice Yong

Assistant Manager, Brand & Communications

Funding Societies

glennice.yong@fundingsocieties.com

+65 9155 4662

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Beyond crypto: how small businesses can benefit from blockchain

Thanks to digital coins, the word ‘blockchain’ has been typically associated with cryptocurrency and NFTs in recent times. However, there are more benefits of blockchain technology to businesses than first meets the eye.

“Think of blockchain as a digital ledger of transactions that’s duplicated and shared across an entire network,” explained Daphne Ng, CEO at Dedoco. “Each block in the chain contains a number of transactions, and when a new transaction occurs, a record is added to every participant’s ledger.”

Companies in a network can obtain up-to-the-second copies of the blockchain, with no need for a central authority, as cryptography enables participants to add to the ledger themselves.

This kind of decentralised, digitally distributed ledger of information is beginning to change the way businesses approach data security, transparency, and traceability. It can be applied across industries to almost any transaction that involves a value.

Said Ms. Ng, “The immutable properties of the blockchain allow it to provide tamper-proofness and security when applied to document management and workflows. It enables greater trust and transparency between parties.”

In fact, according to the National Blockchain Roadmap, outlined by the Australian Government in 2020, Australia can contribute an estimated US$175 billion in global annual business value in the next three years through blockchain technology.

Already, sectors of the economy like higher education, finance, and wine production can be seen using this technology for operations like signing documents or money transfers. Globally, publicly traded companies like Walmart, Oracle, and IBM are already using blockchain to streamline logistics and enhance their cybersecurity.

“Under the Australia Digital SMEs 2030 plan, it is said that all new businesses will be born digital, and 95 per cent of all SMBs will have a digital presence or are using digital processes,” Ms. Ng added. “But ultimately, SMBs want digital solutions that are efficient, easy-to-use, and result in higher productivity and cost-savings in the long run.”

At Dedoco, a two-year-old business, she notes that blockchain is used for digital document management as a service. Any changes to documents must be verified with all parties accessing this digital ledger, and only intended receivers can access it. It’s also a sustainable solution that reduces paper usage and streamlines the document signing process.

Still, blockchain is not without its sceptics. The Australian Government Digital Transformation Agency notes that blockchain should be applied pragmatically as it is an emerging technology. It also advocates focusing on the problem to be solved through blockchain rather than starting from a specific technology solution.

Original article: https://dynamicbusiness.com/topics/small-business-resources/beyond-crypto-small-businesses-blockchain-technology.html

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