Last updated a year ago
Docufi3d - A Web3-based eSigning and Verification Platform by IAMX
Problem
In today's digital world, verifying the authenticity and integrity of documents is a growing challenge. Reliance on physical signatures are often inefficient, time-consuming, and prone to errors.
Total to date
This is the total amount allocated to Docufi3d - A Web3-based eSigning and Verification Platform by IAMX.
About this idea
[GENERAL] Name and surname of main applicant
Julia Froenicke for IAMX AG[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)
Entity (Incorporated)[GENERAL] Co proposers and Additional applicants
Michiel Bellen
Tim Heidfeld - IAMX AG
Dennis Mittmann - IAMX AG
Tim Brueckmann - IAMX AG
[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)
4[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.
No[GENERAL] Summarize your solution to the problem (200-character limit including spaces)
Our blockchain-powered eSigning platform addresses these challenges by providing a secure, transparent, and decentralized solution for immutable document verification and digital signatures.
[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?
Yes[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”
License reliant on root certificate owner to meet international industry standards.
[GENERAL] Will your project’s output/s be fully open source?
No[GENERAL] Please provide here more information on the open source status of your project outputs
Project will be partly open source.
Not open source:
Commercially licensed sub-dependencies in order to comply with industry standards.
Open source:
Docufi3d Cardano signing process.
[METADATA] SDG rating
SDG Goals
9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
SDG Subgoals
9.1 - Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all
9.3 - Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets
[SOLUTION] Please describe your proposed solution.
In an era of rampant fraud and misinformation, our blockchain-powered platform safeguards authenticity and trust.
We have developed a prototype to showcase our innovative solution for document verification. Our system creates immutable document verification with enhanced fraud prevention, streamlined processes and increased security through decentralization. This prototype is designed to empower individuals and projects on Cardano by providing them with a secure, transparent, and trustworthy ecosystem for conducting transactions.
Our proposed solution is a fully compliant tool that leverages the Cardano blockchain to establish a robust and transparent system for document verification and digital signatures. By ensuring the integrity and immutability of verified documents, our platform provides a trusted environment for all types of transactions.
With the ability to verify the authenticity and origin of various documents, including press releases, invoices, and videos, our solution opens up new possibilities in a time where AI utilization and fraud are at all-time highs. Our POC can be viewed using the following link: https://docufi3d.com/login.
To showcase the effectiveness and efficiency of our platform in preventing fraud and enhancing trust, we will conduct pilot programs with selected partners. Key metrics such as reduction in fraudulent activities, time and cost savings in document verification processes, and overall transaction reliability will be measured.
Our solution offers a decentralized and secure ecosystem, benefiting individuals, businesses, and institutions alike. By transacting with confidence, eliminating the risk of fraud, streamlining processes, and saving time and resources, users can experience the advantages of our platform.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community.
Our proposed solution can significantly influence both the Cardano ecosystem and the wider blockchain environment. It enhances the Cardano utility through the integration of verification data directly into the blockchain, thereby increasing high-quality on-chain metadata.
Our solution establishes a new benchmark for document verification by setting a higher trust and security standard, promoting its adoption by other platforms. Furthermore, it boosts Cardano's wider adoption by demonstrating its proficiency in mitigating fraud and enhancing trust, drawing in new users.
To measure the success of our project, we plan to use different metrics to assess the benefits it delivers to the Cardano ecosystem. These metrics will focus on adoption rates, user satisfaction, fraud prevention, and efficiency enhancements.
We are committed to sharing the outputs and results of our project by contributing related code for the Cardano signing process, libraries, and frameworks to a public Github repository. We will also proactively pursue partnerships and collaborations with industry stakeholders.
By harnessing user feedback, performance metrics, and a comprehensive impact assessment, we will continuously refine and enhance our solution. The outcome of our project will guide us in exploring new use cases, innovation, and potential collaborations that can maximize the strengths of the Cardano ecosystem.
[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?
Our Capability to Deliver the Project
Our team is comprised of experts in IT, fintech, and blockchain, specializing in self-sovereign identity and compliance solutions. We've successfully partnered with MME AG and KYC Spider AG to create a regulatory-compliant framework for digital identities and web3.
We have successfully developed CIP-0066, an innovative verification method for NFTs, in collaboration with NMKR and IOG. Moreover, as a founding member of the OpenWallet Foundation (OWF) guided by the Linux Foundation, we value and promote partnerships alike to the Cardano Foundation, an established member of the OWF.
The OWF encompasses a network of companies and not-for-profit bodies, all rallying together to endorse global acceptance of open, secure, and mutually operable digital wallet solutions. The consortium also extends its expert advisory services through the Government Advisory Council while reinforcing best practice standards for digital wallet technologies.
Our collaboration with legal and compliance partners MME AG - a distinguished contributor to the legal structure for numerous blockchain foundations, including Cardano and Ethereum - and KYC Spider AG - a technical ally automating compliance, KYC processes, and customized solutions - significantly contributes to the pursuit of our goals.
Our Approach to Validate Feasibility
We plan to validate the feasibility of our approach with a phased approach to implementation. Our initial focus will be on software development and legal considerations, essential areas for investment and goal realization. After the successful launch and smooth operation of our solutions in the first ten projects, we will shift to a sales-driven approach to maximize our market reach.
Steps or Processes Demonstrating Our Trustworthiness
Expertise and Partnerships: Our expertise in IT, fintech, and blockchain, along with collaborations with industry experts in compliance and law like KYC Spider AG and MME AG, and the OpenWallet Foundation, validate our credibility in delivering this project.
Commitment to Compliance: We are fully committed to staying compliant with existing regulations, highlighted by our contributions to blockchain foundations and our relationship with KYC Spider AG.
Security and Transparency: We prioritize security and transparency. Our approach includes implementing KYC procedures for all our employees, limiting fund access to C-level executives, and employing a licensed financial advisor as CEO.
In conclusion, the combination of our expertise, strong partnerships, commitment to compliance, enhanced security and transparency measures, and our phased implementation strategy, all demonstrate our ability to deliver the project with the utmost level of trust and accountability.
[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?
Basic technical concept of a signing process
Development, testing, troubleshooting
Acceptance criteria: A fully functional technical concept of the signing process.
Legal concept of industry-wide accepted and compliant document signing
Competitor analysis, market analysis etc. (non-technical process)
Acceptance criteria: Legally and industry standard compliant signing process.
Acquire and use an intermediate certificate
Acceptance criteria: Technical and contractual implementation must be fulfilled.
Build and deploy MVP
Acceptance criteria: Must run, function and ready for test runs.
[RESOURCES] Who is in the project team and what are their roles?
Michiel Bellen, Core Integrations Team Lead, Cardano Foundation
Coordinate and co-lead developments with Dennis Mittmann
Tim Heidfeld, CEO & Co-founder, IAMX AG
Quality control & funds
Tim Bruckmann, CMO & Co-founder, IAMX AG
Coordinate the team and external communication
Dennis Mittmann, CTO, IAMX AG
Coordinate and co-lead developments with Michiel Bellen
Julia Froenicke, Head of Product & Partnerships, IAMX AG
Coordinate project management and partnership relations
Sebastian Hepp, Compliance Lawyer, MME AG
Legal & compliance advisor
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.
- Basic technical concept of a signing process: ADA 25,000
- Legal concept of industry-wide accepted and compliant document signing: ADA 80,000
- Acquire and use an intermediate certificate: ADA 125,000
- Build and deploy and an MVP: 20,000
- TOTAL: ADA 250,000
Excess funding would go to marketing.
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
The project offers significant value for the Cardano ecosystem in multiple ways:
Addressing a Critical Problem: We tackle the crucial issue of document authenticity verification and fraud prevention in digital communications. This investment enhances trust, security, and integrity within the Cardano ecosystem, reducing risks, minimizing fraud, and ensuring reliable transactions for individuals, businesses, and institutions.
Efficiency and Cost Savings: Implementing our platform will streamline document verification and digital signing processes, improving efficiency and reducing costs. Automating these processes and integrating decentralized identifiers (DIDs) significantly saves time, resources, and operational expenses for organizations and individuals, delivering economic benefits and overall value to the project.
Increased Adoption and User Engagement: Our project's success attracts new users and fosters greater adoption of the Cardano ecosystem. By providing a trustworthy and user-friendly platform for document verification, we stimulate engagement and participation within the ecosystem, generating a positive network effect that strengthens Cardano's overall value and growth.
Enhanced Reputation: Implementing our project further establishes Cardano's reputation as a leader in secure and compliant solutions grounded in decentralization and self-sovereign identity. This demonstrates our commitment to addressing real-world challenges and delivering innovative solutions, enhancing credibility and appeal to potential users, partners, and stakeholders.
