Small-value contracts carried out between individuals rarely engage lawyers or notaries. Their documentation is haphazard, their enforcement in case of a dispute is difficult. Everprove App, a mobile application developed by a Budapest-based startup Everprove will provide an easy solution for individuals to digitally seal everyday small value contracts through easy-to-use templates, legally binding digital signatures and blockchain validation.
The company implemented a technology that enables it to write a significant amount of data (up to 8MB) directly onto a decentralized and public blockchain ledger, which is already operational in a sandbox environment. Its beta version will be launched within the following month. The new legal blockchain will be called the Everprove Ledger.
The current practice of blockchain-based document certification involves the registration of a mere 50-bit digital fingerprint of documents. Everprove is raising the stakes by writing way more data than that within seconds. The digital signature of the mobile application will enable legally compliant paperless contracting, and blockchain-based archiving will enable the immutable storage and decentralized verification of contracts.
“Everprove is a green project set to have a positive social impact,” says Dr. Zoltan Toth, co-founder, and CEO of the startup.
By digitizing contracting and reducing paperwork, by operating an eco-friendly blockchain consensus model, and by assisting and educating people of properly documenting even their micro legal dealings, the Everprove project will hopefully contribute to global society in multiple ways.
“We do not just want people to document their micro deals, we want them to be in love with the process,” says Mr. Zoltan Patko, co-founder and CTO. “There is currently a constant war behind the scenes between our legal and UX specialists, and I am completely in support with the UX guys, I want the contracting flow to be as sexy and super easy as making a match on Tinder”.
The easy-to-use professional contract templates, the EIDAS and ESIGN compliant digital signatures and the blockchain validation bound together are a global innovation where the startup currently claims not to have any direct competition.
According to the founders no one currently provides the services of the level of Everprove App in such a bundle to such a specifically targeted market segment. In general, the competition comprises of:
- companies providing a digital signature (Hellosign, DocuSign),
- companies providing contract templates (Lawdepot, Rocket Lawyer), and
- companies providing blockchain validation (Stampd.io).
The above services separately provide the mentioned companies with significant market value. As an example, Dropbox has acquired Hellosign for 230 Million Dollars in cash in early 2019.
Everprove’s service bundles all the above services together and the company is targeting a specifically selected market segment (individual micro legal deals like small-value personal loans, rents, and purchases). The unified provision of the above technologies might hold a significant value potential.
Up until today, the startup has boarded angel investment to the tune of EUR 350.000,- which it intends to use for the financing of the company infrastructure and product development. Everprove is seeking further capital investment for go-to-market activities, they wish to present their new service with an aggressive social media campaign, and to reach a significant global footprint in a short period of time.
The legal blockchain called the Everprove Ledger will be based on a modified version of the Bitcoin protocol and is scheduled for a beta launch within a month. The final version of the Everprove App will be available for English-language users in Q1 2020. Following the entering in the English-language market, the startup intends to quickly scale with further language versions. In addition to that, using the Everprove App as a reference, they intend to create B2B and SAAS products for institutional clients, and board other like-minded projects onto the Everprove Ledger.
Still ahead of commercial launch, the startup has already won multiple awards. Everprove has been chosen as “Best Blockchain Startup in Hungary” by the Central European Startup Awards 2019 and is set to participate in the regional finals. At the BlockStart Pitch Night Competition Everprove was awarded an exhibitor package to the Malta Blockchain Summit by the Hungarian INPUT government agency.
Further information on Everprove is available on their social media channels:
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