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Global identity proof system

Israel
Market: Internet and IT, Services
Stage of the project: Operational business
Min investment
$ 100.000
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$ 500.000
Rating
equalizer 333 из 1000
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Idea
Web-platform for identity proof / KYC, digital signatures and online dispute resolution
We are developing a global system for identity proof and digital signatures service. It's a web-platform that connects notaries from different countries for verification of cryptographic keys (OpenPGP) - to establish a connection between a person a his/her key. Verified key that can be used for signing documents, for accounts verification, for online dispute resolution etc. Like airbnb connects home owners, and uber connects drivers in one big system, we connect notaries for global identity proof system, and in our case it's not only about quantity and  connections, we bring reliable but easy to use cryptography to make system better than any other made before.
Current Status
We have working web-site, first paying clients, connected notaries from different countries, and some interesting use cases of our service, for instance see  world's first corporation with shares legally represented by tokens in smart contract on blockchain, and the first known arbitral award recognized under United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards with only digital signature of arbitrator.

Our startup was selected as one of the best legal innovations in 2016 by The Hague Institute for Innovation of Law
Market
Our target market is companies and individuals, which:
1) need to sign documents in electronic form, especially with the need to recognize this documents in another country,
2) need fair, fast and affordable dispute resolution, especially based in or worked with countries where is no good court system (which is most of the World)
As early adopters we consider 1) lawyers, especially notaries, 2) cryptocurrencies user's, especially interested in using Bitcoin multisignature accounts.

Potential size of this market: hundreds of millions of users, with reasonable price of ~$100 per year per user.

Current leader on electronic document solutions market reports more than 50M users, and 50,000 new unique users joining its network per day, founded by Google and has more than $3 billion valuation, offers packages from $20 to $125 per month. See: [DocuSign Momentum Approaches Escape Velocity](http://www.forbes.com/sites/rogerkay/2013/05/20/docusign-momentum-approaches-escape-velocity/)("Forbes")

In March 2014, Adobe announced EchoSign and its Document Web services revenues had hit $164M in ARR (see: https://en.wikipedia.org/wiki/EchoSign ) We offer more reliable and more scalable system than DocuSign, Adobe and similar solutions, and our system more adapted to the actual legal practice. Leading international arbitration institutions are having about 2000 – 3000 new cases a year (data from http://globalarbitrationreview.com/reviews/67/sections/232/chapters/2683/trends-international-arbitration-new-world-order/ ), and this is mostly affordable for big businesses for now.

Now electronic documents signing and online dispute resolution are considered as a separate solutions and separate markets, we see this as connected solution/market.
Problem or Opportunity
People and businesses want to use electronic documents legally and secure.

But there is no easy and reliable system for global identity proof and digital signatures. (As a result) Also no efficient system for online dispute resolution.
Solution (product or service)
How it works:
1/User generates his keys  using free open sourced software
2/User uploads his public key, his photo and some other data to web-server
3/User pays for registering key on server
4/User finds a notary using search on our web server
5/User with his passport and (optionally) with documents of his company goes to notary
6/Notary certifies his documents and put information about verification on web-site. Verification is “attached” to public key.
7/User can use his notary verified public key to sign documents, verify accounts etc.
8/(optionally) On-line dispute resolution with recognition and enforcing in most of the countries
Competitors
1) Electronic signature providers

[DocuSign]( www.docusign.com )

[EchoSign]( echosign.adobe.com ) by Adobe

and other [electronic signature providers](https://en.wikipedia.org/wiki/Category:Electronic_signature_providers)

2) Digital signature keys storage and identity verification

[Web of trust](http://en.wikipedia.org/wiki/Web_of_trust)

[Keybase](https://keybase.io/)

3) Bitcoin escrow and arbitration

[Bitrated](www.bitrated.com/)

4) International arbitration

[The London Court of International Arbitration (LCIA)](www.lcia.org)

[ICC International Court of Arbitration](www.iccwbo.org/about-icc/organization/dispute-resolution-services/icc-international-court-of-arbitration/)

[The Arbitration Institute of the Stockholm Chamber of Commerce (SCC)](http://www.sccinstitute.com)

[American Arbitration Association](https://www.adr.org)

and other [arbitration organizations](https://en.wikipedia.org/wiki/Category:Arbitration_organizations)
Advantages or differentiators
This is the fist and only electronic documents solution designed by experienced legal practitioners, created from the point of view of arbitrator and lawyer. In the same time we have qualification in programming and secure software architecture building, including applied cryptography. So in the core of our team is a person than can write both arbitration rules and implement Java cryptography library on web server.

We do think this project can significantly change the way people and companies use documents, law and courts, how they make agreements. Users can sign, encrypt and exchange documents fast, and using law they choose, or even using they own rules developed on Github, like open source software, instead of state law, and it will be still legal and enforceable. Users can resolve differences by judges and rules they choose and trust, and make it in weeks not in years. It makes possible contracts with hundreds of thousands of participants, what can have impact on business and social life. It makes possible to use blockchains for storing and securing contracts and legal documents.
Finance
Main: Fee for registering public key on web-server
Additional: Fee for online dispute resolution
Invested in previous rounds, $
Business model
Money will be spent on
Developing network of notaries, aquiring customers, further product development
Offer for investor
10% equity
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Videos
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Videos
 
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