First Blockchain-Backed Virtual MOU Signing by BAS, BFSU, & NTUC, Powered by Dedoco

Disruptions arising from the emergence of the Covid 19 pandemic, have forced businesses to take some of their business processes digital. Measures like social distancing, working from home arrangements and lockdowns, causing even simple business processes like attaining a “wet ink” signature, overly complex and in some cases impossible.

Globally, many borders are closed, and air travel has yet to reopen to most leisure and business travellers. Just 6 months ago, a businessman could simply hop on a plane and fly to a different country to ink an agreement with another firm. However, the situation now is a stark contrast to the past, with most international borders still closed, in a bid to contain the pandemic and “flatten the curve”.

While digital signatures are not something new, the volume of organisations adopting this practice had been low. Organisations have traditionally stuck to using paper trails, contracts or invoices which require a “wet ink” signature and are couriered between parties. Now most organisations have begun to move towards digital and electronic signatures.

In the early days of the global spread of Covid-19, organisations worldwide had put out announcements over the cancellations, postponement or extensions of their Annual General Meetings (AGMs) to comply with various laws and regulations that arose due to Covid-19. As the societies and the workforce adjusted to being a part of the remote workforce. Organisations too have also come to terms that virtual AGMs are now a necessary reality. A simple search in Google shows news of organisations worldwide conducting their AGMs virtually via teleconferencing platforms.

Signing ceremonies are also now virtual. Blockchain Association Singapore (BAS) has signed a Memorandum of Understanding (MOU) with the Banking and Financial Services Union (BFSU) and the National Trades Union Congress (NTUC) to grow the blockchain professionals in Singapore and build a sustainable pipeline of talents to bolster the blockchain ecosystem.

BAS<>BFSU<>NTUC MOU Signing Ceremony, Powered by Dedoco

The digital signing ceremony was backed by Dedoco, a decentralized digital signing platform. The signing ceremony was  completed in real-time, with 6 signatories,  across 6 different locations via digital signing and blockchain registration. The transaction can be verified on Etherscan and viewed here. The MOU is hashed, thus only those who have the original document can see it while others who want to view the transaction can only see the hash.

“True to our credo, we inked the MOU virtually via Blockchain…compliments of Dedoco”

Patrick Tay, Member of Parliament and Assistant Secretary-General, NTUC.

It is a time for many businesses and organisations to take a huge step forward towards embracing digital tools as the world settles into a new digital era post pandemic. And we believe Dedoco will be well-positioned to be the leading digital signing and document solution for enterprises’ digital transformation.

About Dedoco

Dedoco is a decentralized, digital signing and document solution. Our solution is built with the aim of improving efficiency and compliance, whilst ensuring document security and enhanced privacy. Dedoco aims to help enterprises digitize documents and signing with an easy-to-use SaaS that can be adopted across all industries.

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