Korporatio, the leading digital incorporations platform is now an official partner of KYC-Chain.
Based in the Seychelles Islands, the company is on a mission to revolutionize the corporate world with blockchain technology and foster an ecosystem of decentralized blockchain-enabled legal entities.
Korporatio will be using the latest KYC-Chain technology to ensure that its customers are on-boarded in a secure and compliant manner.
We talked to Korporatio founder – Stefano Covolan to learn more about their vision for the future.
Hi Stefano, thank you very much for taking the time to talk to us. Could you start off by explaining what motivated you to go into this field?
“Sure! The idea actually started years ago when I invested in a few startups and ended up taking care of the company governance of those entities. The amount of time I wasted in taking care of super simple processes was insane. I needed a solution and started looking for one. Looked into it, realized there was no solution on the market so started developing something myself.
In January 2018, we managed to create something completely new: incorporation of a fully legal entity on the blockchain. This is where Smart Companies started.”
– Interesting, Smart Companies sound pretty exciting! But what are they in practice?
“A Smart Company is a company that is almost self-managed by itself. Smart contracts allow the automation of the majority of the traditional corporate governance steps, which means that a company owner or shareholder can execute actions fully online and the tech will take care of all the rest.
There is a lot that can be said about how the model works in detail, but at Korporatio we prefer to keep things easy and simple. So just imagine having a 24/7 corporate agent, always available for you, that executes everything you need in a matter of seconds and without charging you hundreds of dollars every time”
What about the technology behind the platform?
“Smart Companies run on Ethereum. The tech architecture behind this is based on multiple smart contracts that are deployed and all communicate to each other. By doing so, this enables corporate governance in a holistic way. As modified ERC-20 tokens are modified to comply with security laws, only users and businesses with verified KYC can interact with the decentralized application (dApp).
Every action on the chain generates an automated document that can be downloaded by the business owner or incorporation agent. All interactions and every step of corporate governance are recorded, which provides transparency, traceability, security and immutability.”
How do you plan to make all of this real?
“We are already real. Our model offers a one-stop solution for anyone who’s tired of the bureaucratic processes from incorporation to shares transfers. Our back-office is 100% automated, so thank you blockchain.
We always get in contact with the Registrar of the specific country where we want to offer our service. Our plan is to be complaint from day one, so as of today we offer 5 different jurisdictions, and those 5 are working exactly as we need. In future we will use the same strategy to expand in new countries.”
Alright! Thank you very much for a fascinating conversation, Stefano. Interested readers can learn more about Korporatio here. Thanks for reading.