Digital Company Secretary with blockchain technology
| Reference number | |
| Coordinator | LEGAL WORKS NORDIC AB |
| Funding from Vinnova | SEK 2 000 000 |
| Project duration | November 2018 - December 2019 |
| Status | Completed |
Purpose and goal
The goal with the project was to develop a service for corporate governance, like the share ledger, and automating work processes. The system is based on block chain technology, which enables authenticity, traceability and security. The service is the foundation that can further be developed to automate processes like share transfer, cap tables, board meetings, document assembly and issue of new shares. The service benefits the leadership team, the board of directors, share holders and investors.
Expected results and effects
A beta version of a digital service for corporate governance has been developed. The service adheres to the Swedish law governing corporations (ABL) and is GDPR compliant. The block chain adds traceability and security through its decentralized storing on several nodes. Companies can guarantee the authenticity of its share ledger at any given time. This service is suitable for most of Sweden’s non-public companies which get access to a cost effective and quality assured process for the share ledger. A commercially viable product is planned to launch in 2020.
Planned approach and implementation
The first part of the project was spent defining the project and transferring knowledge between the two different project partners: the governing law and block chain technology. This resulted in three project sprint phases: 1.Roles, on-boarding and different user stories 2.Design, prioritization and a first version of the service 3.Development of the beta-version and definition of use case for share transfer. The project was continuously resourced with the competency needed for each phase. Benchmarking and information sharing with government agencies took place regularly.