TransPerfect, the world’s largest provider of language and technology solutions for global business, and distributed ledger firm True Digital Dossier (TDD) today announced a partnership to integrate TDD’s new blockchain technology with TransPerfect’s virtual data room (VDR) tool, TransCEND, for the mortgage, art, energy, regulatory, and supply chain sectors.
This partnership is the first integration of blockchain technology with VDRs on a global scale. Branded under the TDD “Digital Dossier” name, the service aims to help professionals prevent lost revenue from poor due diligence and poor record keeping. It will serve markets where the value of assets, such as a mortgage or work of art, is tied to the quality of their information packages.
VDRs are online document platforms that compress the time for M&A transactions by allowing concurrent document review by unacquainted parties. Customers can manage, read, write, execute, search, audit, and access documents in a secure, collaborative environment. By integrating blockchain technology, owners can now embed a “digital fingerprint” in documents, creating a long-term tracking system for an asset’s paper trail and ensuring protection from data tampering.
“By combining TDD with TransCEND, we can create long-term trust in business and the world,” said Rob Chepak, CEO at True Digital Dossier. “Data rooms are brilliant for document sharing but mainly reserved for corporate finance. Distributed ledgers help networks of people secure information. Put them together, and we see game-changing applications that can benefit due diligence professionals in many markets.”
Phil Shawe, TransPerfect President, and CEO remarked, “Security and tracking are key elements of both VDRs and blockchain technology. They are a natural pairing that will promote more secure, reliable, and trusted transactions between parties.”