LegalWorks Nordic AB and ChromaWay AB have been awarded a grant from Vinnova, the Swedish Governmental Agency for Innovation Systems, to develop a corporate support tool based on ChromaWay’s blockchain technology.
The intention is to develop an easy to use platform addressing the needs of start-ups and SMEs in the field of corporate formalities and transactions. The use of ChromaWay’s relational blockchain technology will offer a safe and secure way to store and share corporate data, including share registers, and to simplify different types of corporate transactions.
“From our own experience as legal advisors to the start-up community, we know that many companies are struggling to get their corporate formalities in order,” says Ulf Lindén, one of the founders of LegalWorks. “This can cause problems, delays and unnecessary costs, for example in connection with investments in the company. For many, the only alternative is to engage expensive legal advisors to help them with tasks which are of rather simple nature. Our aim is to equip them with an easy to use tool that can reduce costs and improve the legal quality of the business and at the same time facilitates the interaction with board members, investors and other stakeholders. The new tool will also be a perfect match with LW Advisory, our newly established advisory business with focus on innovative and digitalized legal support solutions.”
“I think that ChromaWay’s relational blockchain technology is perfect for managing corporate data. We want to have an incremental approach, starting with a realistic Enterprise Relational Blockchain on our Postchain platform, but over time we hope to support truly decentralized organisations on the Chromapolis public blockchain,“ says Henrik Hjelte, CEO of ChromaWay.
The project is planned to deliver a beta version by the end of next year.
Legal Works Nordic AB is one of the leading alternative legal service providers in the Nordics with business in the fields of legal recruitment and interim services, legal operations, data privacy and legal advisory services.
www.legalworks.se www.privacyworksnordic.com www.lwadvisory.se
ChromaWay AB is a pioneering blockchain technology company. Since 2014, ChromaWay has been developing and refining their industry-defining relational blockchain technology. ChromaWay works with organizations across the world to build applications on ChromaWay’s platform, predominantly in real estate and finance. ChromaWay recently raised 140 M SEK to develop a new public blockchain, Chromapolis. www.chromaway.com
