Thanks to advanced cloud computing, related technologies and improved data storage capability, digital transaction management is now able to facilitate document-based transactions. This helps to accelerate numerous administrative reforms and digital transformation processes.
With the entrenched and overwhelming use of paper-based processes in all organizations and the growing need for workflow and process automation, the potential market for digital transaction management is huge. According to a report by Grand View Research Inc., the market value for global digital transactions is expected to reach over $61 billion by 2030, with a compound growth rate of about 25.5% over the period 2022-2030.
Regardless, organizations still face numerous challenges in the transition to paperless processing due to heightened security, privacy concerns, and threats from cyberattacks. A recent report showed that a total of 108.9 million accounts were breached in the third quarter of 2022, representing a 70% increase in data breaches worldwide. And external IT service providers are responsible for at least two-thirds of data breaches.
The rise of Dedoco and its ambition to be the “Trust Engine for Documents”.
Founded in 2020, Dedoco now has offices and teams in Australia, Singapore, Vietnam, Malaysia, Hong Kong and the United States. After almost 3 years of serving some of the key customers including from the Government, Real Estate, Banking and Financial Services sectors, the company has also evolved from digital signature workflows to a broader trust engine that has a much larger Range of enterprise apps and APIs supported This includes the main application suite including: dSign, dVideoSign, dForm, dCert and dCreds. And what does it mean to be a Dedoco released record? This means that the digital recording is also trustworthy, traceable and verifiable by third parties.
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Expanding this trust engine offering is Dedoco’s core value proposition for trusted sectors such as public sector, finance and healthcare. When working with these key sectors (the biggest targets for data breaches) and large organizations that require a high level of trust, Dedoco’s technology ensures that the documents are securely stored with their customers while protecting the integrity of their on-chain records becomes. In short, Dedoco helps its largest customers achieve 100% document residency and regulatory compliance while providing these organizations with the productivity and efficiency they need through their suite of enterprise apps.
Recently the brand has also been refreshed as they continue to aggressively expand into new markets and verticals and understood that Dedoco’s brand, website and customer experiences should be revolutionized to keep up with the changing pace. Their updated logo, i.e. the three “Dedoco blocks” in their icon, represents their belief that there are three key building blocks for Next-Gen Enterprise Trust – one where you trust your important documents and records, track them and can verify.
The path from corporate banker to tech entrepreneur
Dedoco was founded by Daphne Ng, co-founder and CEO of Dedoco, a former corporate banker, and her co-founder Dr. Ernie Teo, co-founder and leader of their new blockchain division (DeLab) and aims to become the number one Web3-based document infrastructure platform with high levels of security and freedom to allow customers to take full ownership of their documents.
“Prior to startup, I was a corporate banker for over 8 years with a large stake in global trade finance, where I was also involved in the early digitization initiative for e-trade documents and processes. Trading is synonymous with the need for compliance, extensive documentation and concerns about incomplete transfers of ownership and fraudulent transactions. Coming from the banking and financial services industry, I know that handling data and documents is an important part of managing risk and compliance. While digitization is key to transforming the sector, digital documents have yet to prove that they can be trusted and that their Chain of Custody is traceable and securely managed to comply with data laws,” stated CEO Daphne Ng.
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“According to a recent PWC study, losses due to incorrect and fraudulent documents are a $42 billion pain point. Therefore, we are focusing on how our Trust Engine can be leveraged to solve the issue of trust in records and transactions across all sectors,” Ng added.
For Daphne Ng, the road to starting Dedoco was both challenging and enjoyable, full of all the usual ups and downs that allowed her to become the best version of herself and experience extreme pride and joy. Surprisingly, the first product the company developed was actually dCreds, which is intended for employer-issued credentials that can be used for digital identification and verification, but has been overshadowed relatively by the stellar success of its other enterprise apps, such as dSign, dForm, dCert, and most recently dVideoSign.
dVideoSign, a Dedoco innovation, is a video-enabled signing solution. It improves electronic digital signatures by allowing the identity of each participant in a virtual meeting to be authenticated and verified and performed in real time.
An instant hit
Thanks to the hard work and dedication of the team, the response Dedoco has received to date has been extremely positive. “Our first clients came from the banking, professional services and real estate sectors, where the need to conduct remote transactions during the 2020 COVID lockdown accelerated the use of digital tools like ours as a result. This includes workflows for customer KYC and loan agreements, audit and accounting reports, and real estate transactions,” Ng said.
Dedoco has achieved remarkable success in just 2 years, working with over 4300 enterprise users and registering double-digit MOM growth; and will close the year with around 60 employees. With a proven track record, Dedoco has raised a total of $7.5 million in seed/pre-A funding to date, including from Vertex Ventures and True Global Ventures, and is on track to achieve additional milestones. “Our brand equity and credibility have definitely grown over the past few months. In just over 2 years, our initial growth was primarily through direct sales and word of mouth. The plan from the fourth quarter of this year is to grow by investing in brand awareness and new markets,” Ng commented on Dedoco’s growth.
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“The DNA of Dedoco is Web3. I believe Dedoco can lead the way in enterprise adoption of Web3 with our suite of enterprise products and solutions. Most importantly, our business is about trust and how we can help our customers and partners build the same trust for their own brands,” Ng shared, what drives her and her team to work for their customers every day and partners to make a difference.
This article was created by the e27 team and sponsored by Dedoco
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