The legal industry faces ever-increasing demands from clients for faster services and accurate results. An obvious response is to adopt the time-saving and efficiency-driving technologies that are widely available and being incorporated into many other industries.
Drooms, Europe’s leading virtual data room provider, recently introduced the first virtual data room with blockchain technology. This combined with its use of artificial intelligence has won the company a 2018 European Property Finance Award in the Innovator of the Year category.
Blockchain has been synonymous with crypto currencies for some time but its range of applications and roles in the wider digital transformation are now much more fully understood. This is certainly true of the financial industry, which is gradually shaking off its legacy systems and incorporating this revolutionary technology into an ever-growing number of uses.
Drooms is moving its virtual data room (VDR) offering into the Blockchain age. As Europe’s leading VDR provider for the UK, Drooms is using this modern technology to enhance the security of transaction data archives. Until now, all data has been stored on physical data carriers following completion of a transaction. But now it can be archived in Drooms’ virtual NXG data room with blockchain protection. As a result, the secured data cannot be lost, is non-manipulable and is accessible to all parties involved in a transaction at any time. Any warranty issues or necessary contract checks can be carried out quickly and problem-free via the data room after a transaction has been completed. As such, the application of Blockchain archiving makes a VDR an ideal tool for solicitors and notaries.
Wealth & Finance Magazine announces the 2018 Alternative Investment Awards winners and Drooms is one of them.
Now in its fifth year, the 2018 Alternative Investment Awards cast a light on the individuals, firms and departments from across all sectors that have played a part in shaping the financial industry. Drooms is proud to be awarded 'Best Data Room 2018: Drooms NXG & Recognised Leaders in Secure Cloud Services'.
The European real estate sector continues to flourish but competition for deals is fierce and speed is often of the essence: so much so that, according to recent Drooms research over 50% of real estate professionals in Europe are compromising on the quality of their due diligence to complete transactions quickly.