Insight & Analysis

Press release: Data carriers rendered obsolete as Drooms switches to Blockchain

Published: Oct 2018

4th October 2018Drooms 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.

Highly promising Blockchain potential

Drooms NXG with Blockchain protection is simple and practical to use with no great effort required on the part of users: The data room is not deleted following completion of a transaction; instead, metadata can be stored on the blockchain. The documents secured by blockchain are then stored on Drooms’s highly-secure servers. The Drooms VDR with blockchain archiving fulfils all requirements applicable in Europe, including the General Data Protection Regulation (GDPR). The Drooms NXG data room with blockchain protection is available immediately. Drooms will present the technology at the city of Frankfurt stand at the Expo Real real estate trade fair held in Munich.

Petter Made, Head of Product at Drooms, says: “Blockchain has enormous potential when applied to transactions. The launch of the Drooms NXG data room with Blockchain archiving means that traditional data carriers, for example those used in due diligence processes, are a thing of the past. Highly sensitive documents should not be stored on DVDs or USB sticks and stored in a cupboard. This is neither transparent nor efficient. Above all, it exposes all parties involved in a transaction, including businesses, solicitors and notaries, to a huge security risk. Blockchain archiving, with the help of our data rooms, is the correct, reliable and future-proof solution to this huge data security problem.”

Alexandre Grellier, Drooms CEO, says: “Once again we are demonstrating our high level of technological expertise and pioneering role in introducing new technologies into the transaction business by taking the Drooms NXG data room into the Blockchain age. The market is certainly ready to use Blockchain technology for business practices: extensive discourse with our customers has convinced us that there is both great openness towards, and heavy demand for, an innovative archiving function such as the one we are now offering. Blockchain is a technology that, in conjunction with our data rooms, delivers genuine added value.”

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