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Swedish fintech Enigio has been granted patents in Germany, France and the UK for its trace:original technology.
With the trace:original solution, companies can replace paper documents with electronic original documents which are equally legally compliant.
The patents enable the creation of freely transferable electronic documents under the UK’s Electronic Trade Documents Act as well as the United Nations’ Model Law on Electronic Transferable Records (MLETR) framework. This ensures that the documents are uniquely identifiable, in exclusive control, and capable of supporting annotations such as endorsements.
In September 2023, the first live transaction under the Electronic Trade Documents Act was completed using trace:original technology for a promissory note worth £48 million. Instead of weeks, the transaction was completed in hours.
Enigio is now leveraging these patents and its technology with the trace:original envelope, which uses the freely transferable principle to carry any type of data in a borderless, open environment, enabling full reach to all parties in the trade ecosystem.
Enigio has already secured patents in the USA, Asia, and elsewhere in Europe.
Hans Almgren, Enigio’s Co-Founder and Inventor, said, “Our goal was to solve the problem of replicating traditional paper documents in a secure electronic form, while maintaining their singularity and transferability.
“Instead of the millions of paper documents being transported around the world physically, we propose electronic documents that can be transferred instantly with increased reliability, speed and sustainability.”
