Thinfilm and Clause Collaborate to Deliver NFC Technology to Blockchain Smart Legal Contracts
Thin Film Electronics ASA (“Thinfilm”) (OSE: THIN; OTCQX: TFECY), a global leader in NFC (near field communication) mobile marketing solutions, today announced a collaboration with Clause, the leading provider of “smart” legal contracting technology.
Through the collaboration, Clause and Thinfilm will use NFC to facilitate the pairing of physical goods to digital contracts through the tap of a smartphone. The resulting connection will deliver key functional and efficiency improvements for customers across the Clause “connected contracting” platform, including contract creation and management, supply chain administration, and invoice/payment automation. Thinfilm will integrate Clause’s connected contracting solution with the CNECT Cloud Platform, making it available to existing and prospective customers interested in “smart” legal contracts. Thinfilm will feature as one of the first integrations on the Clause platform.
The solution will also position Thinfilm’s CNECT Blockchain Services as an optional security feature, empowering customers and partners of both organizations to authenticate products, confirm deliveries, review supply chain routes, and verify the provenance of goods. A simple smartphone tap stores relevant information in the CNECT blockchain, allowing customers to leverage transactional history to automate a range of functions, including contract execution and payment triggers.
“At Clause we make legal contracts ‘come alive’ through connections to external data sources and enterprise software systems,” said Houman Shadab, CEO of Clause. “We saw Thinfilm’s NFC technology as an innovative and highly effective way to facilitate a connection to the physical world while empowering customers to digitize, automate, and monitor the shipment and delivery of goods in real time.”
The unique relationship with Clause represents a key step forward in Thinfilm’s efforts to further extend its CNECT Cloud Platform and strengthen its supply chain offering.
“Both Clause and Thinfilm are intently focused on delivering value by connecting the physical and digital worlds,” said Davor Sutija, CEO of Thinfilm. “We believe customers will greatly benefit from the enhanced ‘smart contracts’ solution, and we look forward to working closely with the Clause team.”