Baltimore-based eOriginal Inc has named former CBS CEO Michael Jordan chairman of its board.
Jordan was an early investor in eOriginal and may participate in
the company's second round of funding as well.eOriginal says Jordan will be actively involved in both strategic and operational decisions of the company, which reportedly got $10 million from
undisclosed angels ands VC.
eOriginal has developed a patented process to enable electronic creation, transmission, storage and retrieval of protected "Electronic Original
" documents (any digital object). By integrating public key cryptography and other technologies, the company says it can guarantee the authenticity of the Electronic Original
documents, the identity of the signatories and the integrity of the content.
However, its eponymous product appears to be ahead of the market as the US is only
now passing legislation that will make electronic documents accepted as legal originals.eOriginal says four states have already passed laws accepting electronic
documents as originals for leases and expects eight more to follow suit by the end of the year. eOriginal's VP of sales Charles Stambaugh anticipates that by the end of
the current year a dozen states will pass legislation to make Internet-based mortgage and loan documents accepted as legal originals. Stambaugh says for simple contracts
between mutually agreeable parties, eOriginal can be used even now without any special legislation.
eOriginal says it's in pilot with unnamed financial institutions and hopes to have a
commercial launch by Christmas. Apart from the financial services industry, the two-year-old start-up is targeting vertical markets like government and healthcare that
are burdened by paper-intensive and time-consuming transactions.
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