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Your Digital File [SMART 100, 2015]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

My father was diagnosed with terminal cancer. I could not find a service which delivered a central highly secure online location for the safe storage, sharing and signing of of important documents. I enlisted the knowledge of Australian-based cryptographers to deliver an advanced cloud solution that was based on unique security technology. This complex technology, marketed as ‘Cryptoloc technology’, was awarded an Australian Patent in December 2014. It has an International Patent Application in place and patents are expected to be granted in the USA/UK/Asia and Europe later in 2015. The service, although complex, is presented in an easy-to-use interface.

2. WHAT & HOW

The purpose of this innovation is to…

…provide the highest level of security and authorisation for the management of digital documents. Our servers are based in Australia, ensuring clients’ data is protected by Australia’s highly respected privacy laws.

It does this by…

…applying complex per file encryption. The document encryption key generated on the client’s device is protected using Cryptoloc technology. The client is always involved in the encryption/decryption process. YDF’s encryption keys are never stored in complete form and cannot be decrypted by a single party. Each document comprises three master keys, shared between three parties (user/service/escrow), two of which must collaborate to decrypt a document.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

…other cloud document management services do not provide the highest level of per file security. It uses multiple layers of advanced encryption/decryption security technology (AES-256 & RSA 2048) at each point of the data upload, transfer, retrieval, storage, sharing and signing process. It simultaneously applies its patented Cryptoloc technology to deliver unmatched document protection.

Its various benefits to the customer/end-user include…

  1. Authenticated user identity
  2. Legally binding digital signatures
  3. Document integrity
  4. Non-repudiation of documents
  5. Document confidentiality
  6. Escrow document storage
  7. Data Legacy service which allows the client to grant authorised access when a trigger event such as death or company liquidation is verified.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

…applying standard system security and transporting the files in an encrypted environment (SSL technology). Encryption keys are generated and stored by the service and only username/password are required to access an account. Encryption keys are stored in complete form by the service. This much lower level of security has been traded off by personal and business users for ease of use.

Its predecessors/competitors include…

…cloud document management services targeting the business and personal markets. These include but are not limited to Tresorit, DropBox, icloud, SecureShare. However, there is no competitor who can deliver highly complex per file security in an easy-to-use interface.

cryptoloc1

5. TARGET MARKET

It is made for…

…the business and personal markets. The business market is racing towards digitisation and in the wake of a 79% growth in security breaches in 2014, per file security in the cloud is the clear priority. The business sub-markets include 1. Enterprise & 2. SMEs. In the business market, focus is on industries who manage confidential information and for whom security is paramount such as Finance, Legal, Superannuation, Medical, Mining, Insurance and Human Resources. Our proprietary research into the Australian personal markets indicates a growing niche opportunity. Individuals are trading cheap storage for increased security as privacy concerns mount in the face of recent celebrity hacking incidents.

It is available for sale through…

…online (personal and business) and direct sales (business) channels.

Our marketing strategy is to…

…successfully position Your Digital File as the most advanced cloud solution available today for the digital management of documents. The SME market is our top priority and current strategies include: 1. a range of digital and hard marketing collateral such as a website,corporate brochures & competitive analysis; 2. online marketing including SEO, SEM and social media (Facebook, Twitter, LinkedIn, Google+); 3. trade Shows (AusCert); 4. corporate sponsorship (Cancer Council).

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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