CityLabs Launches Beta Service for 'Trustok,' a Blockchain and AI-Based Digital Contract Solution

[Asia Economy Reporter Jang Hyowon] CityLabs, an ICT solution company specializing in 4th industrial revolution technologies, announced on the 18th that its digital contract solution ‘TrusTalK,’ developed based on blockchain and artificial intelligence (AI) technologies, has entered beta testing with the goal of launching official service next month.

CityLabs has also completed the patent application for the AI and blockchain proprietary technologies embedded in TrusTalK.

TrusTalK, developed by CityLabs, is an electronic contract service that prevents online disputes in advance by using the Ricardian contract method, which holds legal binding power between two or more contracting parties in a digital environment. A Ricardian contract is a digital document defining the conditions and contents for parties to act, approved by encrypted signatures, and designed to be interpretable by ordinary users rather than developers.

The TrusTalK service differentiates itself by combining the convenience of contracts provided by AI tailored to user needs with the security and transparency features of blockchain. AI automatically generates customized Ricardian contracts with legal binding power for contracting parties based on user chat interactions, preventing risks of online disputes in advance, while blockchain records, tracks, and manages all processes from contract formation to completion.

Jo Youngjoong, CEO of CityLabs, stated, “Blockchain, recognized as one of the core technologies of the 4th industrial revolution, is widely known for its superior features in preventing forgery and tampering as well as transparency compared to traditional methods, but actual application cases in the domestic industry remain insufficient. TrusTalK is an integrated digital contract solution equipped not only with the security features of blockchain but also the convenience and work efficiency provided by AI, and we expect it to rapidly grow by replacing existing systems in the market.”