“Blockchain” is an interesting word that keeps popping up everywhere in the security world. Just like the word – “Cloud”, Blockchain has taken hold of the security industry and has become latest emerging technology. In this article, we’ll address the pain-points of the existing online document signing solutions, and how they could be resolved with Blockchain document signing solution.
Problem With Existing Online Document Signing Solutions
The document signing process is really about communication, and record keeping is just an extension of that. But sometimes, Signing documents or contracts often becomes confusing or tedious process.
Moreover, most online document signing solutions offer secure electronic signatures, but it’s not same as digital signatures. An online electronic signature could be an image of handwritten signature, while a digital signature uses mathematical scheme to prove its authenticity.
In simple words, digital signatures are more enforceable and secure.
Although, this is not the real problem.
There are plenty of digital signing services such as Docusign and Echosign that already exist to help you sign legal documents. Both of these services allows its users to sign documents securely and also offer cloud storage for the signed documents. But, these type of services appeals more to enterprises than the average users. More importantly, you’re required to blind trust third-party for storing your documents.
Need For Blockchain Document Signing Solution
With blockchain, It is not required to blind trust third parties, neither for storing signatures, nor for timestamping.
By creating a blockchain document signing solution, you can replace an external third-party and also prevent anyone from going backwards and covering their tracks if they happen to corrupt any entry.
Ever heard of Proof-of-existence?
It is one of the best use case of blockchain. Proof-of-existence in blockchain can create an unalterable date and time stamp for a specific object. in this case – a document. This means, you can prove that a certain document existed at a certain point in time.
Think there will be no more discussions and legal disputes on when a document or email arrived or whether it was changed or not. No more arguments on when a document was signed or when it was first received. At any point, you can prove anything with Blockchain verification.
How Blockchain and Digital Document Signing Industry Can Work Together?
Nowadays, digital signatures have become a key control in many organizations’ security strategy. They rely on using complex mathematical algorithms and certificates to provide authenticity of the data to prevent forgery.
Blockchain can enter the industry by distributing the information across multiple systems in a network, create timestamps, and allow multiple signatures. Blockchain can add the most useful value – Proof-of-existence concept, where transactions can not be removed or modified, securing the transactions.
Furthermore, Blockchain can also be of a great benefit by the use of secure, private keys where public keys used currently.
Now, the transactions in blockchain are secure and unalterable, but they’re also public. While transparency is required in many situations, but the lack of privacy can prevent organizations as well as businesses from fully adopting blockchain technology where strict privacy is must to be met.
However, by using private keys between the recipient and the signer, documents can be maintained by only approved parties, making it a viable option for any sort of transactions.
What You Can Offer? (Possible Blockchain Product)
As you already know that the Blockchain creates and records all transactions using mathematics. And all of the transactions happened on the blockchain is distributed in the blockchain network.
What you can do for the electronic document signing industry is, create a blockchain product.
A Blockchain product that offers the service of legally signing any document, contract, or agreement. Though it requires working understanding of blockchain and advanced coding skills, but our blockchain developers can help you with those parts to build such blockchain web-based product.
Besides, this kind of product is useful for contracts, company workflows, or any type of paperwork between two or more parties. In fact, it can also be useful for an individual to record unalterable proofs.
In simple words, you can develop a blockchain web-based product with following services for online document signing industry.
Two or more parties can sign or approve documents through a secure and legally binding process.
This kind of electronic signature service can used for digital contracts signing, petitions, employment paperwork, company workflows, internal policies, and so on.
Users can notarize any document by generating publicly verifiable proof of its origin, date, integrity, and authenticity without exposing its content.
This service can be useful for integrity checks, counterfeit-proof digital certificates, proof of prior knowledge, and so on.
Users can create and send invoice to each other privately in blockchain network, and collect payment in bitcoin.
Organizations and online businesses can use this service as a cheap, transparent, and easy way to do business.
Remember that the goal here is to make signing documents and contracts as easy as possible. And we think that step one in that process is making an easy-to-use product and step two is doing so in a way where all records, transactions, and digital assets are preserved in a decentralized ledger which guarantees secured record keeping and authentication.