Why we use blockchain in e-Signature solutions
Why we use blockchain in e-Signature solutions
When it comes to how documents such as contracts are signed electronic signing solutions have become the?most preferred?mode of signing for many business. The advantages are clear because esignature solutions offer faster turnaround times, better security and more convenience?for signers. ?However, e-signatures have evolved to more sophisticated levels and are now used for anything from banking to real estate to complex healthcare facilities. The use of e-signings is projected to grow rapidly over the next decade as people recognize that they are easier and more secure compared to the traditionally used paper based signatures. They also give users some flexibility since they can sign their documents remotely, anytime anywhere. #E-signatures companies have become more popular, thus creating the need to constantly create more secure e-signature solutions for their customers. As a result, e-signature solutions have adopted a more secure and robust technology known as Blockchain. Blockchain is an emerging technology that has since it inception taken the e-signature industry by storm.
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Challenges faced in traditional signing documents
There are a multitude of frauds that occur when people and businesses use physical documents for contracts and other agreements. For a start, documents lack integrity, they can be falsified and cannot be tracked, with e-signatures, these challenges were solved, but security of digital signatures could not be guaranteed since there is always a possibility of falsifying digital documents.
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Blockchain is an emerging technology which offers a method of recording of information and data such that it cannot be changed, manipulated. It is a distributed ledger that records information, duplicates and distributes the transactions across a network of participating computers in a particular network. This is known as a distributed ledger technology. It offers the users an immutable ledger that facilitates the recording of their transactions and most importantly the ability to track the assets within the business network.
One of the major reason for the current popularity of using blockchain technology in e-signature solutions is that blockchain data cannot be manipulated or modified once it has been deployed.
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With application of the blockchain technology in e-signature solutions, you can imagine a world where documents are embedded with a digital code and distributed to shared databases that are transparent and protects the documents from deletion, falsification, tampering among other issues.
In the ever evolving high tech savvy world, every agreement, process, task and most importantly, every payment needs to have a digital record or signature that can be identified, validated, shared and tracked.
#Blockchaintechnology offers immense potential where through application of decentralization and distribution people will have control over their digital identity records which are immutable and verifiable. Also, all their documents would be issued and digitally signed with immutable security of the blockchain technology.
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How the digital e-signatures work with the blockchain
Documents?are signed and stored in distributed ledger with a cryptographic function. The distributed ledger ensures the e-signature has the highest possible security compliance and efficiency. On the other hand, using the proof of authenticity concept, the #esignature solution integrates the document and related data to the blockchain which creates an immutable and independently verifiable track of the records. This ensures there is a proof of existence and undeniable authenticity for the digital documents.
By using #blockchain #technology, #e-#signature solutions offers the documents a proof of existence which has an unalterable date and time stamp for a specified stamp. This ensures that the user can prove that a certain document existed from specified point of time.?The blockchain technology also gives the document a proof of authenticity which verifies the document as authentic and has not been changed since it was digitally stored.
The key advantage of using blockchain in e-signatures is that tit offers independent?verification of the document and most importantly it is not centrally stores as it is the case with traditional e-signing solutions.?