Signitory - A Glimpse Into the Future Through a Blockchain-Based eSignature Solution
KUALA LUMPUR, MALAYSIA - Media OutReach - 20 September 2021 - With the growth of e-commerce, more and more individuals are becoming accustomed to signing contracts with strangers over the Internet. As a result of the epidemic's impact, businesses have begun to perform intelligent business operations more regularly via online meetings or papers. Electronic signatures, as a key component of online contracts, play a vital role in safeguarding the rights and interests of all contract parties.
"Signitory is the next generation of electronic signature software. It is a hybrid of eKYC and Blockchain technologies. Blockchain technology has the potential to improve oversight and security. It is part of a new paradigm, and it shows us an entirely different future!" Carlo concurred.
That future is evident when one considers blockchain as the foundation of the eSignature solution.
The blockchain's non-tamperable characteristic is important in electronic signatures.
"By putting your signed document in the blockchain, you can now check the validity of the signed papers. If the hash value does not match, the blockchain has determined that your papers were altered and falsified on purpose. This is especially useful for important contracts since it adds an extra degree of protection to your signed paperwork." Carlo added.
Certificate Authorities (CAs), who provide digital certificates to verified individuals, play a very significant role in signing electronic documents. In the context of the coronavirus illness (COVID-19) pandemic, for example, the concept of COVID-19 Certificate Digital Document (CCDD) is offered as a method through which a person's COVID-19 related health-data may be digitally documented using electronic certificates. (Source from: https://www.who.int)
*CA is the current digital transformation trust mechanism. When the document is created as a PDF file, however, many PDF readers and online verification services include flaws. Hackers can exploit these flaws to attack signed PDF documents to make illegal changes without rendering the digital signature invalid. These attacks include Universal Signature Forgery (USF), Incremental Preservation Attack (ISA), and Signature Wrapping Attack (SWA). *Source from: https://securityaffairs.co/
"In this case, the non-tamperable feature of the additional blockchain will magnify and ensure that the certificate will not be tampered with." Carlo added.
Technology brings convenience. The Signitory's Electronic Signature Know Your Customer (eKYC) function can verify and ensure the identity of both signers and achieve the function of preventing counterfeiting signatures. This function is completely free, and users only need to make sure they complete the identity verification when creating an account.
The end product advances Signitory's eSignature solution potential. This re-conceptualization corrects traditional eSignature solution limitations. Signitory continues to improve and build a safer platform and open up new ways. Each phase provides complete peace of mind from the start of the eSigning process to where the document is stored.