Since my last letter to you about Blockchain - the better way to e-sign, enquiries about this
technology and the Papyrus Blockchain ecosystem have skyrocketed. Most often I was asked why
should a company use Blockchain to sign and verify digital assets when electronic signature
solutions already exist and are widely adopted in the industry? Here is some food for thought.
Its specific features make it ideal for improving the reliability of business processes
involving sensitive documents such as contracts, agreements, quotations and invoices among
others. Stakeholders want to exchange digital assets in such a way that all parties know that
such sensitive assets have not been illegally manipulated.
The blockchain can revolutionize the operational process flow by digitally sealing every step
in the document generation process and by digitally notarizing every decision made. Multiple
actions can be registered in a sequence. Each registration is associated with a specific case,
document and task performed by the parties involved, creating an auditable trail. This is
specifically important for smart contracts, that guarantee the interaction of the respective
groups involved according to predefined conditions. The resulting commitment, combined with
the fact that actions are irreversible, continuous and seamless, is particularly attractive in
sensitive and confidential business areas.
- Digital signatures stored on a blockchain live independently of the object to which the signature relates.
- There is no need for a central certification authority or a central timestamp server, which are the typical dependencies of existing e-signature systems.
- It is no longer necessary to store digital signatures in the document, as is the case with traditional electronic signature solutions, and it is no longer possible for someone who needs to verify that a document has been signed to have full read access to the entire contents of the document.
- You can achieve parallel signing and independent verification with or without the object itself.
- When signing documents on a blockchain, the object is not changed by the signature. This allows you to sign documents in parallel and implement business rules based on multi-tenancy, 4-eyes principle, majority voting, seniority and other rules.
The Blockchain is a cost-free standard feature in the
Papyrus Ecosystem. Documents can be drafted and generated, proposed, revised, executed and signed. Multiple parties can work in a contract case, share content, make decisions and collaborate on a final document version in real time. The process is a seamlessly connected experience.
To learn more about Papyrus Blockchain, download this
free white paper
or request a call.