Safeguarding the legality, unforgeability and in imitability of documents signed with the Blockchain technology
Blockchain is an emerging technology that has taken the e-Signature industry by storm. The purpose of Blockchain data is to disable any kind of modification and secure the data as it was sent. The intricacies of this highly scalable and secure technology might be hard to grasp but the growing acceptance and its pervasiveness is not hidden by anyone.
2.7 Billion USD
Worldwide spending on Blockchain solutions till 2019
Share of companies in the consumer products and manufacturing industries currently using Blockchain
of business leaders who are actively using Blockchain believe it plays a key role in advancing the technology, suggesting widespread support for industry standards.
$89 M- $754 M
e-Signature transactions have ballooned from in just five years.
Challenges faced when documents are signed
There are many frauds that take place when businesses make use of physical documents for agreements and other things.
Docs. lacks integrity
Papers can be easily replaced and signatures can be forged when businesses use paper documents. Not sure if they are the actual ones and can be replaced with fake signatures anytime.
Forging physical signatures can be done easily and one will not be able to verify the same. It makes it difficult to judge if the signature of the authorized person or someone else.
Because the documents dependency lies on the centralized authority there is delay and possibility that someone else makes the same and passes them over with increase in time and security concerns.
No track of docs.
There is no track of the audit or the ownership of the documents. You will never from where exactly the documents have come, you must believe the person who delivers it to you.
Cygnature with Blockchain makes everything easy
Cygnature is a Blockchain-based solution allowing users to digitally sign confidential documents with the Blockchain technology. This technology is known for high security and safeguards each document signed letting them be unique and unforced.
Benefits for legal departments
Documents stored on Blockchain which is built on dependability, transparency, honesty and trust. Once the document is uploaded and signed the system ensures to save a copy of each, documents with and without the sign. It offers high level of security where no tampering can be done with the documents.
With Blockchain businesses can make smart contracts that can be signed from anywhere across the globe. There is no delay in the execution and updating of the contracts. Signatures can be arranged in order and only once its signed in order the others will be able to sign.
Tracking and tracing
Blockchain makes it easy to trace and track the documents sent for signatures. You can easily track who has signed it and whose signature is pending to complete the documentation process.
Security against fraud
Blockchain is known for the high-level security it provides to all its users and the solutions that are built on it. It will not allow any kind of tampering to be done and keeps a record of every activity done with a single document. Every single step is recorded with Blockchain.
Certification of completion
Cygnature keeps full track of the entire signing process live, based on multiple parameters such as the device ID, IP address, browser used, geo tags, latitude and longitude along with timestamp. With all this information, it stores the document hash, transaction hash & document ID that cannot be hacked. Once the entire process is complete a certificate of signing is provided as the proof of signing the document.
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