With improved technology, many aspects of our lives have changed for the better. Modern technology has made it easier for us to do things that were clumsy and difficult to do before. It is no mystery that technology has become a very integral part of our lives.
Owing to the introduction of the internet, in this age of information, worldwide adoption of technology has brought on the era of globalization. The internet enabled individuals, organizations, corporations and other entities to perform better and achieve bigger and better things. The blockchain is one such technology that with the help of the internet enables us to streamline the record-keeping process and so much more.
Blockchain is essentially a way of keeping records digitally. Originally designed for Bitcoin, the technology is being explored for use in places like banking, digital signature and other sectors. A distributed and very public record like this will surely revolution many industries in the future.
Digital Signing with Blockchain
Trust and authentication measures are a hot button topic in the tech industry. Many processes have become faster and easier by adopting digitization. But this has also left vulnerabilities in security and authentication in the process.
Sensitive documents like banking statements, business papers where you need to be absolutely sure that you are singing an authentic document could really leverage blockchain technology to increase their security and reduce the risk which puts the people at ease.
But before we dwell into the security and authentication aspect of digital signing, let us explore why you would want this process to be digitized. The answer lies in two key motives – convenience and less waste.
Digital signature saves a lot more time and also reduces the administrative burden for the organizations, all while making the process for the end consumer faster and also easier. However, this technology did not become mainstream over one night. Digital signatures, were not admissible in courts up until 2016. Then, eIDAS regulation introduced a rule which established that “an electronic signature shall not be denied legal effect and admissibility as evidence in legal proceedings”. This gave a new light for software providers like DocuSign, PandaDoc, SignRequest, and others.
As you can likely imagine, digitizing such processes although is beneficial and most definitely is where the future is headed, it introduces some security risks. This is where blockchain technology comes to the rescue. Blockchain efficiently makes the whole process very secure and stable.
Blockchain can create ‘hashes’, which are nothing but number codes that can be used to secure the integrity of digital data. These can be cross-checked with the hashes of another document. If the two hashes match, the document is the same and the transaction can be secure.
The open and visible nature of blockchain protects itself from tampering also and that adds another layer of security. The technology also lends its hands when there are multiple copies of a document. Not only can blockchain be used to check the validity of the documents by comparing the hashes, but also the sequence can be checked by looking into the metadata of the documents and seeing the timestamps.
In fact, the above-mentioned software providers have been looking into the blockchain technology for stronger security. DocuSign attempted to integrate with Ethereum in 2018, while SignRequest tried other solutions. However, recently SignRequest has announced that they have found a more suitable blockchain partner going forward, switching from Tierion to LTO Network.
Things are improving, and LTO Network seems to be one of the leaders in this field. By leveraging a hybrid architecture, they have not only improved the scalability but also managed to develop their blockchain products in a GDPR compliant way. They already have lots of high-profile clients, such as Merin, CMS, AVR, Dutch Government, IBM Watson, and others. The future does look bright for blockchain and digital signature.
Investing in Blockchain
Unlike many other new technologies out there, blockchain really does seem to be a solid and sustainable new form on technology that could fundamentally change how the internet and security and record keeping works.
Potential investors should have some peace of mind that many well-known companies are already investing in blockchain. This is an indication of the validity of the technology at the very least. Companies like Kodak, who announced their venture into blockchain has seen their stocks go up. One of the main players in blockchain is China, this is where most of the mining of cryptocurrencies are happening as well.
Also, companies like Amplify and Reality all have seen a significant rise in their share prices as well. Although it is not ‘hype’, the overall attitude towards blockchain is very promising. There is plenty of reasons to grow an incentive for investing in blockchain. If you are an investor then it is highly recommended for you to look into blockchain.
Make sure you make good use of money though, do not just invest based on promises, verifying information and investigating yourself is very important because at the end of the day blockchain, albeit very promising, is still a very new technology.
So Where Does That Leave Us?
Blockchain, therefore, looks to be poised to bring on a revolution in how we view online transactions and also security. The very nature of blockchain being open and public, where users can see and check for validity and also look out for traces of tampering makes it quite a secure and robust system
There are big promises being made about blockchain and its impact on the world, time will tell how these come to fruition, but as it seems now the future does look bright and full of potential. The turning point for blockchain will be when governments get involved which could be a more significant sign for its validity and longevity as a technology which will benefit individuals, banks, companies and all other organizations.
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