Most of the online legal papers signing solutions provide secure electronic signatures, it is entirely different from the digital signatures. An electronic signature is ideally a scanned image of a handwritten signature, but a digital signature uses mathematical algorithms to prove the authenticity. All such document signing platforms allow its users to sign documents securely and also provide cloud storage for the signed documents.
Blockchain technology can enter the document signing industry by creating timestamps and allowing multiple signatures. By using private keys between the recipient and the signer - documents can be managed securely by approved parties.
Why Blockchain for Document Signing?
Blockchain technology allows the linking of a group of records referred to as blocks into a chain. This chain is protected and encrypted against tampering. Blockchain uses the concept of hash which acts as a fingerprint for every block. Each time a block is added to the chain, a corresponding hash gets generated for it. Tampering with any of the already created blocks would cause the hash address to get changed.
A hash is calculated for the original version of the PDF file, doc or Docx file and the value already stored in the blockchain. The authorized party can verify their copy of the document is legitimate by matching their version’s hash with that of the original version’s hash stored in the blockchain.
When there is a requirement of multiple copies with different signatures, all the parties can use the blockchain document signing platform to view the timestamps associated with the document. Blockchain can save an accurate timestamp and the identity of the person who signed the document. So, it becomes possible for multiple parties to sign a document through a legally and secure binding process.
Document Signing with InkPaper
InkPaper is a customized solution based on blockchain, that allows the users to upload the document they want to get signed, select the recipients, sign and send the document. Once the prime document is signed by all signatories, all participants get the signed documents via email.
Users in the network can ensure that the documents have not been tampered with by uploading the signed documents. InkPaper has features wherein it compares the content of the uploaded signed document with the document saved originally on blockchain to validate the documents.
No matter where you are located or with who you are dealing, one of the advantages of using InkPaper is that you don’t need to meet physically to sign and close a deal.
Benefits of InkPaper
Works with PDFs, Excel, Word, Outlook and other content apps you already use
Makes signing easy
InkPaper works with your existing content and workflow management applications
Keeps your sensitive documents inside your IT domain
Provides you with complete control over its implementation
Complies with the regulations that are relevant to your organization
Enables anyone to validate the signature, even without access to the system
Provides the ability to sign via the internet
Offers the option to self-host the system
Provides cost-effective IT management