Revolutionizing the world of Electronic signatures with Blockchain

 Today, Blockchain technology has penetrated almost all markets, changing how we do our day-to-day business. So, yes, blockchain technology is changing our world. But how? Let’s find out more.

Digital signatures are widely used today in many industries, e.g., for authorizing bank payments (money transfer), exchanging signed electronic documents, signing digital contracts, etc. However, digital signatures cannot identify the person who created a particular signature. This problem is solved in combination with an online certificate, which binds a public code key owner with an original identity.

Invented by Satoshi Nakamoto in 2008, blockchain technology was initially used in the cryptocurrency Bitcoin as its public transaction ledger. This technology allowed users to control their money in such a way that no third party nor the government could access or monitor it. It was a novel invention and the first digital currency to solve the problem of double transactions without the need for a network of a central server.

Blockchain is a vast technology and a global distributed ledger running on millions of devices, where not just information but anything of value can be moved, stored, and managed securely and privately.

Signing and verifying signatures — how does it work?

A digital signature uses public-key/private key pairs. Here, messages are signed by the sender using a private code key (signing key). Unique codes hash this input message, and then the signature is calculated by the mathematical signing algorithm. Most signature algorithms require computation with the message hash codes and the signing key, without which the results cannot be calculated. And so, the result from the message emerges as a unique digital signature of a person.

Signature verification is hashed (either alone or together with the public key) where some calculations are performed between the message hash, the digital signature, and the public key. Finally, a comparison decides the authenticity of a signature.

Electronic signatures are different from message authentication codes or MAC because MACs are verified using an asymmetric algorithm by the same secret code key. In contrast, digital signatures are created by a signing key and are verified by a verification key using an asymmetric algorithm. Thus, both signatures and MAC codes provide message authentication, verification, along integrity.

Depending upon the authentic and secured coding of blockchain technology, industries are now drifting towards adopting digital signatures in their daily lives. This technology works as a data structure that stores any information in a block, leaving it foolproof and secure. It provides peace of mind for businesses and people.

If this lock and key structure match your organization’s needs of setting up a highly secured digital signature objective, then Exela DrySign can help! Before you opt for this solution, have a look at what you need to know.

● Evolution of Digital signatures

● What is the role of Blockchain in e-Signature?

● How electronic signature in Blockchain works?

● Why is blockchain technology incorporated into Digital Signatures?

Read more about the role of Blockchain Technology in the future of digital signatures by clicking here.

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