Blockchain - The Future of Digital Signatures | DrySign by Exela

 

Blockchain - The Future of eSignatures

Digital signatures are steadily replacing the conventional methods of signing documents. Over the past few years, E-signatures have become more secure with the adoption of different types of cryptography, i.e., binding a person to digital data and providing verification of the same. Digital signatures provide integrity, non-repudiation, and authentication to access the contents of a data set codes digitally across networks. These signatures are created using an algorithm that produces a 'hash' using information from the contents of the message and is stored in the key.​

Blockchain uses the idea of codes or hash for signatures, which is exactly like a fingerprint for every block.​

Digital signatures offer an additional layer of security to users and in turn, businesses. They provide authenticity of the data and complete protection against forgery for safer use of online certificates with the help of complex mathematical algorithms or codes.

​Blockchain technology enters this cyber ecosystem by adding on the business ledger aspect, allowing businesses or users to create multiple signatures, encrypted fingerprints, and share coding information across various systems in a network of a centralized server.

​Also Read: How E-signatures can Optimize Internal Processes – a Business Case

Evolution of Digital signatures

A lot of people wrongly believe that electronic signature technology has recently arrived in the cybersphere. However, the truth is that digital signatures have been present for decades in our cyber ecosystem. Do you know where the idea of digital signatures came from and how its journey evolved? It all started back in 1976 when Whitfield Diffie and Martin Hellman, two cryptography pioneers, first described the notion of a digital signature scheme.​

1977: RSA algorithm was invented by Ronald Rivest, Adi Shamir, and Len Adleman. Also, Italy and Germany were amongst the first countries to issue a digital signature law.

1999: Digital signatures were embedded into documents in PDF format, came with encryption and were registered with ETSI.

2000: The ESIGN Act made digital signatures legally binding in the United States.

2008: The International Organization for Standardization (ISO) adopted PDF file format as an open standard in its ISO 32000 specifications, which included digital signatures as an integral part.​

Over the years, digital signatures have become increasingly secure by adding various types of information codes to the key. These additions have been crucial, being an extra security layer in compliance with eIDAS requirements.

Digital Signatures are not limited to specific documents and files. They are more practical if they are visualized and validated thoroughly. We have many signature solutions in the present era that isolate the signature or embed the digital signature into the documents.

​

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

In the digital world, the word ‘Blockchain’ keeps popping up as an essential feature in digital signatures. Blockchain is a specific type of database that makes the history of any digital asset unalterable and transparent through decentralization and cryptographic hashing. It works on the concept of ‘proof-of-work’, best known for securing financial transactions and powering new cryptocurrencies such as Bitcoin.

​They provide the three following features:

  • Authentication: Electronic signatures adhere to a specific user via a private key. In this, they identify the owner of the private key used to sign the source data in an email or a document.
  • Integrity: Digital signatures use an innovative hashing algorithm every time, to ensure that the message received is not forged.
  • Non-Repudiation: This feature is unique and ensures that a sender who has signed the source information cannot deny it later after having signed it.

Here, the transactions made once cannot be edited or deleted, enabling fully secure online dealing. Blockchain is a novel technology that reduces risk, stamps out fraud, and brings clarity to your processes in a scalable way.

Source link to Read More About “Blockchain - The Future of Digital Signatures” https://www.exela.digital/a8ad82

Or If your business wants to digitally seal documents using Blockchain technology, it’s time to opt for DrySign- a user-friendly platform, for more transparency and authenticity. Want to know more?

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