Today, successful digital document signature and notarization services such as Docusign, still fundamentally rely on trust. This introduces issues in securely verifying the identity of those signing key digital documents. Through it’s unique properties, blockchain introduces the ability for anonymized signatures which enable auditable, timestamped, and highly replicated backups of all signatures.
Digital document signatures is a huge business because of it’s key importance across many functions. Blocusign enables decentralized digital notarization and document signatures on the blockchain. Signatures are cryptographically-signed and immutable, removing the need for unsecure trust-based systems.
The team was inspired to create Blocusign after Balaji Srinivasan’s opening remarks at a hackathon:
E-signatures are a good business use case for blockchain that can be executed today with no further technology development. Someone will do a Blockusign, maybe Docusign themselves. https://t.co/OI5gy9UxyD— Balaji S. Srinivasan (@balajis) October 7, 2018
The team has integrated Bloom into the project for secure identity attestation. They share that “Bloom provides identity attestation that we think is patently valuable in the context of contracts. They make it easy to use identity within a dApp, and identity in this context may be a requirement for certain applications and users.”
Here’s how it works:
Say you have two parties, Alice and Bob. Alice wants Bob to sign a document.
First, Alice creates a document by uploading the desired doc to IPFS through the Blocusign dApp. The dapp creates a NFT with the cryptographic hash of the document, a signature state which is currently unsigned, Bob’s address and Alice’s address. This means that now only Bob can sign this document and he can verify that Alice issued the document.
Now, Alice receives a link which she can send Bob. Bob can review the document and sign when ready. BloomID is integrated into the signature workflow.
When he signs the document, it is time stamped by merit of the block height, and associates his consent for this immutable document on-chain. Thus providing a digital and secure digital signature.
You can read more here: https://devpost.com/software/blocusign
See repo here: https://github.com/pycal/blocusign
Building with Bloom
Bloom enables a decentralized infrastructure for identity and lending which puts your security and privacy first, reducing the risk of data breaches, and mitigating the risk of identity theft.
Anyone can build with Bloom. You can get started here through our Attestation Kit and Development Portal.