Blockchain – The much broader Range of Use


Since my last letter to you about Blockchain - the better way to e-sign, enquiries about this technology and the Papyrus Blockchain ecosystem have skyrocketed. Most often I was asked why should a company use Blockchain to sign and verify digital assets when electronic signature solutions already exist and are widely adopted in the industry? Here is some food for thought.

Its specific features make it ideal for improving the reliability of business processes involving sensitive documents such as contracts, agreements, quotations and invoices among others. Stakeholders want to exchange digital assets in such a way that all parties know that such sensitive assets have not been illegally manipulated.

The blockchain can revolutionize the operational process flow by digitally sealing every step in the document generation process and by digitally notarizing every decision made. Multiple actions can be registered in a sequence. Each registration is associated with a specific case, document and task performed by the parties involved, creating an auditable trail. This is specifically important for smart contracts, that guarantee the interaction of the respective groups involved according to predefined conditions. The resulting commitment, combined with the fact that actions are irreversible, continuous and seamless, is particularly attractive in sensitive and confidential business areas.

  • Digital signatures stored on a blockchain live independently of the object to which the signature relates.
  • There is no need for a central certification authority or a central timestamp server, which are the typical dependencies of existing e-signature systems.
  • It is no longer necessary to store digital signatures in the document, as is the case with traditional electronic signature solutions, and it is no longer possible for someone who needs to verify that a document has been signed to have full read access to the entire contents of the document.
  • You can achieve parallel signing and independent verification with or without the object itself.
  • When signing documents on a blockchain, the object is not changed by the signature. This allows you to sign documents in parallel and implement business rules based on multi-tenancy, 4-eyes principle, majority voting, seniority and other rules.

The Blockchain is a cost-free standard feature in the Papyrus Ecosystem. Documents can be drafted and generated, proposed, revised, executed and signed. Multiple parties can work in a contract case, share content, make decisions and collaborate on a final document version in real time. The process is a seamlessly connected experience.

To learn more about Papyrus Blockchain, download this free white paper or request a call.

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Best regards,
Annemarie Pucher
CEO, Papyrus Software

Signature: Annemarie Pucher, CEO Papyrus Software
Photo: Annemarie Pucher, CEO Papyrus Software

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