Benefits of Digital Signatures
Better than existing solutions (PDF, Docusign, etc)
- Uses Digital signatures that are generated using cryptography and everyone can sign in parallel.
- Data or sequence of transactions can't be mutated or manipulated.
- Increased security as the contract validation information is stored separately from the contract (data).
- No third party ownership, security, non-repudiation, trust, and integrity.
Self-Executing Smart Contracts
- Smart contracts eliminate the need of lawyers and third parties to negotiate and write contracts
- Blockchain smart contracts are programmatic and automatically monitor terms and trigger actions.
- Self-executing smart contracts automatically track obligations and eliminate manual review.
- Payments or dispute resolution can automatically happen based on the contract rules
Security, Cost, and Transparency
- Eliminates third-party fees for creating contracts and provides free lifetime data retrieval.
- Cost to store data in blockchain is very less compared to buying expensive software to track the data.
- Better transparency as anyone can view transactions on blockchain.
- Blockchain provides proof-of-existence so data and transaction records can't be altered.
Integrity, Authentication, and Non-Repudiation
- Digital signature of the contract is created with private key of the authenticated user and the file hash.
- Digital signature is stored in a neutral public environment, blockchain.
- Provides full privacy as the contract is never stored in blockchain.
- Anyone with the contract can check its integrity by verifying the digital signature.
