WHY IS IT IMPORTANT TO USE BLOCKCHAIN TECHNOLOGY WITH DIGITAL ESIGNATURE?
Today's digital eSignature platforms largely depend on centralized databases which are subject to massive hacking and other data breaches, thereby putting contract data integrity at risk. By leveraging the blockchain, DiguSign leverages the blockchain as a Trusted Third Party (TTP) for decentralizing data integrity and creating immutability between contracting parties.
HOW IS THE BLOCKCHAIN USED THROUGHOUT THE DIGUSIGN PLATFORM?
Through each step of the document set utilization, including template creation & issuance, signing by individual parties, as well as final execution of the eSigned document, each version is cryptographically hashed to the public blockchain, creating an exhaustive, immutable blockchain audit trail.
HOW IS A DOCUMENT/CONTRACT SECURED IN THE BLOCKCHAIN?
By taking the secure cryptographic SHA256 hash of a document and embedding it in a DigiByte blockchain transaction that is then broadcasted to thousands of servers across the world in a decentralized manner. During this process, the document materials themselves are NOT populated to the blockchain, but instead only the hash value is sent to the blockchain.
WHAT IS A BLOCKCHAIN?
A blockchain is a public ledger of all DigiByte transaction that have ever been executed since the chain's creation. The ledger is constantly growing as 'completed' blocks are added with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order. Each node (computer connected to the DigiByte network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which gets downloaded automatically upon joining the DigiByte network. The blockchain has complete information about the addresses and their balances, commencing from the genesis block to the most recently completed block within the blockchain.
WHICH BLOCKCHAIN DOES DIGUSIGN USE?
DiguSign uses the public, decentralized DigiByte Blockchain, which was launched on January 20th, 2014.