In a digital environment, transactions take place between people and organizations who may not know each other, and likely cannot verify each other’s identities using traditional, physical means.
Yet as the world moves more and more to digital transactions—exchanging real-world assets such as automobiles, financial instruments, goods and services, even real estate, to exchanging digital assets such as cryptocurrencies, in-game purchases, metaverse assets, NFTs, and even more in the years ahead—it becomes critical to verify exactly who signed what and when, with full validation of every transactional document’s authenticity and immutability, to prevent forgery, fraud, or tampering.
CNBC reports that “Sales of real estate in the metaverse topped $500 million last year and could double this year, according to investors and analytics firms.” And transactions in the metaverse were expected to cross $6 billion in 2021, according to India’s Business Standard.
To facilitate commerce in digital realms, ZorroSign is pleased to include the Z-Verify feature in our multichain blockchain platform to protect privacy, secure transactions, and prevent fraud.
Digital Signatures for Digital Transactions
To transact business, commerce, government operations, or individual trade in a digital environment requires legally enforceable digital signatures to prove agreement and intent. There are several technologies supporting digital signatures, but how do such solutions provide legal enforceability?
- They must ensure WHO is signing the legal documents via user authentication; plus,
- They must ensure WHAT was signed (agreed upon) via immutable document control with full audit trail of changes for document verification; and
- They must ensure WHERE, WHEN, and HOW digital signatures were executed in signing ceremonies via metadata captured on digital devices and digital network.
On June 30, 2000, then President Bill Clinton signed the Electronic Signatures in Global and National Commerce Act (E-Sign Act), establishing that electronic signatures have the same legality as traditional signatures on paper, and defined the criteria for legality. The legislation opened the door for digital transactions and digital commerce has boomed in its wake.
Digital Signatures on Blockchain
Since 2000, many technologies have come to market to deliver digital signatures, but when a distributed ledger technology—such as blockchain—is used for digital signatures, transaction parties gain the unique advantages of:
- Privacy — with a private, permissioned blockchain such as Hyperledger Fabric, only participants to the transaction can see details of the transaction, and those participants share equal access to such details
- Immutability — all blockchain records and changes are tracked and cannot be changed, providing important chain-of-custody audit capabilities for courts
- Security — all records are individually encrypted and distributed for better protected from phishing and ransomware attacks
Perhaps most importantly, digital signature platforms that incorporate Identity-as-a-Service (IDaaS) can authenticate users across multiple dimensions, such as what you know (your login password), what you have (your laptop or mobile device), and who you are (biometrics such as fingerprints or eye iris on the device securing who can access it), etc.
Digital Signatures with Z-Verify
ZorroSign’s Z-Verify unites multi-factor authentication, the biometric capabilities of your hardware devices, the opportunity for password-less logins, and even knowledge-based authentication (KBA) features—requiring the knowledge of private information of the individual to prove that the person providing identity information is the actual person—to ensure each party to the digital transaction is who they claim to be.
Further, Z-Verify features allow ZorroSign users to maintain and review a chronological, immutable, real-time record of transactions: Ensuring the security and privacy of users’ information and that of the data itself!
- Immutable attribution of the signatory of any document secured in ZorroSign
- Globally accepted security certificates that never expire – unlike any competitive solution certificates
- Secured by private, permission-based blockchain technology built on Hyperledger Fabric
- Authentication, verification and validation of digital and paper versions of documents using our patented Z-Forensics token
- Verification applies to internal (registered) and external (not registered) users alike!
To learn more about Z-Verify and how ZorroSign can ensure you know exactly who signs your digital documents, when they signed, how they signed, and what they signed has not changed—contact us today or start your Free 14-Day Trial subscription to test us yourself!