Contracts, reports, plans, schedules, schemes, etc. It is usual for any document to have a signature. When paper document flows become digital, an e-signature gains its value. It is a necessary tool to manage any digital management system, including cloud-based and blockchain-based services.
Each document must have a confirmed author, must obtain approval, and be signed to have value. However, digital data is more vulnerable to improper changes than paper, and intrusion into digital paperwork can significantly affect a business. FCE designed DOCFLOC to provide a holistic and trusted document flow. DOCFLOC acts as a notary certifying signature for business, making the management valuable, trustworthy, and clear.
The pandemic affects the acceleration in the global shift to the digital world. It still affects ordinary life and business management. Along with the speedup of the employment of technologies, the e-signature is also moving up to a new level.
How e-signature works
E-signature is part of a digital document system to confirm the authorship and relevance of digital data. To digitize an enterprise secure and efficiently, you need strict control over the authenticity and relevance of digital information. Collaborating parties should have a guarantee that their interaction in the digital space is trusted and clear. An e-signature includes information about the signatory, the date and time of the signing, may contain some comments or additional information. However, a key component of a digital signature is the cryptographic part that provides reliable identification of the signed data and ensures that the source of the signatory information is secure.
Secure sign for digital documents
An electronic signature guarantees that no one will change the document after the sign. E-signatures are convenient for negotiating documents between different services and organizations. Each responsible authority must confirm the text by its e-signature. Such a signature displays who and when made it and compile complex documentation in a short time. All data is stored in the cloud and so it is available at any time.
Usually, the contract begins with the agreement with the legal department, accounting, and other parts of the company, and then it is signed by the leaders of both parties. Such coordination of all responsible services is digital now, applying an e-signature. Contractors can ensure the integrity and security of every letter in their business correspondence. Hacking a mailbox closes with the appearance of an e-signature. When the digital dialog is valuable, the digital signature provides the authorship, the exact time of sending and receiving, and checks the authenticity.
E-signature and blockchain
When the document flow management system is driven by the blockchain, a hash algorithm fixes the power of attorney and integrity of each transaction. Hashing and e-signature make blockchain a sustainable system. DOCFLOC
uses a digital data signature in conjunction with the identity of the signatory. The facts of signing documents are stored in the blockchain. The system is checking the data regularly, and when several participants sign the document, the process of negotiating, signs, time of considering, responsible employees are available for tracking. DOCFLOC has privacy settings, and digital documents and details can be accessed or closed for public viewing. Also, DOCFLOC supports signing documents remaining the content of these documents known only to the signers.
With DOCFLOC, any document gets integrity and confirmed authorship. These are a necessity for official business with smart contracts.
Smart contracts can have complex execution schemes and involve multiple parties. In such cases, the contract will start running only when the system receives an e-signature from each participant.
DOCFLOC integrates into existing document management systems that do not use blockchain as well. In addition to agreements, invoices, and reports, a digital signature can confirm unstructured documents in which the text and its immutability are valuable. These are claims, negotiations of documents, and many other types of documents that should be trusted and unchanged.
Blockchain is required when several independent parties are involved in business processes: customers, counterparties, third parties – there could be an unlimited number of parties. Technology helps to create a transparent system
. Combined with other elements of the digital document management system, e-signature turns paperwork into a fast, automated, manageable, and efficient flow of processes. So DOCFLOC is part of the FCE ecosystem for business
, but it is key to sustainable business interaction and security.