Nowadays Ethereum environment is considered as the most prominent example of a smart contract framework available on blockchain. Indeed there are only few decentralized cryptocurrency protocols able to support verification and execution of transactions, since the technology requires complex and reliable background.
The renowned company for electronic signature technology and digital transaction management services, DocuSign (DOCU) shares this opinion being one of the most loyal Ethereum partner. The company notes that it has been at the forefront of smart contract research since DocuSign first collaborated with Visa, creating one of the first public prototypes.
Digitized Car Leasing
Earlier Coinspeaker reported the prototype, which was developed in 2015, was a proof-of-concept that brought together secure contracts and payments made online via a connected car prototype developed by Visa for car-based commerce.
Back than it was considered as a breakthrough that enables customers to drive away in a new car in just a few minutes after linking all documents and paying the necessary sum of money using the innovative the proof-of-concept app.
Ethereum-based evidence of a DocuSigned agreement
Having reaped the benefits of such a productive business partnership, DocuSign recognized the full extent of blockchain disruptiveness and the company has since become a member of the Enterprise Ethereum Alliance, as it hopes to continue innovating in the space.
Today DocuSign has announced the integration of the Ethereum blockchain meaning that more than 400,000 paying customers, which includes a number of major law firms and businesses, can now choose to have evidence of a DocuSigned agreement be automatically written to the Ethereum blockchain.
This feature comes as an alternative to the company’s native system for verifying signatures and it is poised to be a natural fit for customers who want to have evidence of their agreements in a neutral environment.
Owing to the integration of Ethereum, companies can now remotely verify the signatures and “integrity” of any DocuSign document while comparing them to similar records in the Ethereum network blockchain.
In the release Ron Hirson, chief product officer at DocuSign, stated a non-tampering nature of DocuSigned contracts that will be kept and recorded into the Ethereum blockchain :
“For customers that opt-in, DocuSign will compute a one-way cryptographic hash fingerprint for every completed transaction, and write the value to the Ethereum blockchain — the most popular blockchain for smart contracts in our view.”
Moreover the Ethereum-based hash will allow any completed document to be validated independently. Due to an advanced security level underpinned by the blockchain, DocuSigned deals will serve as an independent third-party evidence for a transaction that is accessible to anyone.
According to the company, its vision has always been to make paper agreements digital and smart, thus providing DocuSign customers with reliable a business environment that will facilitate the processes of contract negotiations and execution. With blockchain networks, it is possible to create smart contracts that monitor data and triggers specific actions. DocuSign has repeatedly noted its proudness to be at the lead of technological development.