Blockchain technology latest news reports that the digital signature is no longer sufficient. If you operate a business that depends highly on signed agreements, such as financial service providers, law firms, and healthcare organizations, you understand that electronically signed contracts now have the same status as paper contracts thanks to the federal E-Sign Act.
However, all electronic contracts are not created equally in the eyes of the law. It is important to learn the distinctions in order to choose the best e-signature app for your business.
When the Worst Happens
Imagine for a moment that your company is involved in a legal dispute over the legitimacy of a client’s signed agreement. There are several things that need to be proved in addition to holding the electronically signed contract.
First, you must prove that the electronic contract has not been altered in any way from its original form. You must also prove that the person who signed the contract entered into the agreement intentionally, creating a legally binding signature. In addition, you need proof that you obtained consent to use an electronic signature solution. Finally, you will need to prove that the signature is authentic and did actually come from the signer.
If you are unable to meet all of these conditions through your e-signature solutions, you may be out of luck enforcing the contract.
According to a paper released by the National Institutes of Health, “Blockchain’s decentralized platform is tamperproof due to its underlying cryptographic technology, which is used to authenticate participants in the network.”
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