OneSpan acquires blockchain provider ProvenDB to enhance digital agreement security

OneSpan Inc., a cybersecurity platform for digital agreements and e-signatures, stated Thursday that it agreed to amass ProvenDB, an Australia-based startup that gives safe storage for paperwork utilizing blockchain expertise.

OneSpan makes a speciality of digital identification and anti-fraud options to provide companies mechanisms for transaction signing, authentication and e-signature workflows. This features a platform for monitoring and tracing the integrity of artifacts related to digital agreements and transactions for regulated industries similar to banking, monetary providers, healthcare {and professional} providers.

ProvenDB makes use of blockchain expertise, which provides a layer of safety to transactions by mirroring them throughout a number of copies of ledgers which are all protected by cryptographic hashes and designed to be immutable after information is added. As soon as data is added to ProvenDB, digital signatures are generated and registered and its safe storage supplies proof of doc integrity, possession and creation time.

OpenSpan intends to make use of ProvenDB’s blockchain resolution in its Transaction Cloud Platform with a view to present end-to-end assurance that paperwork haven’t been tampered with as soon as they’ve been created and saved.

“On this world of proof tampering and deep fakes, it’s crucial that we now have non-repudiation and copies of the unique artifact with an immutable chain of custody all through your complete buyer journey,” stated Matthew Moynahan, president and chief govt of OneSpan.

This features a cryptographically safe historical past of doc adjustments. Each time an settlement is modified and signed by the events concerned, it adjustments the cryptographic hash that represents the doc and this contains the signatories that verified the adjustments, all of that are secured, as soon as once more, within the blockchain. All of this turns into a part of an immutable and auditable transaction historical past of the doc’s lifecycle.

“Securing enterprise processes end-to-end leveraging blockchain expertise will play an more and more crucial function in preserving the integrity of digital transactions and agreements to gasoline this contemporary digital period,” added Moynahan.

Most significantly, immutability and auditability of the transaction historical past and tamper-resistance are essential for industries that require compliance with laws requiring the retention of tax information, anti-money laundering paperwork, monetary information and extra.

Doc authentication utilizing blockchain expertise has been explored by a couple of different platforms over time. JustChain, a startup based mostly within the United Arab Emirates, constructed a platform for a blockchain-based authorized notary in early 2021. BitFury Group partnered with the digital doc firm BestSign to energy an digital doc signing platform utilizing blockchain expertise in 2017 and the blockchain firm Factom Inc. has dLoc, a bodily doc verification and authentication resolution.

The 2 corporations didn’t disclose the phrases of the settlement, which is predicted to shut throughout the first quarter of 2023.

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