OneSpan Inc., a cybersecurity platform for digital agreements and e-signatures, said Thursday it has agreed to acquire ProvenDB, an Australia-based startup that provides secure storage for documents using blockchain technology. does.
OneSpan specializes in digital identity and anti-fraud solutions to give businesses mechanisms for transaction signing, authentication and e-signature workflows. This includes a platform to track and trace the integrity of digital agreements and artifacts associated with transactions for regulated industries such as banking, financial services, healthcare and professional services.
ProvenDB uses blockchain technology, which adds a layer of security to transactions, reflecting them in multiple copies of ledgers that are protected by cryptographic hashes and designed to be irreversible once the data is added. After information is added to ProvenDB, a digital signature is generated and registered and its secure storage provides proof of document integrity, ownership and creation time.
OpenSpan intends to use ProvenDB’s blockchain solution in its Transaction Cloud platform to provide end-to-end assurance that documents have not been tampered with after they have been created and stored.
“In this world of evidence tampering and counterfeiting, it is critical that we have non-repudiation and copies of original artworks throughout the entire customer journey,” said Matthew Moynahan, OneSpan President and CEO.
It contains a cryptographically secure history of document changes. Every time an agreement is changed and signed by the parties involved, it changes the cryptographic hash that represents the document and involves signers verifying the changes, all of which are secure, Once again, in blockchain. All of this becomes part of an immutable and auditable transaction history of the document’s lifecycle.
“Securing business processes that leverage blockchain technology will play an increasingly important role in maintaining the integrity of digital transactions and agreements fueling this modern digital age,” Moynahan said.
Most importantly, the immutability and auditability and tamper-resistance of transaction history are critical for industries that need to comply with regulations requiring the retention of tax records, anti-money laundering documents, financial records and more. it occurs.
Document authentication using blockchain technology has been explored by a few other platforms over the past few years. UAE-based startup JustChain has created a platform for a blockchain-based legal notary for early 2021. BitFury Group partnered with electronic document company BestSign to power an electronic document signing platform using blockchain technology and the blockchain company in 2017. Factom Inc. has dLoc, a physical document verification and authentication solution.
The two companies did not disclose the terms of the agreement, which is expected to close during the first quarter of 2023.
