We have decided to change our Blockchain strategy.
Blocknify is built on the idea of building trust into the product rather than asking our users to hope we are doing the right thing. To stand behind this statement, we have recently decided to move from private Ethereum to blockchain agnostic. For our public version, we have decided to use the public Stellar Network.
Our main goal was to provide the ability to verify signatures without having to rely on Blocknify for any additional information or our proprietary software.
- We believe this ensures our signatures' longevity and gives our signer's the peace of mind that they retain control of their signatures and not Blocknify.
- Allows our signatures to be completely transparent.
- If we are used for hosting, we can delete all of our signer's data while not affecting a signer's ability to verify their signature.
To be blockchain agnostic, we changed from using smart contracts to using cryptographic hashing to create an irreversible text signature. This text is then posted to a blockchain using our authorized accounts to ensure that this information is immutable and verifiable. This text can't be reversed. However, it can be recreated with common tools. We provide all the information and instructions to do so on every signature. If you are curious to verify a signature, we have detailed instructions and an example document on our help page.
Why use a blockchain at all?
The blockchain is only good at a few things; it's immutable, verifiable, and public/portable. If this wasn't the case, then blockchain could not hold any value.
For us, we use the blockchain for immutability. By law, we must ensure that the signature data can be verified that it has not been modified. Most companies, due to this internally with an array of different methods and permission controls. These methods require the signature company to be centralized control of their verification.
Using the blockchain gives a distant difference over any other method because it's built to be shared and open. It also gives us the ability to leverage proven technology rather than creating our own, which reduces our costs significantly.
Stellar is an open network for storing and moving money.
Stellar is focused on connecting financial systems. Like Blocknify, Stellar is focused on leveraging existing institutions to create real change. Stellar makes it possible for financial institutions to connect real bank accounts to tokens to ensure a 1:1 relationship to create anchor token for real assets (e.g., USD, Gold, EUR...).
This focus on legitimacy, low fees, and ease of use made it an easy decision. We are working on adding cross-border payments to our signature process. This will enable our users to send a document for signature and payment with one easy step. Also, it allows you to tie a legally binding signature directly to the corresponding payment.
Stellar enables you to make a transfer (ACH, SEPA, etc.) to a participating financial institution. The financial institutions then will send you a token of equal value in exchange. This token can be traded to another currency, and then that currency can be traded to its local financial institution in exchange for the real asset. This enables you to send money all around the world using local bank transfers with almost 0 fees.
For example, you want to transfer 10,000 USD from a US bank account to an EU bank account in EUR. You would be able to make a local ACH transfer from your US bank account to a USD participating financial institution. This will provide you USD tokens in equal value. These tokens can then be traded for EUR tokens. The EUR tokens can then be given to a EUR participating financial institution, and they will then make a local SEPA transfer to an EU/SEPA bank account.