OneSpan Inc., a cybersecurity platform for digital contracts and e-signatures, announced Thursday that it has agreed to acquire ProvenDB, an Australian-based start-up that uses blockchain technology to provide secure storage of documents. bottom.
OneSpan specializes in digital identity and fraud prevention solutions, providing businesses with mechanisms for transaction signing, authentication, and e-signature workflows. This includes platforms for tracking and tracing the integrity of artifacts associated with digital contracts and transactions for regulated industries such as banking, financial services, healthcare and professional services.
ProvenDB uses blockchain technology. Blockchain technology adds a layer of security to transactions by mirroring data across multiple copies of a ledger, all protected by cryptographic hashes and designed to be immutable once added. increase. When 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 plans to use ProvenDB’s blockchain solution on its Transaction Cloud Platform to provide end-to-end assurance that documents have not been tampered with after being created and stored.
Matthew Moynahan, President and CEO of OneSpan, said:
It contains an encrypted and secure history of document modifications. Each time the contract is changed and signed by the parties, the cryptographic hash representing the document is changed. This includes the signer who validated the change. All of this will again be secured on the blockchain. All of these become part of the immutable and auditable transaction history of the document lifecycle.
“Leveraging blockchain technology to secure business processes end-to-end will play an increasingly important role in preserving the integrity of digital transactions and contracts and facilitating this modern digital age. ‘ added Moynahan.
Most importantly, the immutability and auditability of transaction history, as well as tamper resistance, are important for industries that require compliance with regulations that require retention of tax records, anti-money laundering documents, financial records, etc. am.
Document authentication using blockchain technology has been investigated on several other platforms over the years. UAE-based startup JustChain built a platform for blockchain-based legal notaries in early 2021. Factom Inc. has dLoc, a physical document verification and authentication solution.
The companies have not disclosed the terms of the deal, which is expected to be completed in the first quarter of 2023.