Blockchain Solutions
Consensus’ Blockchain solutions build trust, simplify digital signatures and make financial records more transparent, providing secure, enterprise-grade applications for businesses operating in highly regulated industries.
Ready to streamline document signing, bolster security, and ensure compliance? Book a personalized session today to explore the capabilities of blockchain with jSign.
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Overview
Blockchain is a shared, unalterable digital ledger that enables businesses to store any kind of data. The technology uses a mechanism that prevents records from being modified, ensuring it’s easy to maintain audit trails and verify data integrity. As a result, Blockchain systems have been widely used to record cryptocurrency transactions like Bitcoin. However, Blockchain can also be used to securely store data while collecting electronic signatures and capturing when and where a customer or user signed a document.
Blockchain is the ideal mechanism for businesses to record, secure and store the entire eSignature process. They can even use a blockchain foundation to gain an advantage over their competitors. Blockchain systems feature several elements that help businesses capture and store documents and eSignatures, including:
Smart contracts: Rules inside the blockchain system that automatically execute when specific predefined conditions are met. Smart contracts can replace time-consuming manual processes, such as counterchecking policies and vetting new suppliers, to speed up and automate validation processes.
Distributed ledger technology (DLT): DLT decentralizes blockchain to enhance the security of stored data. Rather than retaining records in central databases, a blockchain ledger stores data across multiple computers or nodes on a network. As a result, hackers would have to breach numerous parts of a network to compromise or steal data, which makes the technology extremely secure.
Unchangeable records: Blockchain systems use immutability to prevent anyone from deleting or modifying records after they’ve been created. Did you know that when a document has a mistake, a new one must be created to correct it, and both the original and replacement must be made visible for transparency?
Consensus’ blockchain solutions are designed from the ground up to guarantee security and compliance. The products make every digital signature legally binding and provide detailed audit trails at every step of the process, including tracking the IP number, browser, device and location of each signer.
Blockchain solutions provided by Consensus, including jSign, use tamper-proof blockchain technology to provide secure document signing, prevent signature tampering and create a solid audit trail. They use automatic form fills to ensure customers can securely request and capture signatures, send critical signed documents, and track the process through notifications. The solutions are offered as standalone products or can be added to all Consensus enterprise and customized solutions.
Consensus’ jSign is the only solution of its kind to be built using blockchain technology. It provides companies with a simple but highly affordable eSignature platform across all popular file formats with enterprise-level security and capabilities. These include application programming interfaces (APIs), complete audit trails, fraud prevention, non-repudiation protection, reporting and user management.
Benefits
Simplify document signing and workflows.
In the US, electronic signatures are governed under the Electronic Signatures in Global and National Commerce Act of 2000. The law lays out several provisions that constitute a signature to be legally binding: signer intent, record retention and record integrity. Any business that needs to maintain electronically signed documents must prove its clients or patients signed and willingly entered into a legally binding agreement. The law also puts full responsibility on the organization to verify records have been stored securely and haven’t been altered since they were created.
Blockchain technology is uniquely positioned to help businesses that need to regularly collect and store eSignatures. And with jSign, it’s easy to implement eSignature technology effectively. Consensus’ Blockchain solutions enable companies to simplify document signing and improve document workflows.
jSign Solutions
The business benefits of Consensus jSign include:
Productivity
Consensus jSign offers a wide range of productivity benefits, enabling businesses to build unique signature processes for their workflows, create customized branded signature fields and develop their own document signing rules. They can also save signed documents in the jSign Cloud, integrate the solution with third-party storage sites like Dropbox, Google Drive and OneDrive and set due dates and reminders.
Send Securely with Blockchain Technology
A key advantage of Consensus jSign is its advanced security benefits for enterprises. The solution enables users to securely sign documents remotely from any location. It offers advanced security settings like two-factor authentication, geolocation restrictions for users working in different places and analytics that enable them to report user activity. Consensus jSign for SMB and jSign Enterprise solutions are both compliant with the Health Insurance Portability and Accountability Act and meet Code of Federal Regulations (CFR) requirements for medical workflows.
Cost-Saving
Businesses can also enjoy cost-saving benefits by turning to blockchain with Consensus jSign. The technology enables companies to scale as they grow and only pay for the services they use without any hidden fees. It also saves users time thanks to the automatic form-fill feature and through integrating easily into workflows with APIs.
Accessibility
With Consensus jSign, companies can integrate their eSignature solution with other frequently used apps, software and systems. Users can also access signed documents anytime via an intuitive cloud management portal.
Compliance
Many data privacy laws, from HIPAA to the California Consumer Privacy Act, are intentionally vague about the processes and systems businesses should use. While regulators expect them to deploy the most sophisticated data protection technology available. Very few technologies are as secure or tamper-proof as blockchain and, because data stored on blockchain systems is decentralized and private, it’s near-impossible to alter. This makes blockchain crucial to regulatory compliance, ensuring client or patient data is not only secure but also can’t be altered or compromised.
CASE STUDIES
Blockchain is critical to secure eSignatures
Blockchain solutions can help businesses capture and prove a client or customer’s intent to enter an agreement. Use cases of Blockchain technology’s benefits include:
Financial services organizations, such as banks, brokers and investment firms, rely on legally binding client agreements to access their accounts. If a client suffers a significant paper loss and claims they never authorized the firm to make the trades, the organization needs guarantees of the agreement.
Blockchain technology enables financial firms to record every step of the signing process and store the data in a distributed, unalterable and tamper-proof environment. It also captures information about every electronic signature, such as the signer’s device and IP address, the location it was signed and the timestamp.
Healthcare providers and medical practices maintain electronic records containing vast volumes of patients’ health data and administrative documents. These include signatures belonging to both patients and other providers in their networks. It’s therefore crucial for healthcare practices to collect and store electronic records in a manner that complies with HIPAA standards for data confidentiality and security. Additionally, HIPAA guidelines, along with other regulations like the Sarbanes-Oxley Act and the Gramm-Leach-Bliley Act, demand that companies not only secure personal data but can also retrieve it quickly when requested by a consumer or for a regulatory audit.
Real estate firms rely on client signatures to confirm a new homeowner’s intention to purchase a property they’ve listed. But if a client decides to back out of the purchase, the real estate firm requires proof that they signed a legally binding contract. Blockchain solutions provide an added layer of protection, ensuring a timestamp record of a client agreeing to make the purchase and entering a legally binding agreement.
Blockchain Solutions for Industries
Guarantee compliance while saving money.
Highly regulated industries like banking, finance, healthcare, insurance and manufacturing rely on tools that guarantee compliance and security. Blockchain solutions are critical to ensuring ease of use, enhancing user experience and simplifying the adoption of new technology. Additionally, a single dollar saved can significantly impact organizations in these industries.
As organizations adapt to the modern way of doing business, they need to embrace technologies that boost agility, collaboration, connectivity and optimization and open up new revenue streams. Consensus’ jSign solution enables enterprises to reap the benefits of security and compliance while enjoying cost savings. Consensus’ Blockchain solutions enable businesses across a wide range of industries to deliver operational agility and optimize workflows, minimize disputes and mitigate risks, increase accountability, brand trust and sales, and streamline shared processes.
Industry-specific benefits of Blockchain solutions include:
Financial Services
Blockchain solutions are helping financial services transform and simplify their operations, embrace innovation and remove friction while enhancing security and mitigating fraud. Blockchain enables real-time management and tracking of credit and transactions, more accurate reporting through automated compliance processes and faster transfers between institutions.
Government
Many government organizations struggle to deliver programs that please citizens and are sustainable. But Blockchain can solve this challenge by enabling secure data sharing across networks, reducing friction across systems, unlocking the value of data trapped in organizational silos and automating redundant processes. Blockchain solutions drive trust across the public sector and enable secure data sharing between people and government agencies. As a result, organizations can better protect sensitive information, reduce the risk of data leaks and establish transparent audit trails for regulatory compliance.
Healthcare
The healthcare industry has traditionally faced significant challenges around issues like data security, access to patient information, the counterfeiting of products, privacy and managing the supply chain. Blockchain helps organizations address these risks by establishing trust, ensuring data integrity and encouraging collaboration with disparate vendors, enabling colleagues and partners to collaborate confidently while retaining control of data access.
Blockchain solutions also enable healthcare providers to record the movement of pharmaceutical products through the supply chain and use smart contracts to automate processes. This enhances audit trails by tracing items back to their source of origin or receiving pharmacy and bringing speed and efficiency to the supply chain. As a result, providers can recall products in seconds to fight counterfeiting and resolve disputes simply.
Consensus’ Blockchain solutions provide secure, on-demand data access to connect providers to patient information wherever they’re treated. The solutions help to improve operational outcomes, inform clinical decision-making, streamline workflows, empower care teams and protect health information.
Supply Chain
Many businesses struggle to make data available, trusted and visible across their supply chain networks. But distributed ledger technology enables trusted data to be shared through trusted networks, which helps organizations guarantee the authenticity of products, increase visibility and demonstrate responsible sourcing. As a result, Blockchain provides businesses with a shared, single version of the truth that provides greater visibility of all activity across their supply chains.
Furthermore, the use of smart contracts can provide real-time visibility of business operations and simplify decision-making. Blockchain can also ease the time-consuming manual process of researching, verifying and onboarding new providers and suppliers.
Travel and Transport
The vast number of moving parts across the travel and transport industry can easily lead to complexity, human error and transaction disputes. But introducing secure and trustworthy Blockchain technology helps organizations make data information more visible, speed up transactions, prevent fraudulent activity and streamline their operations. Blockchain systems can also enhance experiences for travelers and employees, reducing congestion in terminals or waiting lounges and reducing the need to show multiple travel documents.
