With the blockchain, the integrity of data and the accuracy of its origin can be improved to certify documents, authenticate a supplier or detect fraudulent invoices. The key is security, speed of execution and ease of use.
According to a 2020 study by PricewaterhouseCoopers (PWC), the total amount of corporate fraud is $42 billion worldwide. It should be noted that this total includes cybercrime, asset misappropriation and accounting fraud. Faced with these risks, the European eIDAS regulation includes four levels of electronic signature and seal to increase confidence in digital transactions in the EU. While the electronic signature makes it possible to certify the consent of a natural person, the electronic seal can be used by legal persons like a traditional stamp. The legal effect of the stamp encompasses the presumption of data integrity and the correctness of the origin of the data. The benefits of the electronic seal apply to the management of documents with probative value such as invoices, commercial or supplier contracts. Its major advantage is based on the absence of direct action by the recipient of a document as for the electronic signature which supposes the knowledge of the recipient upon receipt. With just a few clicks, an electronic seal can be applied to a large volume of documents, which makes it very useful for large companies for their business processes.
Blockchain can enhance legal certainty
In companies, the electronic seal concerns the purchasing, financial and legal departments, as well as the executive teams and allows, in particular, timestamping and authentication of the parties. The blockchain brings 3 additional guarantees to the stamp according to Archipels, platform of trust services on the blockchain.
First, security because falsifying data on a blockchain is theoretically impossible.
Next, speed. With more than 30,000 certifications/ hour and an anchoring frequency that can be configured from 1 to 24 anchorings per day, the results are very convincing.
Finally, the blockchain is easy to use thanks to a certification API, companies can certify documents directly from their business software. In short, the electronic seal can benefit from the unique properties of integrity and robustness of the distributed ledgers of the blockchain to speed up, secure and simplify the certification of commercial transactions.
However, companies and institutions should not rely solely on technology to ensure system security and establish digital trust with their users, customers, partners and suppliers. They must also have a global approach to these issues and invest to improve the expertise of the teams and put in place the appropriate controls. Prevention is better than remedying the heavy damage of a lost trust following attacks or fraud.