2018 October

Roger Ver Should Use Blokusign

Had it existed) it may have saved him from hauling a Chinese exchange to court in Hong Kong in 2016 over an alleged forged contract.

It’s way too easy to forge a contract today. That’s why blockchain-powered e-signatures is a necessity.

The Story

Back in 2014, Ver purportedly inked a five year deal with OKCoin, where he allowed the company to advertise their trading platform on Bitcoin.com. In return, OKCoin was to redesign Bitcoin.com and drive new traffic to the website utilizing SEO and pay Ver $10,000 a month for 60 months, until their contract expired.

Unfortunately for Ver, after only a couple months, OKCoin allegedly breached their contract when they stopped paying.

In the ensuing argument, an issue arise of the authentic version of the document when the two parties produced two different versions of signed contracts. According to Ver, Xu created a forged contract that included a clause allowing the local company to cancel the contract with six months’ notice and copied and pasted Ver’s digital signature into the document. Ver requested that the court declare the contested version of the contract a forgery.

Ver had simultaneously filed separate suits against the local entity OKEX Fintech Company, the OKCoin exchange, and the exchange’s Chief Executive, Star Xu, surrounding the disputed contract.

Last year, the court of Hong Kong handed down an interlocutory judgment for the OKEX Fintech Company’s breach and awarded $570,000 to Ver — moreso as a consequence of the company’s lack of response rather than a review of the merits of the case.

The other cases now continue. Last reported, Ver was seeking to push for liquidation of the exchange.

to read the full story visit our medium article:

https://medium.com/sagewise/roger-ver-should-use-blokusign-447f46e6794c

A Brief Legal Analysis of Authentication of Documents using Blockchain Technology

A New Way To Digitally Sign And Authenticate Documents

Blokusign is a new application for enabling the legal validity and management of agreements. It offers a major advantage over existing e-signature solutions by allowing users to independently verify the existence, timing, and authenticity of their signed documents.

Other e-signature solutions issue only a transaction receipt that lists signers’ IP addresses, email addresses, date, and time. These receipts are easily altered and have no security mechanisms. Furthermore, these receipts are centrally stored and managed, which can lead to doubts about their authenticity. Records that are under the control of an authority can be tampered.

How It Works

Blokusign connects the document to an address and a hash of the signed document on a public blockchain. A cryptographic hash is the ‘fingerprint’ of a file — changing the file, to any degree, will completely alter the hash. Because of this property, hashes can be used to demonstrate the authenticity of a document, even when it has been copied and stored under someone else’s control. Similarly, linking the document to an address, and supporting the transaction with cryptographic assurances of validity, helps ensure that the person creating the record has the authority to do so. Finally, by encoding a hash of the document, users can easily prove that their locally-held copies are correct, while at the same time creating an incontrovertible timestamp of the agreement.

To be clear, Blokusign does not store the signed document itself on a blockchain, as that would be an inefficient and costly use of precious block space. Instead, Blokusign’s solution is simple and elegant: a hash of the signed document is stored on a public blockchain and provided as part of the transaction receipt. Users are free to use their own document storage methods, whether local storage, cloud services like AWS or Dropbox, or Blokusign’s storage service (to be provided in a future release).

If the user ever needs to check whether a document is authentic, the user merely needs to compare the hash ‘fingerprint’ of the document to the one stored on the blockchain. If the two values are identical, then the document has not been altered. Users can also do the reverse: because each hash uniquely identifies documents, hashes can also be used to locate particular files with ease.

Blokusign’s solution is far simpler and more reliable than existing methods, which may either check metadata (which may be altered) or rely on centralized e-signature solutions to verify it from their own storage.

to read our full article, please visit out medium page:

https://medium.com/sagewise/a-brief-legal-analysis-of-authentication-of-documents-using-blockchain-technology-d1f0365ffc0a