Using an Ethereum-based signature can make verifying an individual’s identity easier while increasing security. Crypto Lists has discovered a Silicon Valley-based business looking to integrate Ethereum cryptography into its file workflow software.
Revv, a leading platform for automating document workflows, has announced the beta release of an innovative eSignature alternative backed by an Ethereum wallet. For the first time, Revv consumers can select their Ethereum wallet to authenticate their identity, sign forms electronically, and strengthen signature with the wallet’ audit trail.
In this regard, Revv stands out as a trailblazer. By combining blockchain infrastructure and the power of eSignature technology, this feature extends document signing abilities to the decentralized web. It increases the number of eSignature options Revv currently offers, including the option to upload your signature image, choose from various predefined styles or create your own.
Global eSignature laws are based on proving a consumer’s identity during the signing process. In addition to email and phone number verification, the wallet’s public address can be used as an additional layer to verify a user’s identity. Off-chain document signing with Ethereum wallets is now possible thanks to Revv. This implies that it does not involve communication with the blockchain but rather its cryptographic capabilities. Moreover, it implies that there is no need for a gas fee to carry out these transactions electronically.
The new service’s beta version supports MetaMask, with support for other Ethereum wallets coming in the future. With the help of MetaMask, one of the most well-liked cryptocurrency wallets that enable consumers to engage with the Ethereum environment, Revv has released the first iteration of eSignatures powered by the Ethereum coin.
An encrypted private key and a strong password protect the MetaMask wallet, which is stored on the consumers’ browser rather than on an inaccessible server. Thanks to this cryptographically safe structure, users can use MetaMask on private or public Wi-Fi with complete security.
Besides signing documents, Revv’s record-keeping will also incorporate Ethereum data.
Three additional aspects – wallet public address, signed message, and a signature ID – have been added to the Ethereum wallet-powered eSignatures. These components provide a comprehensive coating to the prevailing audit trail, containing the document’s name, ID, time and date of viewing and eSigning, and the IP address from which the user viewed the file.
Over time, Revv wants to add support for other blockchains, with Tron, Stellar, Polygon, and Solana on the cards. By starting with the most established blockchain – Ethereum – Revv likely seeks to build a base for the signature verification process while giving itself time to watch the market as multiple crypto projects fail due to heightened volatility and fear of contagion is prevalent.
In a press release, Revv stated that blockchain-based verification could enhance existing email and phone number-based verification methods, so customers will not be forced to use Ethereum signatures. It also stated that the ability to verify an individual’s identity through their signature is fundamental to laws applicable in various regions of the world. In a statement, Revv CEO Rishi Kulkarni said, “This new paradigm opens doors to future-ready eSignature solutions.” The rollout could make blockchain-based products known to other non-crypto companies, increasing awareness of crypto’s non-financial implementations even as the crypto markets are still oversaturated.
Revv’s Ethereum signature service requires a wallet to be connected, but the signing process is off-chain, using only cryptographic functions. As a result, gas fees are no longer an issue for Revv, indicating that gas fees, as identified by Crypto Links, are a significant barrier to the widespread adoption of cryptocurrency. A subsequent software version is expected to include full blockchain integration, making it more difficult to forge existing documents.
Revv would not be the first firm to explore Ethereum signatures. The firm, on the other hand, is a step closer to gaining a wider customer base than its current competitors. According to the company’s website, Accounting Aid Society and Ameriprise Financial use the company’s software. Revv is headquartered in Silicon Valley, which increases its exposure to the technology industry. The business received $1.2 million in seed capital from Arka Venture Labs in 2018, a Palo Alto venture capital firm that invests in software-as-a-service and artificial intelligence.
Revv plans to include blockchain-verified audit trails in its upcoming beta release to strengthen the trust in electronic signatures. Taking a cue from blockchains’ application in enhancing supply-chain tracking will enable the users to auto store the audit trail’s hash on the Ethereum blockchain, thereby ensuring that documents cannot be lost.
Some assert that non-financial applications that use distributed ledger technology will drive mass adoption of cryptocurrencies rather than decentralized finance. Nevertheless, at Crypto Links, we believe crypto technology and decentralized finance will drive the mass adoption of cryptocurrencies. By dividing the adoption of cryptocurrencies into finance and technology, the industry can allay worries that its main mode of operation is to defraud people of their money.