Like many great ideas, Vaultie started at a bar.
Our Founders were sitting around over drinks discussing technology, as we often do, when we fell upon the issue of digital signatures. We had all signed documents digitally - that technology is not new. The challenge, though, is how can anyone properly authenticate the person using a digital signature to sign their name?
Take any sort of contractual agreement as an example. If someone sends you a contractual agreement to sign digitally, they are traditionally going to send it to your email. You will proceed to open your email, open the document, likely click a few buttons, and probably one more button labelled “Submit” that returns the contract to the other party fully executed.
How can that other party verify that you were actually the person signing your contract? If your spouse had your email password, or your account was left unlocked and someone else was using your machine, or god forbid someone gained illicit access (or you were hacked), what would stop them from clicking the same buttons? All that other person knows is that someone with your email address signed that document, but how can they be 100% sure that that person was you? Digital signatures were already legal, but we noticed a major security flaw that the law seems to have forgotten.
That may be true for a simple contract between two parties, but as we went further we realized that things got even more complicated when it comes to multi-party agreements. On a mortgage for instance, the contract will have several key parties including the borrower, the lender, lawyers, and a bank. If you take the signed mortgage documents to your lawyer for review and approval, and then later take them to the bank, how does the bank know they are receiving an unaltered version of that document? How can they confirm that everyone is seeing the exact same version of such an important document?
We realized that this was not a small issue. Fraud is on a serious rise in Canada, and with cybercrime becoming more and more sophisticated. Where an email hack may once have been a remote possibility, it is now more than plausible that outside troublemakers have relatively easy access to your digital presence, and can impersonate your identity with little effort if they are not required to prove their own.
In order to succeed, Vaultie needed to be two things. We needed to:
We are proud to say that we’ve figured it out. Our ID technology ties your digital signature directly in with your identification (such as a driver’s license), to verify at every step that you are actually the person signing your document. In effect, we create a digital identity based on biometrics and authentication. This may sound like a simple step, but it’s the digital version of someone in person confirming that your face matches your government-issued photo ID, that the ID is actually authentic, and then watching you hand sign the document before their eyes. We’ve found a way to take this process virtual, all without skipping any of the crucial steps.
The second part was slightly more complicated, but we’ve managed to solve that, too. We’ve anchored each document for signature with Vaultie using blockchain, which basically means that each document gets a unique digital fingerprint. If any element of that digital fingerprint changes during the processing of the document, we can identify and prove that the document has been altered and that a fraud has been committed.
This, in a nutshell, is why we started Vaultie. We’ve set out to design a superior digital signature product that’s effectively ‘bulletproof.’ Our technology confirms that you are who you say you are, you are the person applying your digital signature to a document, and no one else is interfering with that document before it gets where it needs to go. These extra measures have helped make us one of the leading service providers of digital signature technology on the market today. Contact us when you’re ready to get started - we would love to show you how it all works.