Holding Proof: Securing Online Contracts “From Quote to Cash” with Blockchain Proofkeeping

In a digital world, commercial transactions are increasingly carried out online through electronic contracts. And no wonder - traditional scan and print documents are time-consuming and costly.

Of course, the very things that make e-contracts such a boon for business – they’re online, can be accessed anywhere, and are easily exchanged by email or software apps – also opens them up to risks. They can be destroyed or lost, and are vulnerable to manipulation. And while simple contract-signing apps may add a layer of security, they aren’t designed for complex, fast-moving, multi-party commercial contracts like joint ventures, real-estate deals, global shipping agreements, trade finance agreements and more.

This is where blockchain-based proofkeeping comes in. Leveraging the innate security and transparency of blockchain technology, it acts as a trusted notary for online contracts at every step of the process, “from quote to cash.” From securely anchoring contracts, to checking the identity of the various signatories, to protecting the contracts from fraudulent changes, and providing a history of valid actions, contracting is seamless and secure. This new technology also puts the control of the contract firmly in the hands of the named parties, and only them. Because blockchain is fully encrypted, even the proofkeeper can’t see who has done what.

This innovative technology certifies key processes like conducting Know Your-Customer checks, providing a quote, agreeing to a purchase, sending invoices, shipping goods, handling escrow payments, providing proofs of payments and more.

Here's how blockchain-based proofkeeping transforms the contract notarization process:

• Conducting KYC (Know Your Customer): Before entering into a contract, parties often need to verify each other's identities and credentials. Blockchain proofkeeping allows for the secure storage of KYC documents, ensuring that all parties involved are authenticated and verified.

• Providing a Quote: With blockchain proofkeeping, parties can anchor and certify the initial quote provided in the contract. This ensures transparency and prevents disputes regarding the terms and conditions agreed upon at the outset.

• Agreeing to a Purchase: Once the terms are agreed upon, blockchain proofkeeping enables parties to certify their acceptance electronically, providing irrefutable evidence of the agreement.

• Sending Invoices: Invoicing becomes more streamlined and secure with blockchain proofkeeping. Invoices can be anchored in the blockchain, ensuring their authenticity and integrity throughout the payment process.

• Shipping: Proof of shipment and delivery can be recorded and certified in the blockchain, providing assurance to both parties that goods have been dispatched and received as per the contract.

• Handling Escrow Payments: Escrow payments can be securely certified as well, ensuring that funds are released only when predetermined conditions are met.

• Providing Proofs of Payment: Receipts and proofs of payment can be anchored in the blockchain, serving as immutable evidence of financial transactions and facilitating reconciliation.

By using blockchain-based proofkeeping for contract notarization, parties can enjoy several benefits:

• Enhanced Security: Blockchain technology ensures tamper-proof storage of contract-related data, minimizing the risk of fraud or manipulation.

• Transparency: The decentralized nature of blockchain enables all parties to access and verify contract information without relying on a central ledger, on one server, controlled by one entity. This decentralization encourages trust and transparency.

• Efficiency: Automating contract notarization processes with blockchain reduces administrative overheads and accelerates transaction times.

• Legal Validity: Blockchain records serve as legally admissible evidence in case of disputes, providing a solid foundation for contract enforcement.

Clearly, blockchain-based proofkeeping offers a transformative solution for notarizing online contracts all the way "from quote to cash." 

And these days, when you can enter into a legally-binding agreement simply by clicking “send,” it makes sense to use contract management processes that provide integrity, authenticity, transparency, and legal weight to agreements. 

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