Nodalblock and Signe have reached an agreement to launch Qualif_ID, the combination of Digital ID on Blockchain and Qualified Electronic Signature. It brings together the traceability and immutability of blockchain with the legal certainty of the electronic signature. It is another step forward in the practical use of blockchain. For the first time, this technology gains legal certainty when used to sign contracts or certify documents. It can comply with current regulations and international standards regarding electronic ID, such as eIDAS in Europe. This means that any data stored in blockchain can be used, in case of legal action, in court, without the need to provide the data jointly with expert evidence. This is the evolution of blockchain, from supporting evidence to complete legal certainty.
Pilar Troncoso, Nodalblock’s Senior Vice President, explains that the two companies have worked seamlessly to create Qualif_ID: “We have combined Nodalblock’s expertise in blockchain with Signe’s experience in electronic signature, as a qualified Trust Service Provider in this field. This is something completely new. Up to now, we had the electronic signature on one hand, carrying legal certainty, but unable to guarantee the traceability and immutability of the transactions recorded in the documents. On the other hand, there was blockchain. It does not have specific regulations but can complement the electronic signature with the characteristics that it lacks.” The end result is a qualified digital ID that provides transactions on blockchain with the immutability and traceability associated to this new technology, as well as with the legal framework of the electronic signature.
Antonio Pinedo, Signe’s Strategy and Business Development Manager, says that “Qualif_ID guarantees that any kind of transaction can be done on blockchain with total legal backing.”
Blockchain is a technology that allows the implementation of an interconnected environment that is highly resistant to cyberattacks. It relies on a network of nodes, distributed and connected among participants, that records information safely from a cryptographic point of view. At the same time, the qualified electronic signature is used in documents as identity proof of the signatory and to ensure their integrity and non-repudiation. It serves as a guarantee to the recipient that the sender has really signed them and that the signature and contents will not be challenged at a later date.
According to Antonio Pinedo: “The combination of these two technologies grants any transaction associated with a digital ID the legal certainty to be carried out in a way that is totally immutable and transparent to third parties. We are sure that it will be of interest to all sectors where electronic transactions between different parties are necessary. Our aim is to prevent fraud and increase trust in business processes.”
Any organisation wanting to take advantage of the many benefits of blockchain technology, but not having a regulatory framework to legally identify the users involved in the transactions, was facing a challenge before. Now, Qualif_ID has solved this problem.
Health, law, insurance, banking and, in general, any other sector that relies on electronic signature and that requires, at the same time, traceability, is likely to benefit from Qualif_ID.