Legaltech: What is the legal value of Bitcoin Proof? 1/3

Law hammer

In this series of articles, we will explain how Bitcoin proofs can help legal departments. Bitcoin proofs represent a technological breakthrough, leading to better protection of digital exchanges with collaborators, authorities, clients or business partners.

The beginning of a new global standard

Bitcoin proofs are indisputable in technical terms for two reasons:

  • The proof itself is proved with math and cannot be fabricated afterwards because of Bitcoin immutability.
  • The timestamp contained in one block (container of bitcoin transactions) is the result of the decentralized consensus and have a high enough accuracy (more or less one hour) to be globally trusted.

When it comes to its application in court, many jurisdictions started to give some guidelines regarding blockchain proofs. Italy legitimates blockchain proof in its ‘Decreto semplificazioni’ amendment. In some countries we already have some case-laws helping us to envision what is coming next. China has a great example with a court in the Zhejiang-province capital of Hangzhou who has confirmed the legal validity of a Bitcoin proof.

Bitcoin proof legal world view

Prove the provenance

The digital evidences created by Woleet go further than timestamping. With Woleet tools, you can combine timestamping and electronic signature. This enforce the proof of provenance of the operation as a specific identity is tied to the operation. Consequently the generated digital evidence is stronger.

Woleet uses an electronic signature mechanism that is fully compatible with European regulation on this matter (eIDAS), specifically for the two first levels defined in the regulation : simple and advanced.

Continue to the second article of this series explaining the benefits of Bitcoin proofs in legal departments “The concrete applications of Bitcoin proofs in Legaltech”.