In order to explain the benefits of blockchain based electronic signature with Woleet, we answered three questions :
– You are here : Is Woleet e-signature eIDAS compliant?
– What are the benefits of a signature with bitcoin evidence?
– What about advanced electronic signature?
“An electronic signature shall not be denied legal effect and admissibility as evidence in legal proceedings solely on the grounds that it is in an electronic form or that it does not meet the requirements for qualified electronic signatures.”
Woleet’s electronic signature does not meet the requirements for qualified electronic signatures as they require the existence of X.509 certificates. Those certificates are delivered by a qualified Certification Authority, or “Trust Service Provider” (as defined in eIDAS). The concept of Trust Service Provider conflicts with the underlying principles of Bitcoin, where the need of trust is replaced by an open and distributed, though resilient and secure system.
Woleet technological stack is fully integrated within Bitcoin eco-system. Woleet chose to build an electronic signature on the cryptographic standards, but without relying on Certification Authorities and X.509 certificates. This means using following technologies:
- Asymmetric keys cryptography (key pairs private / public).
- Standard algorithms and key sizes: SHA-256, ECDSA (256 bits).
- Protection of private keys via secure hardware. Such as Ledger, wich offers high protection of private keys used in wallet applications of Bitcoin and other types of blockchains. In this case, key generation and storage remain under the control of the signatory.
In the next post we will explain the benefits of a signature with Bitcoin evidence.