Verification of Signatures
Global eSignature laws rely on verifying a user’s identity during the signing process. Besides email and phone number verification, the wallet’s public address can serve as an extra layer for identity verification. Off-chain document signing with Ethereum wallets is now possible through Revv, meaning no blockchain interaction is required, only the cryptographic capabilities of Ethereum. This also eliminates the need for gas fees when conducting these electronic transactions.
The beta version of the service supports MetaMask, with other Ethereum wallet integrations planned for the future. Using MetaMask, one of the most popular cryptocurrency wallets that enables users to interact with the Ethereum ecosystem, Revv has introduced the first version of eSignatures powered by Ethereum.
A MetaMask wallet is protected by an encrypted private key and a strong password, stored in the user’s browser rather than on an off-site server. This cryptographically secure design allows users to access MetaMask safely, whether on private or public Wi-Fi networks.
Maintaining Records
In addition to signing documents, Revv will now incorporate Ethereum data into its record-keeping. Three additional components – wallet public address, signed message, and signature ID – have been added to the Ethereum wallet-powered eSignatures. These elements contribute to a more robust audit trail, which includes the document’s name, ID, time and date of viewing and eSigning, as well as the IP address used to access the document.
Over time, Revv plans to expand support to other blockchains, with Tron, Stellar, Polygon, and Solana on the horizon. By starting with Ethereum, the most established blockchain, Revv likely aims to create a foundation for the signature verification process while giving itself time to monitor the market, as several crypto projects have struggled due to heightened volatility and fear of contagion.
Joining the Market
In a press release, Revv explained that blockchain-based verification could improve current email and phone number verification methods, ensuring that customers are not forced to use Ethereum signatures. The company also noted that the ability to verify a user’s identity through their signature is essential to complying with laws in various regions worldwide. Revv CEO Rishi Kulkarni commented, “This new paradigm opens doors to future-ready eSignature solutions.” The roll-out of this service could introduce blockchain-based products to non-crypto companies, raising awareness of crypto’s non-financial uses despite the current oversaturation of the crypto markets.
Reducing Gas Fees
Revv’s Ethereum signature service requires a wallet to be connected, but the signing process remains off-chain, utilizing only cryptographic functions. As a result, gas fees no longer pose an issue for Revv, addressing one of the major barriers to widespread cryptocurrency adoption, as identified by CryptoChipy. A future version of the software is expected to include full blockchain integration, making it harder to forge signed documents.
About Revv
Revv is not the first company to explore Ethereum signatures, but it is closer to reaching a broader customer base compared to its competitors. According to the company’s website, notable clients such as Accounting Aid Society and Ameriprise Financial currently use Revv’s software. Headquartered in Silicon Valley, Revv enjoys increased exposure within the tech industry. In 2018, the company secured $1.2 million in seed funding from Arka Venture Labs, a Palo Alto-based venture capital firm that specializes in software-as-a-service and artificial intelligence investments.
Thoughts Final
Revv plans to incorporate blockchain-verified audit trails in its upcoming beta release, aiming to build more trust in electronic signatures. Taking inspiration from the blockchain’s application in improving supply-chain tracking, the company will enable users to automatically store the audit trail’s hash on the Ethereum blockchain, ensuring that documents cannot be lost.
Some believe that non-financial applications of distributed ledger technology will drive the mass adoption of cryptocurrencies, rather than decentralized finance. At CryptoChipy, we believe that crypto technology and decentralized finance will ultimately fuel the widespread adoption of cryptocurrencies. By segmenting the adoption of cryptocurrencies into finance and technology, the industry can help mitigate concerns about its main use case being to defraud individuals.
