Electronic vs Digital Signatures

An electronic signature is like using a stamp with your name on it to show you agree to something, while a digital signature is like a special lock and key that not only shows your agreement but also makes sure nobody can change what you agreed to after you've signed it.

Electronic Signatures

Have you ever scanned your signature so that you have a copy of it as an image? If so then that is an example of an electronic signature. You can add it to a document so it looks like you have signed the document with a pen just like it is a piece of paper.  You could think of it as forging your own signature!

People often use an electronic signature in their emails or to add to documents as a kind of proof that they have given their agreement to the document.

Digital Signatures

The problem with an electronic signature is that it could be copied and used without authorisation by another party.  Just like someone could forge your real signature, they could try to get hold of a copy of your electronic signature or they could create their own electronic version of your signature if they have an example to hand.  There's nothing new about this but it is potentially easier than being a talented forger!

The answer to this problem is a Digital Signature.

A digital signature is a representation of your agreement which cannot be tampered with.  StageSwift uses digital signatures: the proof of your agreement is saved as a transaction on the blockchain.  Each transaction on the blockchain is unique and there is no way to update this or change it in any way.  Even you can't tamper with an agreement which has been saved onto the blockchain!

StageSwift Blockchain Signatures

Once you have finished updating your documents and everyone has agreed, you can then commit your document, or bundle of documents, to the blockchain. 

The documents are encrypted and a transaction is created on the blockchain which is signed.

Any change to a document, even a full stop will mean that it does not match the signature; in this way you can guarantee that the document that you have signed is unchanged and has really been signed by yourself and any of the other parties in the agreement.