VirtuaSeal is an application that will allow users to submit information to and sign documents leveraging a smart contract on the blockchain. Specifically, the ability for users to:
- Create a document to sign, or choose one from a list of templates
- Add specific data to fields in the document
- Fill in user fields and sign the document digitally, using the blockchain
- Hashing the content of the document at each signature step
- View the contract, including signed sections
- Copies sent to other parties, if necessary
By leveraging the blockchain, we can offer significant security advantages to Document Signing platforms from centralized third parties. Some advantages include:
- Private key encryption enforces digital security of the signature
- Blockchain consensus mitigates cyber threats
- Cryptographic hashes taken at every step provide peace of mind in document consistency
- Using ICP canisters consolidates and integrates seamlessly the front-end and back-end code
ICP and Motoko offer significant advantages over EVM-based blockchains. The table below details these advantages.
|Store up to 1GB of data
|Updatable Smart Contracts
|Seamless integration of front and backend code
|No need for a browser plugin to access your wallet
We have been building relationships with law firms, building relationships with them. We currently have agreements with two different law firms to use this product. Given the success of the product with these firms, we plan on aggressively expanding.
Monetization will follow by charging users for creating documents after a certain limit has been reached. We want this product to be free and Open Sourced, but excessive use or enterprise level use will be charged.
Additional forms of authentication will also be considered paid services. These include:
- Creating competency quizes using LLM’s
- KYC facilitated by Computer Vision
- Duress detection facilitated by Computer Vision
We leveraged an ICP grant to create the alpha version of this project. Currently, we have an alpha version running with full signing capabilities. By leveraging ICP, we have created an app where users can create documents from a template or from scratch, assign signature fields to specific parties, copy others on documents for read-only viewing, and sign documents. In other words, we are currently the first blockchain-based DocuSign competitor.
We have an ambitious vision for this product. In the near future, we intend to:
- Integrate ICP vetKeys to bolster security on the backend, and strengthen hashes
- Enable revision recommendations for users to suggest edits to documents
- Emply AI-powered competency quizzes to determine if the user understands what they are signing
- Enable KYC based on Computer Vision
- Enable duress detection facilitated by Computer Vision