OneSpan Trust Vault: Enhancing document security with decentralized storage

Today's businesses use e-signatures to sign business critical documents across various industries, such as sales agreements, mortgages, insurance applications, and healthcare agreements. While digital documents offer convenience and efficiency, there are increasing concerns about the vulnerability of these documents to online attacks that lead to data loss, manipulation, identity theft, asset theft, and potential legal consequences.

To protect these documents it is crucial to explore mechanisms such as blockchain-backed storage and secure digital vaults that enhance security and ensure the long-term integrity of digital agreements. These solutions leverage a decentralized and distributed ledger to store and validate document origin data across multiple locations. By distributing data, decentralized storage solutions eliminate single points of failure and ensure data integrity.

The dilemma of ensuring long-term integrity in digital agreements

Digital signatures are essential for verifying the authenticity and integrity of digital agreements. They employ advanced cryptographic techniques to offer a high level of security, making them highly resistant to tampering and forgery. However, the integrity of digital agreements can be questioned if digital certificates are revoked or compromised as the result of an attack or leak, or are broken by powerful future technologies such as quantum computing.

The quantum threat to digital agreements

The emergence of quantum computers and other powerful technologies presents a significant threat to digital agreements, given their ability to perform in minutes cryptographic calculations that would take a conventional computer hundreds or thousands of years. It is no longer a question of "if" but rather "when" a quantum computer will be able to decipher the encryption techniques currently employed in internet communication, including digital signatures, data encryption, Internet of Things (IoT) devices, authentication solutions, and other applications that rely on Public Key Infrastructure (PKI).

Because of this, quantum computers have the potential to break Rivest-Shamir-Adleman (RSA) signatures commonly used in digital agreements, jeopardizing the security and integrity of millions of documents. To counter this threat, adopting quantum-safe technologies is becoming increasingly urgent.

The monetary and legal implications of compromised agreements

Compromised digital agreements can have severe financial and legal consequences. Financial losses and legal disputes may arise from invalidated contracts, undermining trust between the parties involved. A robust solution is necessary to safeguard digital agreements to avoid these implications.

The monetary implications of compromised transactions are far-reaching, with individuals and businesses facing the risk of substantial financial loss. A recent report by IBM found that the average cost of a data breach in 2023 was a record $4.45 million. In instances where transactions are manipulated due to unauthorized access, fraud, or other forms of compromise, the affected parties may find themselves in a precarious position, with their hard-earned money or valuable assets at risk. The aftermath of such incidents can be devastating, often leading to a lengthy and costly process of recovering the lost funds or assets. In addition to the financial toll, compromised transactions can also give rise to complex legal disputes.

Given the severe monetary and legal implications of compromised transactions, a robust and comprehensive solution must be put in place to safeguard digital transactions, including the implementation of stringent security mechanisms to thwart unauthorized manipulation and falsification, safeguarding against both internal fraud and external threats.

The importance of decentralized storage, trust, and document integrity

Decentralized storage is revolutionizing how we store and access our data, providing increased security and unparalleled trust and integrity. Unlike traditional centralized storage systems, which rely on a single central authority for data management, decentralized storage utilizes blockchain - storing transactions in a distributed network. This eliminates the risk of data loss or manipulation by removing the vulnerability of a single point of failure.

Decentralized trust plays a crucial role in enhancing the security, transparency, and reliability of digital agreements. Blockchain-backed storage solutions offer a transparent and decentralized approach to storing and validating digital agreements, ensuring data integrity and preventing tampering. For instance, life insurance agreements, which require storage for an extended period, can leverage decentralized storage to guarantee trustworthiness and compliance.

A blockchain ledger, or immutable ledger, operates by recording transactions in a decentralized and tamper-proof manner, ensuring the highest level of security and transparency for contracts stored on it. After the documents have been successfully signed and executed, they are hashed and the hash is then stored on a public blockchain. This transaction is added as a new block and cryptographically linked to previous blocks forming a chain. This linkage makes altering any single record practically impossible without changing every subsequent block, which requires consensus from most network participants. The cryptographic hashes are immune to quantum computer attacks, so they can be used to prove document integrity and date of origin into the indefinite future.

Consequently, document data stored on a blockchain is immutable and traceable, providing a reliable and transparent history of agreements and transactions. This feature is particularly beneficial for contracts, as it helps to ensure the integrity and non-repudiation of contractual terms and conditions and eliminate the risk of fraud or unauthorized alterations.

OneSpan Trust Vault utilizes a secure digital vault to protect digitally signed documents. It ensures the security and integrity of digital documents against various threats, including hacking and data breaches. OneSpan Trust Vault seamlessly integrates with OneSpan Sign, providing proof certificates for irrefutable origin, long-term protection, and tamper detection. Furthermore, it enables secure user access management, supports multiple languages, offers an audit trail, and provides UI/API access for global usability.

Harnessing OneSpan Trust Vault for enhanced security in digital agreements

Businesses need to adopt secure mechanisms such as decentralized storage and secure digital vaults to address the vulnerabilities associated with digital agreements. OneSpan Trust Vault combines the power of blockchain technology and secure digital vaults to ensure trust and integrity in digital contracts.

The decentralized nature ensures that no single entity has control over the entire storage network, fostering a sense of transparency and trust among users. By leveraging blockchain technology, decentralized storage capabilities such as OneSpan Trust Vault guarantee the immutability and integrity of documents, providing an added layer of security crucial in today's data-driven world.

OneSpan Trust Vault is fully integrated into OneSpan Sign and enables organizations to safeguard the integrity of digital documents - now and in the future.

Unlock enhanced document security and compliance with OneSpan Trust Vault – explore its features on our product page today.

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How decentralized storage solutions secure digital documents

Hear from security experts on how powerful future technologies can compromise the integrity of digital documents, and what organizations can do to protect their assets today.

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