Signing contracts is inevitable when it comes to hiring, renting an apartment, and other day-to-day operations.

But what if there was a way to sign documents on a platform like DocuSign, but in a completely decentralized way?

company aimsEthSign“Emerging in Singapore to do so.

Startup EthSign today announced that it raised $650,000 in an initial round last June led by venture capital firm Draper Associates, and backed by blockchain investors including Hashkey Capital and ImToken Ventures.

The EthSign team plans to use the new funding to grow its 10-person team by hiring more developers and legal advisors, as well as partnering with other organizations in the market.

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The e-signature decentralized application is built using Web3 technology and uses Decentralized Identifiers (DID), storage and smart contracts to provide the same functionality as the Web2 application, but on the Ethereum blockchain.

According to Mr. Potter Lee, co-founder of the startup, more than 200 contracts have been signed on the platform by more than 500 users.

The team has deployed EthSign on Layer 2 solutions such as Polygon and Arbitrum and plans to deploy additional L2s in the future.

EthSign is not the only platform that works on placing contracts on the blockchain.

There is also “OpenSig” another project that enables users to sign electronic documents without using a third party, with the Bitcoin blockchain being used instead of Ethereum.

However, it is currently only in the proof-of-concept stage.

Self-executing contracts:

In addition to simply signing physical contracts on the blockchain, EthSign has also introduced the concept of self-executing “smart agreements.”

It launched “EthSign 3.0”, a new version of the program with a revamped user interface.

For example, if a company based in the United States hires engineers from outside the country, it can create a smart agreement with employees.

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With the help of a smart contract, the company can set the terms of release, the work that the employee has to complete in order to activate the smart contract, the guarantee funds, or the compensation that the employee will get for completing said work.

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Once the employee completes the work, Chainlink will detect it and initiate the smart contract clause so that the funds can be paid automatically.

According to the founder of EthSign, this will make it easier for employees to get paid on time, once they complete their assigned work.

The same spokesperson added that EthSign maintains employer and employee privacy by storing all contracts in decentralized storage networks such as Filecoin and IPFS.

Only the parties involved in the contract have access to its actual contents.

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