An Industry First: EthSign Integrates with Singapore Digital ID SingPass
Bringing full compliance to blockchain-based e-signatures in Singapore
EthSign has successfully integrated SingPass, the official, digital government ID for Singapore residents. This is an important step bridging the gap between blockchain, e-signatures, and legal compliance. By simply connecting SingPass in the EthSign settings page, users are able to execute legally binding contracts with the highest KYC requirements. We really appreciate GovTech Singapore for their support along our journey.
Understanding the legality of e-signature across the globe and ensuring the compliance of EthSign in different jurisdictions has been our focus since day one. Our existing tech stack and encryption methods qualify us for most standard e-signatures requirements in either technology-neutral law framework or tiered-model law framework.
Today, with the integration of SingPass, signers can be backed by an official government ID, allowing EthSign e-signature meet the most stringent legal requirements: the qualified electronic signature (QES) under EU’s eIDAS framework or QES-equivalent in other jurisdictions. This standard is the legal equivalent of handwritten signatures.
Since EthSign first launched in July 2021, we have strived to provide users with the best user experience on our platform. This leads us to more than 250k signatures executed on EthSign. Most users choose us to process three types of signatures: crypto and Web3 startup operations, event-related documents, and transactions among small businesses.
As a borderless solution provider, we serve users from multiple jurisdictions. Thus, we are seeking integration and partnership with more jurisdictions and digital IDs, allowing more users from all around the world to enjoy the benefits of the transparent and verifiable infrastructure that blockchain provides. We make verifying e-signatures as simple as verifying a transaction on any blockchain explorer.
Web3’s continued growth hinges on its integration with real-world elements, such as stablecoins and real-world IDs. The convergence of the physical and digital realms is rapidly evolving, with notable support from entities like Grab, which endorses non-fungible tokens (NFTs), and MakerDAO, pioneering the on-chain wrapping of treasury bills and injecting stability into on-chain interest for stablecoins. Our commitment to this trend is evident in our adoption of on-chain verifiable legal agreement consent as an initial step. Looking ahead, we aspire to introduce more critical data schemes to this publicly verifiable database (analogous to how we initially introduced the concept of blockchain). As the realms of Web3 and the tangible world continue to intertwine, our efforts seek to catalyze a seamless and robust fusion, contributing to the ongoing evolution of decentralized technologies.