OneSpan is acquiring ProvenDB to enhance trust in high-assurance contracts and documents. This integration will broaden the reach of OneSpan’s Transaction Cloud Platform to both public and private blockchains, offering a cutting-edge foundation for Web3 high-assurance business processes.
With the use of blockchain technology, ProvenDB has been at the forefront of creating secure storage and preventing data theft and document alteration. Digital signatures are generated and published to an immutable public blockchain whenever information is added to ProvenDB. The secure storage and vaulting solutions from ProvenDB demonstrate the authenticity, ownership, and date of creation of crucial data.
ProvenDB has been at the forefront of secure storage development, leveraging blockchain technology to add an extra layer of security to prevent data tampering or document alteration. When data is entered into ProvenDB, digital signatures are generated and posted to an immutable public blockchain. ProvenDB’s secure storage and vaulting solutions provide evidence of critical information’s integrity, ownership, and creation date.
Matthew Moynahan, President and CEO at OneSpan stated, “Digital artifacts are simply too easy to fabricate, tamper, or delete in the era of Web3 leading to security breaches and loss of trust in digital information. In this world of evidence tampering and deep fakes, it is critical that we have non-repudiation and copies of the original artifact with an immutable chain of custody throughout the entire customer journey.
Securing business processes end-to-end leveraging blockchain technology will play an increasingly critical role in preserving the integrity of digital transactions and agreements to fuel this modern digital era. We have an ambitious plan to disrupt the digital agreement market and ProvenDB will accelerate that plan. OneSpan’s mission, the focus of our entire go-to-market strategy, is to restore trust and confidence in today’s most critical customer experiences, such as revenue-generating transactions or customer and vendor onboarding and ensure that their integrity is never in question.”
Digital signatures are generated and published to an immutable public blockchain whenever information is added to ProvenDB. The secure storage and vaulting solutions from ProvenDB demonstrate the authenticity, ownership, and date of creation of crucial data.
OneSpan continues to carry out its mission to provide simple and secure customer experiences that guarantee the reliability of digital agreements and transactions. In order to create an integrated end-to-end assurance model that includes a secure repository for documents and artifacts that demand the highest levels of compliance and assurance, OneSpan plans to integrate ProvenDB’s technology with OneSpan’s Transaction Cloud Platform.