Non-blockchain company Revv, which specializes in document workflow automation for institutional use, announced it was adding an Ethereum-based eSignature.
Now in beta version, the product allows users to verify their identity, eSign documents, and fortify the signing proof with a wallet audit trail.
Signature verification and record keeping
The beta version of the new service supports MetaMask, with other Ethereum wallets to be added at a later stage.
Apart from signing documents, Ethereum data will also be incorporated into Revv’s record keeping, with each wallet’s public address, signature ID and signed message shown alongside the document’s ID, name, date and last view time.
Over time, Revv wants to add support for other blockchains as well, with Polygon, Stellar, Tron, and Solana all on the cards. By starting with the most established blockchain – Ethereum – Revv likely seeks to build a base for the signature verification process while giving itself time to watch the market as multiple crypto projects fail due to heightened volatility, and fear of contagion is prevalent.
Ethereum signature will join a number of other eSign methods available with Revv, so customers won’t be forced to use it, but the company stressed in a press release that blockchain-based verification allows to strengthen existing email- and phone number-based verification methods.
It also added that identity verifiability in signatures is central to relevant laws applicable in different parts of the world. “This new paradigm opens doors to future-ready eSignature solutions," Revv CEO Rishi Kulkarni said in a statement.
The rollout has the potential to expose other non-crypto companies to blockchain-based products, raising awareness about crypto’s non-financial applications even as crypto markets remain overwhelmed.
Less gas, more awareness
While using the Ethereum signature service with Revv requires connecting a wallet, the signing process itself is off-chain, harnessing only the cryptographic functions.
This allows Revv to bypass gas fees entirely, signaling that gas fees are a powerful obstacle to a wider adoption of crypto. Full blockchain integration making it harder to forge existing documents is expected to be added in a later version of the software.
Adding Silicon Valley exposure
Revv is not the first company to experiment with Ethereum signature. Revv, however, is closer than existing competitors to building a larger customer base. According to the company website, its software is used by companies like Ameriprise Financial and Accounting Aid Society.
Revv itself is based in Silicon Valley, which gives it additional exposure to the tech industry. In a seed financing round in 2018, the company raised $1.2 million in funding from Arka Venture Labs, a Palo Alto VC that specializes in artificial intelligence and software-as-a-service investments.
Some argue that mass adoption of crypto will arise not from decentralized finance, but from non-financial applications leveraging the potential of distributed ledger. By splitting crypto adoption into finance and technology, the sector can alleviate the concerns that its primary modus operandi is a quick, scammy buck.