Industry
Legal
Deliverables
Blockchain-based authorised signatory list
Organisations usually have an authorised signatory database, where only individuals on the list have the authority to sign off invoice payments, contracts and other legal documents on behalf of their department or organisation as a whole.
Currently, most authorised signatory databases are paper-based and are handled manually, where thousands of man-hours are wasted every year in compiling, scanning, distributing and updating the lists. Cygnetise wanted to change that by automating the process for a more transparent and efficient way to handle the authorised signatory database suited for all organisations.
Besides the fact that paper-based lists are time and effort consuming, the lack of reconciliation and live updates opens up many possibilities of fraud, as signatories that are no longer authorised can provide signed documents that are harder to verify.
Applied Blockchain proposed decentralising control and building the authorised signatory database on a private blockchain.
Applied Blockchain delivered an end-to-end solution from ground-up, where the signatory lists are managed and shared via a smart blockchain contract. The platform was designed to reduce admin work for the user and to simplify the collating and editing of the database.
The platform enables the following:
• Clients are able to create new signatory lists within minutes, and adding/removing individuals to multiple lists is a click-of-a-button away.
• A full, immutable audit trail shows what was changed and by whom – in real-time.
• Data is stored in a secure, private blockchain.
• The application makes managing external access to the signatory lists simple and GDPR compliant.
The Outcome
Cygnetise’s successful implementation of their product to enterprises and startups has made processes more efficient, transparent and cost-effective.
Cygnetise clients now benefit from:
Transparency
Enhanced security
Improved traceability
Speed and Efficiency
Reduced costs
Fraud mitigation
With automated processes and a user friendly-interface, managing authorised signatory lists is simple and efficient. It also means that the data (signatory lists) are shared peer to peer through a decentralised distributed ledger, providing a much better digitised solution than utilising a 3rd party’s centralised database. The customers keep complete control of their own data.
Applied Blockchain are a market leader in building proof-of-concept blockchain applications. They have experience through a broad range of customers, so regardless of whether you are a small startup or large enterprise they are well equipped to deliver a solution.