The Zurich University of Applied Sciences (ZHAW) and major telecoms firm Swisscom have developed an integrated, certified e-signature to legally authenticate blockchain-powered smart contracts. The news was reported by Swiss financial news outlet Cash today, Jan. 29.
According to the report, a prototype for an Ethereum (ETH)-based smart contract was created by an interdisciplinary team of lawyers and engineers from ZHAW, together with Swisscom. The prototype was then designed to include an interface with a Swisscom-developed e-signature service, which can be used to replace the handwritten signatures that are required from all contractual parties under Swiss law.
Once verified, the e-signature triggers the secure and automated fulfillment of the conditions of the smart contract — whether the transfer of assets or rights, various specified terms or the contract’s conclusion.
The solution is reportedly interoperable with multiple existing blockchain networks, including Ethereum, Hyperledger and R3’s Corda.