Legal agreements and documents require some form of signature, whether that be a written scan of a signature or a digital one. After all, these documents must be able to sustain non-repudiation — that is, they must be provably associated with the correct counterparties such that there is no dispute surrounding who signed the document.
Practically, since the PAID DApp primarily deals with decentralized SMART agreements, we need to include some way to prove that the parties signing each document can be validated in some way — such as through the ownership of a key, either software or hardware key. This can be combined with the blockchain, where we already sign transactions on a regular basis, to prove they were authorized.
We believe this feature will not only improve the robustness of SMART agreements but also make them more attractive to both crypto and legacy firms looking to optimize their business operations.
In line with this, we are working with a number of decentralized identity protocols, to embed robust DID support into the PAID DApp.
Decentralized Identity and Verified Credentials
As an innovation, DID alone is an excellent way to provide self ownership of identity documentation and ensure non-repudiation, but it works best when combined with ‘Verified Credential (VC) practices — since this reduces the workload that comes with manually verified identities repeatedly later on, e.g. when forming an agreement with different firms or signing different contracts.
VC also uses public-key cryptography to sign “credentials”. These credentials are another type of data that manages the use cases related to the Verified Credentials and DID.
Broadly, users need to be able to achieve at least 3 basic capabilities with the PAID DApp and DID/VC technologies, these are:
- Users need to be able to authenticate using one or more DIDs.
- Users need to be able to sign and verify with DIDs or similar tools.
- Users need to be able to use their decentralized data using the same wallet and keys anywhere
This capability is not provided by any single DID protocol, as such, there is no such thing as one DID to rule them all. Instead, there is a complete set of DIDs each created for a specific use case.
Right now, these are the current and future DIDs we are working on:
- did:key: Used to sign DIDDocs or DID documents (i.e documents that can be resolvable with a DID)
- did:ethr: Used to delegate ownership of keys, which can then be used by smart contracts.
- Polkadot-based DID: As we have started developing on Substrate, we’ll look at the current DID landscape and evaluate technologies to explore further such as the one offered by PAID partner Litentry.
The addition of decentralized identity to the PAID DApp has been a key step on our roadmap since the earliest days of PAID Network. With our recent progress in this area, we are one step closer to delivering the first DID-enabled SMART agreements solution — empowering firms of all shapes and sizes to better manage their agreements, contracts, and signatures from a single unified interface.
PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.
PAID streamlines backend legal operations with SMART Agreements, so that projects can focus on making their brand bigger and better.
For any questions for the PAID network, please feel free to reach out to us on: