Data Insertion in Blockchain For Legal Purposes. How to Sign Contracts Using Blockchain

Abstract

The use of blockchain technology, in particular, data insertion (anchoring, hashing) in the blockchain as a way of signing documents or imparting legal properties to facts is researched. A comparative analysis of the known methods of using electronic digital signature with the method of inserting data into the blockchain is carried out. The following issues were addressed. What is the data insertion in the blockchain and what properties do the data acquire? What is the difference between insertion, anchoring, and hashing on the blockchain? What is the difference between blockchain hashing and a digital signature on a document? Will the document be legally binding if it is anchored in the blockchain? What conditions must be met to give legal force for the document? How can anchoring be used to sign contracts, certify evidence that has legal value, denote time stamps, confirm authorship and copyrights, as well as transfer them, issue, and transfer power of attorney and delegate other rights, issue and transfer bearer instruments?