Blockchain tech powers a local startup’s e-signature platform
Bless Aubrey Ogerio
A Filipino tech startup is poised to transform how businesses and government agencies handle documents.
Twala, with support from the Department of Science and Technology Startup Grant Fund, has created an electronic signature platform that uses blockchain technology to create digital signatures that they brand as safe, effective and legally binding.
The startup hopes to improve security, save costs, and streamline operations for businesses in a variety of sectors by digitizing customarily paper-based procedures.
“We've seen clients reduce their signing cycle from 7 to 14 days to just 40 minutes… this translates to substantial cost savings and increased efficiency,” engineer Jeffrey Reyes said, Project Leader, Co-Founder, and CEO of Twala, during the Radyo Pilipinas’ Kwentong S&T segment on August 24.
The utilization of blockchain technology by the platform guarantees the “tamper-proof and verifiable character" of digital signatures.
“Imagine a blockchain as an electronic ledger where transactions are recorded across multiple computers,” explained lawyer Third Bagro, Co-Founder and General Counsel of Twala.
“Once a transaction is recorded on the blockchain, it's virtually impossible to alter or cheat.”
The Republic Act 8792, or the E-Commerce Act of 2000, provides the legal basis for the use of electronic signatures in the Philippines. It acknowledges electronic documents and transactions—including those using electronic signatures—as valid and trustworthy.
Electronic signatures and other electronic evidence are subject to rules about admissibility in court proceedings that are outlined in the Supreme Court Rules on Electronic Evidence.
To improve their document processing capabilities, Twala also mentioned the integration of artificial intelligence into their platform.
“We're transitioning to become a full document intelligence platform… AI can analyze data within documents, extract key information, and even make decisions based on predefined rules,” Reyes said.
Per the Twala, their innovation solution aligns with the Philippine government's push for digitalization.
President Ferdinand Marcos Jr. advocated for the complete digital transformation of government services during his second State of the Nation Address “to enhance the Filipinos’ transaction experience.”
“We’ve already onboarded over 300 clients, including banks, law firms, cooperatives, and government agencies,” Reyes said.