Enhancing the Regulatory Framework around Electronic Signatures through the Integration of Blockchain Technology

This study delves into the intricacies of the Electronic Signatures Act. We aim to highlight areas of the legislation that could potentially be enhanced, especially through the integration of the burgeoning field of blockchain technology. By conducting a comprehensive literature review and expert interviews with professionals from Maxonrow International Co. (a leading blockchain technology firm based in Singapore), the research identifies several key areas of the Act that warrant improvement. We will underscore the significance of integrating electronic signatures with blockchain technology to enhance the authenticity and integrity of electronic records. This study also posits that the reliability of electronic signatures can be substantially improved by leveraging the unique properties of blockchain technology (e.g., its immutability and robust consensus mechanisms). The paper concludes with recommendations for amending current legislation to effectively recognize and facilitate the integration of blockchain-based electronic signatures to provide a more secure and reliable digital transaction environment.