U.S. Patent for Web-Based Electronic Signature Technology Awarded to Yozons

Yozons expects to license its newly awarded patent to electronic signature companies as well as businesses that incorporate the technology in their web-based electronic contracting systems. Affording Yozons rights to its invention that has been widely adopted after the U.S. E-Sign Act of 2000 was enacted, the U.S. Patent Office approved and issued as U.S. Patent No. 7,360,079, "System and method for processing digital documents utilizing secure communications over a network".

The obstacles of a Public Key Infrastructure (PKI) that the computer industry relies upon to expire, issue, revoke and exchange digital certificates is removed by the invention. Users generate, in a PKI, public and private key pairs, most often store and provide their private keys to generate a digital signature for the purpose of electronically signing documents, and use the public key embedded in the other parties' digital certificates to verify their signatures.

The Yozons invention, rather than having end users submit their private keys to desktop software that generates a digital signature, incorporates the industry's best practices in secure communications (TLS/SSL), encryption (AES)  and digital signatures (SHA1 with RSA) into a web-based solution so parties no longer have to concern themselves with key management, document encryption, digital certificates or how to securely send their confidential agreements just to sign electronically.

"The E-Sign Act enacted a technology-neutral, nationwide law that removed the vise grip PKI had on the electronic contracting industry. Finally, businesses weren't stuck with an expensive, one-size-fits-all approach for electronic signatures just as they weren't stuck with notary publics for signing every paper document. The Yozons invention allows businesses to manage their risks and easily reach and sign documents with their customers, suppliers, employees and partners using just a web browser, and most of our subsequent competition quickly followed suit", said David Wall, Yozons CEO.

The fact that the patent has been well vetted over the course of seven years by the patent office to ensure its validity was explained by Well.