An endorsable electronic promissory note requires a solution that guarantees its uniqueness and a chain of endorsements without interruptions. Mifiel offers this advanced solution.
Electronically signed documents —either with an advanced electronic signature or with a simple electronic signature— cannot, by themselves, guarantee to be unique. This could create a problem if they are endorsable, such as promissory notes. For example, a person could endorse the same promissory note twice to two different persons, generating a double spend and contravening Mexican General Law of Credit Instruments and Operations (Ley General de Títulos y Operaciones de Crédito).
To solve this, at Mifiel we have a solution for endorsable electronic documents using blockchain. This solution enables us to do two indispensable things:
- Generate endorsable electronic promissory notes. From their origin, they are assigned an electronic folio, which represents a unique digital asset and remains registered in the blockchain.
- Endorse electronic promissory notes. Whenever the ownership of the electronic promissory note (or any electronic debt security) that has been folioed at origin in the blockchain is transferred, the endorsement will be accompanied by a movement of the digital asset between the endorser's wallet and the endorsee's wallet. This transfer of ownership is immutably recorded in the blockchain.
This way, Mifiel ensures the uniqueness of the document and the verifiable existence of an uninterrupted chain of endorsements required by the General Law of Credit Instruments and Operations.
The endorsable electronic promissory note solution is a specialized functionality available for contracting. Contact us by chat for more information.