The Securities and Exchange Commission (SEC) is gearing up to launch a blockchain-powered digital authentication system designed to make corporate filings more secure, efficient, and tamper-proof.
The initiative, called the Verification of Electronic Records and Information Trust and Authentication System (Veritas), will enable users to digitally sign and verify SEC-related documents through public-key cryptography, with all transactions recorded on a decentralized ledger to ensure immutability and traceability.
“By integrating blockchain-based digital signing and authentication into our processes, we aim to strengthen the integrity and reliability of reports and documents submitted by corporations by making them immutable, permanent, and indestructible,” said SEC chairperson Francis Lim.
“Veritas also reaffirms our commitment to digital transformation — not only by making transactions more secure and efficient, but also by reducing paperwork and cutting processing time to further improve how we do business,” he added.
The SEC issued on Oct. 22 a draft memorandum circular on the Blockchain-Based Digital Signing and Authentication of SEC Documents using Veritas, inviting the public to comment before finalizing the new rules.
Once fully implemented, the platform will allow corporations, partnerships, and authorized representatives to submit digitally signed documents — such as articles of incorporation, general information sheets, financial statements, and board resolutions — through blockchain-backed authentication.
The system will be integrated with the SEC’s existing platforms, namely eSECURE (Electronic SEC Universal Registration Environment) and the Electronic Submission Authentication Portal (eSAP).
Currently, companies may register and transact with the SEC fully online, but authentication still relies on one-time passwords (OTPs).
Veritas replaces this with end-to-end encryption, multi-factor authentication, and cryptographic signing mechanisms tied to a user’s private key — eliminating risks of unauthorized access or forgery.
Access to Veritas requires an eSECURE account, which undergoes an electronic Know Your Customer (eKYC) process. Users must submit verified government-issued IDs and pass a liveness detection protocol to confirm their legal identity.
The SEC said this digital credentialing process ensures a verifiable link between a user’s identity and their digital signature.
To further enhance accessibility, Veritas will be available through the SEC Check App, the agency’s official mobile application, allowing incorporators, officers, and representatives to securely sign and authenticate filings on the go.
During its initial rollout, the use of Veritas will be optional to give users time to adapt to the new system. However, the SEC may later mandate its use for specific entities or document types once the infrastructure stabilizes and adoption increases.
The system will cover all SEC-registered corporations, partnerships, and juridical entities, as well as SEC departments and personnel involved in the processing and archiving of electronic filings.
Documents authenticated through Veritas will carry the same legal effect as signed and notarized paper documents under Republic Act No. 8792, or the Electronic Commerce Act, unless a law explicitly requires physical notarization.
Moreover, digital copies will serve as the official and primary records, removing the need for submitting hard copies — a step expected to save significant time and resources for both the private sector and the SEC.
The SEC’s Information and Communications Technology Department (ICTD) is accepting comments on the draft circular until October 31, 2025 via ictdod@sec.gov.ph.
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