The witness.
The eSignature screens are gone. What's left is what an agent can't be: a licensed trust service provider, remote notarization, identity checks a regulator accepts, and an audit trail that holds up when a deal goes bad. Gross margin 82%. Headcount down 60%. Two analysts still cover you.
The Judge: The court recognizes the record! Every agent in the world calls the defendant when an agreement has to survive a lawsuit. None of them mention its name to the customer.
Plumbing survives because it is standing, not software. You kept the licenses and the witness seat and let the envelope go. The thesis says this layer exists and is thinner than you'd think. It was, and it held.
One path that gets here
A · Iris in every envelope. Price the agents as an IAM add-on, on top of seatsB · Reverse. Open the agreement layer to every agent, Copilot includedA · Keep what's standing: qualified signatures, identity checks, notary, an audit trail courts accept. Price like a utility