In this post, we will explore how blockchain guarantees the integrity of data of users of notary services.
When speaking about how blockchain revolutionizes many sectors and services, we must start by clearing up that even if we often come upon phrases that announce how the technology is replacing this or that, in most cases, it means that blockchain has a huge potential in enhancing or facilitating many processes. Under the law, blockchain cannot replace notaries as such, but it will definitely transform and disrupt how the services are provided.
In what follows we’re going to take a look at the areas blockchain will be extremely beneficial in the case of notary services.
Proof of Existence
Proof of Existence is defined as “an online service that verifies the existence of computer files as of a specific time via time-stamped transactions.” And, in its essence, notarizing is about certifying the existence of a document and blockchain can carry out this function with little effort. When a document is saved on the blockchain, no one can modify it without leaving a time stamp.
This would be the most common use case of blockchain in notarization, based on two steps: hashing the document and storing it on the blockchain. Why the hashing? It’s more practical to make the most of the limited space on the blockchain and to control the costs and data privacy.
Proof of Ownership
When we must transfer the ownership of a document, the system records the user identification and uses it for verification. Through this process, a signature is created and blockchain provides it storage during contract deployment. That part is very similar to traditional banks or any other form of transaction.
What would be the main benefits of blockchain notary services?
Blockchain technology is known for its integrity and quick service. There are numerous benefits to using the blockchain for notary public services:
• Security of stored documents and deeds.
• Private key access to the documents.
• Secured storage on the blocks with appropriate timestamps.
• Seamless transfer of document ownership through the network.
• Open transactions on the network for the verification process.
These were some implementations of blockchain for notary services. We’ve seen that notarization is one of the use cases where distributed ledger technologies (DLT) hold a great promise.
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