Blockchain technology spread among the tech community like a wildfire. The concept soon gained popularity and interest among the tech giants and tech enthusiasts. This prompted the tech community to think over the different property applications of blockchain in different industry backgrounds. Many eyebrows were raised in parallel out of curiosity and interest over proposing blockchain solutions for the same.
The major attraction seen behind wide adoption of blockchain technology is the peerless characteristics that it lays to its community users. The decentralized network, peer-to-peer transactions, enhanced transparency, cost-effectiveness, elimination of intermediaries, immunity over threats and fakes, everything guaranteed the wellbeing of data placed on blockchain network. It was ascertained that one would never need another environment or wall so as to assure the security of their data, as blockchain offered high-end data security in all means.
With blockchain, the database, itself, is verified in light of the fact that the information is put away and synchronized over a boundless number of servers. There is no particular 'place' that one can absolutely bargain or question about the integrity of procedures in blockchain.
Clearly, it has made numerous individuals imagining that with the blockchain they'll have the capacity to oversee everything important (even the document verification) by themselves.
Today several industries have acknowledged the importance of blockchain technology. They have come up with the implementation of blockchain in their field of work. Today, one could easily point out the blockchain applications in different industry streams, say blockchain in document verification, blockchain in automobiles, blockchain in healthcare, blockchain in supply chain management, blockchain in banking or insurance sectors or say blockchain in notarization.
There are many real examples in and around us. For citing few, recently the Dubai Government has shown their interest in moving forward with Blockchain technology in their document verification process in the airport. They are soon into the implementation of blockchain in their airport terminals to decrease the long lines and duration of document checks by their fringe staff. It is no doubt that blockchain technology in document verification will surpass the early challenges of holding time in the air terminal.
Going to next, Estonia has already utilized the blockchain document verification processes in their administration proceedings. They adopted blockchain technology in accessing their public, financial and health services. The digital identity from blockchain proved extensive and conceivable outcomes in Estonia.
The above said is just the example for blockchain in document verification. One would find endless lists of blockchain applications in different industry streams say notarization, healthcare, education, etc. if they dive deep.
In this article, I want to cover one more blockchain application. I.e. Blockchain in notarization.
How blockchain will replace notary is one of the hotly debated topics of the town and is curiously watched by many.
The most entertaining thing about this topic is that there exists equal weightage of public opinion on whether the blockchain would eventually replace notaries or the blockchain would not replace notaries. This happens in view of the distinctive recognition levels they're talking on. However, if decentralized notary blockchain comes in, it will be a big transformation in the current system.
Let’s see what comes out in the end.
The article is exceptionally straightforward figuring out what blockchain based notary service will look like, what blockchain technology is able to do in notarization and how it might really change the notarial services and administrative proceedings.
So let’s begin with who are notaries before getting into notarization in blockchain.
What constitutes notaries?
In a general sense, the notary is a free, fair observer that records the presence or absence of a specific truth say fact. On the other hand, if we give a practical derivation to this, notaries confirm the accuracy of duplicates/interpretations of reports. It checks the legitimacy of marks and decides the certainties from the present reality. For example: let’s take the sale of a house. In this case, it is the job role of the notaries to define the authenticity of the transactions happening between the seller and buyer. Notaries make sure that the seller and buyer are genuine and real, there exists no compulsion over buying or selling of the house, and there exists in real such a house which is entitled to sell and so forth.
It is important that you automate these proceedings of verifying the documents and signatures, so as to keep you safe from future disputes. Digitalization may well deal with these procedures in the closest future as there's nothing the individual manually can do about deciding certainties from the present facts.
Now let’s take another case of notarization.
Laws in specific nations infer that the youngsters under 18 can travel to another country without their parents if the fact is notarized. In such case, the notary is that particular observer who checks on- who is the child traveling to another nation, whether the travel is happening with the consent of the guardians or not, whether it's everything done by everyone's will.
Coming to blockchain in notarization, Blockchain can automate this whole proceeds via proving the authenticity of parents signatures as real. However, it doesn't help in guaranteeing whether the guardians were lucid in their opinion. There should dependably be some capable gathering of some specialist, say, doctor, legal official, and so as to check the quality.
What really makes sense is the data reconciliation between parties that blockchain takes into account. It will change the very ecosystem of our interactions with the go-between (for our situation, notaries).
Envision some blockchain-based obligation commitment vault. Bills of debt have significantly more weight when they are notarized. The blockchain environment will take into consideration the numerous confirmations of one report by different free validators (consider them anything you desire: prophets, legal officials, middlemen, and so on). Thusly, you have more guarantees that every document (bills of obligation, for our situation) are genuinely digitized. They are not simply genuine as indicated by some brought together substance, however, are really equipped and steady in light of the fact that they are checked by the independent parties.
Blockchain and notaries
The direct work that notaries do won't go anyplace, rather, it will be changed. To be exact, the very way this work is done will be changed under blockchain. A portion of blockchain procedures will be automated and will reject the human association or human interactions in the context. For instance, the confirmation of marks in other words verification of signatures. Machines may well do that sooner rather than later. However, a few procedures can't replace people with calculations, for example, determination of facts from present reality.
Blockchain in notarization, it takes care of most issues identified with the bookkeeping procedure and consensus building over reports, lapse date, who is the endorser, and so forth. Blockchain takes into account constructing a straightforward and simple auditable bookkeeping framework, where the possibility of backdating is extraordinarily low. This implies once your record (or some other significant data) is approved and embedded in the database you can make sure that it won't be unauthorized changed.
Blockchain-based notary service can assuredly provide:
1. Witness and affirm the legitimacy of the signature on reports.
2. Affirm the validness of the reports themselves.
3. Reports on the blockchain
So what you think on blockchain based notarization? Can blockchain technology replace notary services?