How Blockchain Technology Benefits eNotarization
A certified digital notary public performs various notarizing duties electronically, such as adding the signature and authorized stamp to the certified document digitally. A digital notary public manages, stores, and also distributes the digital certificate using cryptography and a private access key. Blockchain technology for notary can ensure the safety and integrity of the data.
Using Blockchain Technology For Remote or eNotary Services
Blockchain technology can help in easing the notarization process by ensuring the safety and integrity of the data. The characteristic features of blockchain will prove to be a significant asset in improving or enhancing notarial services. The two primary notary services where blockchain technology can be very beneficial are:
Existence & Ownership Proof
The necessary foundation of notarizing is to certify the proof of both existence and ownership. Blockchain can effortlessly carry out this service. The blockchain database stores the transaction ID along with some form of identification. This transaction ID only can retrieve the record from storage after going through necessary identification processes.
Blockchain saves the document in such a way that any modifications on the record are easily detectable. Moreover, the timestamps allow seamless tracking of the documents. Furthermore, smart contracts can also prove beneficial in providing contract capability, which adds more flexibility in the overall application.
Transfer of Document Ownership
Blockchains can also ease the process of document ownership transfer. With blockchain technology, you can transfer the ownership documents as quickly and smoothly as transferring funds from one bank account to another. The central authority system determines the ownership of the document. Transferring ownership is just like changing any record.
- Specific transaction areas record user identification for verification purposes.
- The transaction identification verification then creates a signature for the user.
- Blockchain then provides the users with hash verification and signature storage.
Benefits Of Blockchain Technology For Notary Public Services
There are so many benefits of using blockchain technology for notary public services. Some of these are:
- Access to the documents is through private keys only.
- Documents are stored in the blocks with specific timestamps.
- Effortless as well as the smooth transfer of the ownership of the document through the system.
- Open transaction process leading to reduced fraudulent activities.
How SAFEBOX makes it easier for remote notaries
SAFEBOX provides users with an easy to use blockchain platform. They can easily upload their document and turn them into a secure digital record. Once the document is uploaded via SAFEBOX, the notary public gets all the benefits of blockchain technology added to it. There will be a separate transaction record related to the document, and any change in the original will reflect as a newly added record on the document, thus, providing you with document integrity and authenticity.
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