How useful it is to issue digital certificates on the blockchain?

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Blockchain technology is used in several ways in varied industries for offering high-security managing distribution systems and recording valuable information. Blockchain records all transactions without any verification from third parties. An evolving issue in recent years is - counterfeiting certification. It is posing serious threats to people. Issuing paper-based certificates manually is prone to errors and time- consuming. Day by day, the number of people's data is increasing, so deploying a system for both issuing and verifying digital certificates based on blockchain technology can solve issues of forged documents.

What is the current problem with document certification?

Many organisations and businesses need original documents for verification purposes before further processing. Some valuable documents like (birth certificates) exist only once. Parties involved in verification and issuing other certificates may experience hesitancy to handle these sensitive documents and that can result in damage or even loss. Many parties are unable to protect the valuable physical pieces of paper with this process. Another big problem comes from data theft. Many people have reported it. So the question comes: how can this issue be solved? Creating digital proof or digital certificates certified or signed by respective institutions or authorised organisations can be beneficial. With blockchain-based digital certificates, you can access and verify the digital asset's authenticity without depending on any intermediary or third party. Traditional data records like paper files deteriorate over time. storing records like digital certificates on the blockchain can help in safeguarding sensitive credentials from destruction & damage. Blockchain document security methods can help users seamlessly secure their sensitive documents.

What about blockchain solutions?

Blockchain technology has brought a revolution in storing and sharing data. The mechanism of cryptography helps in keeping information fully secured. Blockchain offers a digital ledger or decentralised database of data. Centred on computer networks that approve updates before data get recorded and verified. It lessens the reliance and vulnerability of centralised data storage. Instead of handling physical pieces of documents, issuing and storing digital certificates in blockchain can be advantageous to users. You can efficiently utilise the benefits of blockchain, like - authentication, encryption and decentralisation. Every certificate consists of references of both issuer and receiver with a hash (a sign of document), that is stored in the public database. It is identical in the number of computers throughout the globe. These digital certificates with blockchain technology have vital additional advantages over any other certificates.

How does blockchain make digital certificates work?

When a digital certificate is issued, data gets digitised. A digital identity gets assigned to every certificate. All of the digital certificates are tagged as well as traceable. Original documents are stored safely in the computer networks in the blockchain which are known as nodes. In totality, blockchain makes digital certificates highly transparent and secured. It also makes it easy to unfurl any fraud because this technology can expose any forged or outdated certificates.

Are these digital certificates tamper-proof?

Yes, the digital certificates are tamper-proof not by just signing but right after the beginning of the transaction. A signing algorithm produces a signature that is encrypted through a private key. The digital signature in these certificates can never be forged without having access to the private key of the user or members. With the help of document security QR codes, users can secure their valuable credentials.

What are the potential benefits of issuing digital certificates on the blockchain?

Blockchain has evolved to be beneficial for the financial industry. This technology is the most talked about and sought-after technology used in the world. There are innumerable benefits of issuing digital certificates on the blockchain. Some of them are here: a) Require fewer resources for issuance: Issuance and maintenance of digital certificates on the blockchain require a very less number of resources. As a result, the whole process saves time, effort and human capital. b) Digital certificates are conveyable: Contrary to physical certificates, the digital ones issued on the blockchain need not be carried around every place. Digital certificates are there to exist for a lifetime. These certificates can be easily accessed on any of your devices from any part of the world. c) Ideal as Identity proof: Digital certificates based on blockchain are the best substitution for the traditional proofs of paper identification. Digital certificates are issued on a highly secured framework of blockchain which is fully secured. These verifiable certificates can be easily traced all the way back to an issuer. This method makes the procedure transparent. You can use the blockchain document security method for securing and storing your valuable documents. d) Gives overall data security: Paper certificates can also take days and months to get issued and dispatched. Paper certificates can be altered without issuing the institute's knowledge and that is risky. Digital certificates issued on the blockchain can not be altered by any person. If someone tries to tamper with it, then verification will fail. This makes data in your digital certificates fully secured as well as traceable. e) No third party requirement: Blockchain verification of digital certificates can be performed by any person having access to the network. There is no need for any third party interference for verification. Digital certificates can be verified even if any organisation that issued them no longer exists. f) For micro-credentialing: Every data remains encrypted in the digital certificates issued on the blockchain. Organisations or businesses can issue "micro-credentialing" for recognizing, career skills, learning and so on. It can help both students and organisations. g) Comes at an affordable cost: Using blockchain is not expensive. With the help of the blockchain-powered platform, you can issue digital certificates for numerous services with ease. You may need no extra software or hardware and be done with an internet connection. So in nutshell, the unique features of blockchain technology make issuing digital certificates easy and tamper-proof. Blockchain technology simplifies and facilities the entire process of issuance of digital certificates. It also helps in the easy transfer of these certificates leading to the expansion of contents and information. We hope in the next few years, more and more organisations will come forward in embracing digital certificates issuance on the blockchain. A blockchain document security system can help you to secure sensitive credentials with ease.

3 ways Proofeasy’s services can provide better perks than the traditional protection and verification methods

Posted on April 3, 2021

Introduction

Important documents have traditionally been printed and filed into an endless stack of records, making it cumbersome for others to access them. As technology involves offering a hand, we are gradually moving from physical files towards digitizing documents. This tectonic shift to a paperless domain can also be an enormous milestone within the way we preserve and access our records. These documents gain sizable importance just in the case of Law Firms and Financial Institutions. This allows firms to carry out business in an optimized environment, saving both time and money and adding an extra layer of security.

3 ways ProofEasy provides better perks than traditional protection and verification methods

The ongoing pandemic has altered our methods of sustenance. It has also changed how we work and what it means to live in a connected and resilient urban environment. Now more than ever, Law and Financial organizations try to vary the way we use technology for the advantage of excess.

ProofEasy offers technology to shift online by seamlessly converting a hard copy of contracts to pdf formats.

1. Storage for the long haul:

ProofEasy, powered by Blockchain technology, offers a secure and verifiable mode of ensuring how vital documents are often stored for the long run

2. Encryption and security:

This technology ensures end-to-end encryption and security for all essential documents, which may be stored within the safe environs of the cloud.

3. Verifiability:

The documents stored with the help of Blockchain technology ensures the verifiability aspect of all documents, which are essential for Law firms and Banking institutions

Security issues and how ProofEasy handles them

Storing and verifying documents on the cloud is typically faced with some scrutiny level by institutions, and it’s no surprise why. During a world riddled with identity theft, fraud, and firewall attacks, the pressure of keeping financial information, legal documents, and contracts safe, is insurmountable.

According to Accenture, 68% of business leaders world wide feel their cybersecurity risks are on the rise.

To combat the increased threat risk and provide a secure alternative, blockchain technology is typically leveraged to feature a further security layer. ProofEasy uses a singular hash value to verify whether a document is true and proper.Hash values are often compared to the DNA or fingerprint, whereby no two hash values are equivalent.

The original document is processed through a cryptographic algorithm, and a hash value is produced, which identifies the first document. If there is any modification in the form, the worth of the hash also will change significantly.

Using a cryptographic algorithm means customers aren’t required to store the first document on the blockchain, and their information remains private.

Hash code helps ProofEasy secure data

Blockchain technology can be well described by breaking the block and chain down and explaining how each part works. Each “block” within the chain could also be a digital piece of knowledge composed of transaction information, like time, dollar amount, etc. The following report of knowledge stored within the blocks includes the participants within the transaction. It acts as a digital signature using unique identifiers. The final part of the experience accumulated could also be a unique code called a “hash”. It adds the last word layer of security that ultimately identifies the block from every other block. As the user continues to feature more data pieces to the primary block, another link within the chain is added to trace the unique number of transactions. The chain links still increase the complexity during which the data is stored, which essentially insulates the stored data with layers of encryption and security.

Information is stored in blocks, and every one of the blocks is connected with other blocks containing data before and after it. Given the complexity of how the data is stored, it would make hacking nearly impossible since hackers would wish to interrupt each block to achieve the information they have to tamper with. The procedure by which data is stored within the blockchain is what shelters all data-points and linear protective measures.

Cryptography- the other layer of security

Further, the records inside a blockchain are secured through cryptography. This means each network participant has its private key and these act as a personal signature. If the document is moderated under any circumstances, the signature becomes invalid. Thus, the network is notified of this tampering. ProofEasy works in this manner. Everyone on the document chain is notified of any alterations to the loaded documents and shared on the network. The introduction of “smart contracts”, which allow people to transact and exchange money, property, shares, or anything valuable in a transparent, conflict-free way, avoids a middleman’s services.

Conclusion

The shift towards moving to paperless ecology requires institutions and firms to look at advancements in technology while keeping information secure. A large number of industries have adopted blockchain technology to keep up with the strain of doing business securely.

According to a research by Gartner blockchain will generate $3.1 trillion in new business value by 2030 Blockchain technology allows for verification without requiring third-parties.The data structure during a blockchain cannot be altered or deleted. All the transactions and data are attached to the slab once maximum trust verification has been performed. There is a concord of all the ledger participants on what is to be recorded within the league. The transactions are recorded chronologically, so all blocks within the blockchain are time-stamped. The origin of any ledger is often tracked along the chain.