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.

Blockchain can Solve Legal Problems for Emerging Markets

Posted on October 12, 2022

Blockchain technology can solve development issues as it improves existing instruments and allows the development of new ones. Blockchain-based applications address institutional weaknesses and financial inclusion because they limit deception, corruption, and doubts. Even confidential documents stay safe with blockchain solutions like e-certificate blockchain verification.

The blockchain is an anonymous, immutable, unhackable, and decentralized ledger. The technology has been there for approximately a decade. This distributed ledger technology is the central force behind bitcoin. It is decentralized by nature, so the transactions get recorded across millions of computers and hard drives. Every data block stays linked to a previous data block or chained together. The transaction remains coordinated, and all nodes showcase the updated data. Once there is a transaction validation, the transaction or asset stays theoretically immutable because it would be almost impossible for anyone to change all records across the chain simultaneously.

Smart Contracts

Currently, legal contracts have physical signatures that demand significant time to accomplish any binding legal agreement. Because of the manual processing of legal documentation, it is susceptible to human mistakes.

Blockchain may bring this issue to an end by making legal documentation much more accessible and transparent. The cost and friction of producing and securing legal agreements reduce by forming a contract that can automatically execute based on fulfilling specific requirements. Hence, entering into binding agreements transforms with the constant adoption of smart contracts. These programs automate the performance of the accords when certain predetermined conditions are fulfilled. Fundamentally, smart contracts are ruled by when to then instructions written into code and stay on a blockchain. Once (or predetermined) requirements are fulfilled, they emerge with computers executing particular actions. For example, project funding, buying and sales, and more. So, smart contracts are efficient in terms of execution and advantage from the security and transparency intrinsic in blockchain technology.

Intellectual Property

A massive stack of Intellectual Property (IP) Filings undergo a manual review that is a lengthy and time-consuming procedure. It is not just challenging to register new IP, but even to transfer ownership as well as update filings. Because of the long approval process, it gets hard to examine who formed the IP first. Blockchain tech can disrupt the managing of patents and trademarks by diminishing approval wait times and needed resources. It tracks everything, and not only that, one can lean on blockchains to determine who has formerly viewed and accessed copyrighted data.

Blockchain Technology for Notary Services

Notaries are for people and businesses to validate documents and certify signatures before a reliable witness. However, with blockchain, one can use hashes to validate documents. For example, once there is a blockchain-based QR code on the data, one can validate it by scanning the code. The code includes a hash value that must match the hash on the blockchain network to reveal the real data. Similarly, public and private keys play a role in authenticating a document’s owner, making blockchain a robust force for conventionally run notaries.

The Bottom Line

Blockchain technology can transform nearly every business, market, and sector worldwide, but it demands regulatory oversight. Whether ensuring tamper proof documents, easy tracing or quick access; blockchain can solve problems and transform markets. Know more how you can implement blockchain with ProofEasy.