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.

What are The Best Practices for Ethereum Smart Contracts?

Posted on December 10, 2021

Ethereum is mostly talked about in a similar breath as Bitcoin. But you know it is different. Bitcoin is a cryptocurrency and decentralized payment network that permits the Bitcoin tokens to get transferred between users.

The Ethereum project is a decentralized platform that runs different contracts. These are the contracts that run on the Ethereum Virtual Machine. It is a distributed computing network that is made of all the devices running Ethereum nodes. The decentralized platform part means that anybody can easily set up and run the Ethereum node. It is the same way anybody can run any Bitcoin node. To run a smart contract on the nodes, you must pay the operators of those nodes in Ether. Yes, ETH is a cryptocurrency token tied to Ethereum. People who run Ether nodes offer computing power and get paid in Ether, in the same manner, folks who run Bitcoin nodes offer hashing power and get paid in Bitcoin. So, Bitcoin is simply a blockchain and payment network, and Ethereum is a kind of distributed computing network having a blockchain that can get used for various other things including blockchain secure documents.

Smart Contracts in Simple Words

Smart contracts are apps that run on the concept of Ethereum Virtual Machine. It is a decentralized world computer in which the computing power gets provided by all the Ethereum nodes. Any nodes offering computing power get paid for that resource in the form of Ether tokens.

You can conveniently write contracts that get automatically executed once the requirements get met. You can use smart contracts for many different things. Developers can form up these contracts that offer features to other smart contracts, just like how software libraries work. You can also use smart contracts as an application to gather information on the Ethereum blockchain.

Moreover, a smart contract is an IF, THEN function. In other words, the contract understands that if event Y happens, it must automatically do Z. These contracts can be general; but may even be layered to be somewhat complex. Remember that once you have deployed a smart contract on Ethereum, it turns out to be an irresistible piece of code that no one can stop.

Practices for Anthurium Smart Contracts

Being a decentralized open-source blockchain with smart contract functionality, Ethereum grasps much promise for the financial services industry. Smart contracts are programs stored on a specific blockchain and they act when predetermined conditions get met. You can use it to automate the implementation of a transaction so that all participants can immediately be clear of the outcome. Developers can build on top of the Ethereum blockchain and can create infinite possibilities for applications.

Many banks are today doing investigative exercises around financial instruments on Ethereum blockchain in some volume or another. They even use a bank QR code generator to ensure the security of transactions and everything through a secure QR Code. Moreover, Ethereum offers banks a global, decentralized, peer-to-peer infrastructure in the absence of the challenges of accommodating pricy legacy systems.

Token Implementation

Token inside Ethereum, it is not ETH itself, is stored in a kind of smart contract. It is factually a charting of addresses to numbers gathering the balance of each address. The smart contracts of tokens must as per an accepted and stable standard. For example, some of the currently accepted standards are like:

EIP20
More at eips.ethereum.org
EIP721 (non-fungible token)

In a Simple Bank contract, when you buy tokens, you send transactional-token Ether with the call. The Ether is then used to pay for the tokens.

Documentation & Procedures

Creating proper documentation and following the correct procedures is crucial when launching a smart contract with considerable funds or critical aims. Remember that you must create documentation linked to state machines, models, specs, and diagrams that may help understand the aim and intention of the system for the community, auditors, and reviewers.

Also, you can raise the same contract through the to address field using a transaction. You can add data with those of the data field. Furthermore, you can produce QR code banking or QR for anything else for any data or transaction. You can make them quite huge and detailed for larger data sets. You can successfully use QR codes to move signed transactions from even an offline computer to that an online one.

The Bottom Line

Ethereum has first-mover benefit, though, and goes on to have the hugest market cap of any smart-contracts-enabled blockchain. The point is there is more support in the industry for Ethereum than for any other competitors. As you have seen in this article, there are numerous practices that developers and teams can carry out to ensure high quality, much efficient, and highly secure smart contracts. For any further assistance regarding Smart Contracts and QR codes, you can contact us at ProofEasy.

Tags: blockchain secure documents