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.

Does Blockchain Technology Have Any Impact on Estate Planning Process?

Posted on November 5, 2021

Cryptocurrencies are growing in popularity. It has been seen that these have raised a diversity of unique considerations in estate planning. However, the fundamental technology in cryptocurrencies, blockchain, has enhanced various digital tools other than a cryptocurrency. Here, smart contracts are one of these.

In a broad sense, blockchain technology permits blocks of data related to transactions to get recorded and saved on a distributed ledger. You can take smart contracts as an extension of blockchain. These are the programs that real estate people store on blockchain, and they run when specific pre-determined conditions take place. Hence, it automates the performance of an agreement. Once there is the fulfilment of conditions, the blockchain gets updated, and the agreement goes further.

Smart contracts can also help to accelerate the transaction by eradicating intermediaries. They hence, add a high level of certainty to the performance of any agreement that may be based upon the pre-established terms. Many businesses are already advertising smart contracts in the context of estate procedures and planning. Possibly eliminating the need for lawyers, executors, and other intermediaries in the estate administration.

Wills and Estate Settlement

Death is a grey topic, and you most probably don’t think a lot about the difficulties that arise when a person dies. However, there are numerous such challenges that the blockchain can potentially help to resolve. The clearest could be the issue of settling the estate of a person after they pass away.

Challenges

it is a challenge to ensure that only the right people whom you want to receive your possessions and assets get them when you are dead. Conventionally, the only way to address such a challenge was to take help of a lawyer who writes a will or testament for you. He used to specify who should receive what after you die.

But unfortunately, these documents are endemic with problems. For example, the will might get lost and hence, leaving your survivors indeterminate of your final wishes at the point of your death. Then, another issue is that one can challenge the will in various ways. Hence, it might end up in the wishes of a deceased person are not honored. Moreover, because wills are mostly drawn up decades before any individual dies, they could fail to address all of the heritable assets that the person had at the time of their death.

How is Blockchain Helpful?

By registering wills or legacy wishes on a blockchain, one can avoid many challenges and problems. Hence, once you have done blockchain registration, you can go ahead with blockchain in estate procedures. With blockchain, you would never lose the data as blockchain permanently stores it. Blockchain-based wills will also be easier for everyone to modify and see during their lifetimes to stay up to date. You can also use blockchain secure QR code to ensure that only the right people access the information. Secure QR codes have a hash value that is matched with a blockchain network QR code hash Value. The data will be available only if the blockchain based QR code is authentic. Hence, there stays safety too.

Apart from this, smart contracts can automatically make inheritance decisions. With them, you can make execution efficient. Moreover, there would be no need to pay executors and lawyers for their assistance in settling estates.

Digital Settlement of Estates

When talking about estate procedures, planning and settlement, it is worth mentioning how blockchain-based wills and testaments might become particularly crucial for solving an estate management problem. However, it is sometimes a problem that the blockchain itself may be forming.

The problem is what happens to crypto-assets after a person passes away. In case you possess bitcoin cryptocurrency, will your executors know how to transfer this currency to your inheritors? Even if your lawyers do understand cryptocurrency, do they possess the keys to access your digital wallets? Not except you share the keys with them. And this is challenging to do so that the keys stay secure and are not shared till after death.

Here, a possible way is to write out a specific plan by hand for passing your digital assets to your inheritors. However, a better approach could be that uses blockchain-registered wills and smart contracts to transfer digital assets automatically. Hence, there is no need for humans to access your wallet keys or do the transfers on your behalf. It is because blockchain does it and takes care of the rest of your final wishes.

The Bottom Line

Well, blockchain will not conquer the real estate industry overnight. However, the outcomes so far show that there is much potential in blockchain for estate procedures and planning. So, do you want to introduce blockchain in your real estate plans? You can count on us at ProofEasy. We will help you with your strategy involving blockchain.

Tags: blockchain technology