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.

How is Blockchain Technology Best for Legal Contracts?

Posted on October 1, 2022

Blockchain technology is becoming an ultimate element that can massively disrupt every industry worldwide. Blockchain tech offers businesses better accuracy, popularly known for its capability to store information in a transparent and immutable ledger. Legal industries are also introducing distributed ledger technology for a revolution. Right from implementing blockchain document security to doing easy verification, everything is possible with blockchain.

By storing and confirming records of transactions, legal companies can maintain an accurate chain of custody and different legitimate activities on the blockchain. Blockchain tech can play a significant role with legal contracts too.

Smart contract in a Brief

A smart contract is just a digital contract that automatically performs the terms of a specific agreement by itself. In the simplest form, it is a computer code that grips the terms of a contract. It gets stored in decentralized, distributed public blockchain networks that contracting parties may access from anywhere, at any time. With such designs, nobody can change this utterly digital contract that runs on blockchain nodes. The point is a smart legal contract fulfils all the legal needs for a binding legal agreement or contract. Since more people now recognize the potential of smart contacts, their use of them across distributed ledger technologies grows. And as it expands, the legal systems across the world have been trying to draw near.

Legal contracts are currently stated with physical signatures, which require a significant amount of time to accomplish a binding legal agreement. Since it involves manual processing of legal documentation, it is susceptible to human mistakes. Blockchain tech can bring this to an end by simply making the complete legal documentation more accessible as well as transparent. The expense and friction of producing and securing legal agreements get reduced by developing a contract that can automatically execute based on when particular requirements are met.

Utmost Security & Safety

In case it is designed and performed correctly, smart contracts are quite challenging to penetrate without the correct credentials. With high-level cryptography, smart contracts get stored in ideal environments and ensure the complete safety of documents. The point is blockchain ensures immutability, and nobody can attack or hack the legal contract.

Ensures Trust

Nobody can steal or tamper with your legal documents and other confidential information. They are safely stored and encrypted on a blockchain’s decentralized, distributed ledger. The impartial technique that smart contracts use removes the requirement for participating parties to trust each other. Of course, if one person needs to access the data, they can scan the QR code on the data or document and acquire the data. The secure QR code has a hash value that should match up with the hash value on the QR code of the blockchain network. The data reveal once the hash values match. Hence, there prevails trust.

The Bottom Line

This blockchain-based technology can immensely disrupt the legal industry and help rethink how it works. Since the importance of document security in the legal sector is growing substantially, you should make the most of blockchain technology. Talk to experts at ProofEasy and make the most of blockchain for legal contracts.