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.

Here is how ProofEasy eliminates the need of a 3rd party verification on the immutable blockchain

Posted on April 25, 2021

Introduction

Significance of Blockchain:

It is no secret that in the present scenario, besides our homes and bank statements, our private and professional lives, our cell phones and even the digital applications that we use are in dire need of privacy and security. And there exists no doubt that every small or large organisation is fancy and bent towards this guarding requisite.

Even with extra walls of online security available at the moment, these applications can be a victim of various cybercrime hiccups. Fortunately, with a rapid increase in digitisation and cryptocurrency, the measures to prevent its fall are in higher demand and development. Blockchain being one of these prominent technological creations is coveted by organisations to secure their services, online payments, etc.

With Blockchain’s benefits going beyond the limits, its need is emerging in all business sectors to rescue them from digitising defacements.

Stating the benefits of blockchain over third-party verification

1. What is a third-party verification? The need and earlier use of third-party verification across various industries.

Third-party verification is an approach exercised by organisations to ensure the accuracy of information provided by customers or individuals for a certain service. For instance, it may be as simple as asking the internet representative to change the Wi-Fi plan. Earlier and even at present, many organisations use third-party verification that mostly involves company salespeople to look out for reviews/ payments, etc about customer’s purchased services.

This verification has been in constant utilisation by industries across trade/commerce, infrastructure ventures, retail, EdTech, hi-tech, banking, and many more.

2. Blocks / Drawbacks in Third-party verification

Breach of Contract: Due to the involvement of third parties between customers and organisations, thefts of intellectual property, credentials, intrusion of the network can harm the smooth transitioning of payments and data.
Paltry Accuracy: This breach in data and digital currencies may result in bare accuracy that would make the organisations assessments and transfers haywire. This also may result in the plummeting of business goals as customers may not be following the organisation’s services.

3. What is Blockchain and why is it needed?

According to numerous reports and surveys, many companies have reported more than 25 million compromised data records in their first year of business. Therefore, to avoid any external infiltration by third parties, technologies like Blockchain prove to be a benison.

As 66% of officials have agreed to the possibilities of third-party risks, Blockchain is now being applied in other sectors and is used by governments, private companies rather than just financial and banking sectors.

Blockchain is a database that secures the company’s data in blocks and chains it intact and makes it immutable, i.e., irreversible. This ensures the timeline of added data and its accessibility to others

Introduction of ProofEasy’s Immutable Blockchain Technology and its features

What is ProofEasy’s Immutable Blockchain Technology and how it eliminates the need for third-party Verification?

It is expected that by the year 2024, the Blockchain market will expand globally in such a way that its worth will be accounted for up to $20 billion. Presently, 69% of banks and other industries have already started making the most of blockchain technology to give their services a secure edge and make them appear seamless to users.

But it can be difficult for enterprises to analyse their wide systems depending on their business environment, databases, cloud environment, etc.

To make it a dexterous process for small, midterm and even large enterprises, ProofEasy inculcates the ‘Immutability’ factor to their ecosystems. This factor eliminates any need for a third party, thus removing the monotonous process of keeping records and verification.

1. Steps to make the most use of ProofEasy’s Immutable Blockchain Technology for maximum security in business:

ProofEasy analyses the existing gaps in your process to identify any gaps that may be responsible for inefficiency.
It reduces your organisation’s dependencies on third parties and increases the visibility of your internal units and features.
It redefines your systems to boost its functional and operational transparencies.
It makes blockchain technology an asset for your organisation by building interoperable systems and augmenting your internal needs.
The use of technologies such as IoT and AI are combined with blockchain expertise giving it extra security.
This blockchain layer strengthens the bottom line to let the customer have the best experience.

Features of Blockchain:

Blockchain may seem difficult to develop and manage but has a basic outlining. It untangles complexities in the databases by creating different data blocks. These blocks then safely store the data and also have timestamps on them.

These blocks can be viewed transparently but cannot be modified or be meddled with.

This makes it easy for enterprises to have these data blocks are stored linearly and chronologically.

With an added blockchain layer, the contents of data cannot also be deleted without the approval of the majority. This omits the third-party intrusion and access to all the digital currencies and transactions of the company. The most highlighted features of Blockchain have distributed storage, intellectual property protection, digital voting, qualifications verification, cybersecurity

Conclusion

Blockchain technology has been overpowering the need for verification by third parties. Through this technology, industries can save up to billions of dollars in a year and still get secure data blocks within their systems.

To survive the world of hackers, the world of strengthening layers has to be brought to existence. And ProofEasy lets you do just that within your business. The cultural biases become negligible. Hybrid and Agile practices become necessary components of your business environment. And you get dedicated expertise throughout this project lifespan.