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.

Significant role of blockchain technology in legal industry

Posted on June 13, 2022

Across the globe, businesses are adopting blockchain technology and legal industry is no exception. Blockchain came into existence in 2008 to act as a virtual ledger for Bitcoin transactions, but this technology has now evolved in ways that nobody would have imagined at the time of its launch.

Blockchain forms an immutable and transparent public ledger to gather information. It can become perfect for the legal sector to securely preserve sensitive data. It appears certain that blockchain will be a huge force for change in the legal system. Blockchain technology can immensely alter document storage management and change how people authenticate a diversity of transactions. It can even reinvent the laborious procedures of writing, revising, and managing contracts. But lawyers should put efforts into understanding this possibly disruptive technology to secure documents and ensure efficiency.

Smart Contracts

Presently legal documents are in abundance as they have always been. It means they are written in hard copy having physical signatures from all needed parties to create a legally binding agreement. With stacks of accompanying administrative work (imagine the boundless quantities of paper and the constant whine of scanners and photocopiers), creating a contract is extremely time-consuming and tedious.

Blockchain can fully digitize and disrupt this procedure with smart contracts. With this, the code writes the contracts, with obligations being activated and performed completely automated. The formation and execution of contracts are automatic directly between the relevant parties, with minimal or no intervention from legal third parties. Payment disputes can end too! Smart contracts automatically activate payments of funds agreed at the beginning once the contractual terms are fulfilled.

Land Registries & Property Deeds

Blockchain in land registries and property deeds can be possible mainly in developing nations where land ownership is not correctly documented. Presently, the multiple listing service or MLS information is outdated, and blockchain tech can bring a revolution to it.

The blockchain can permit an updated, transparent, and blockchain encrypted document record that brokers can have easy access to. Hence it allows collaboration and boosts property sales. Individuals can also buy and sell properties immediately.

Document Notarizations

The blockchain permits companies to offer proof of existence easily. Distrust in Notary systems worldwide can get solved with document authentication and signature verification with timestamps and hashes. Once the document gets hashed on the blockchain, one can independently verify it. For example, a person can scan the secure QR code to access and verify the data in no time. QR code shares the actual data only if the hash value it contains matches the hash value on the blockchain network. Hence, blockchain verification ensures complete authenticity and peace of mind.

The Bottom Line

By introducing the blockchain to the legal system, the sector can get more time to concentrate on important things rather than mundane tasks. Transferring case files and fragments of evidence can become easy. Hence, the system can become less reliant on paper. Blockchain tech is a transformative and adaptive technology, and it can help accelerate the whole legal process. Find out how you can integrate blockchain in your legal firm with ProofEasy.