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 Do You See the Future of Blockchain Technology?

Posted on October 30, 2021

Blockchain has become one of the most discussed technologies in business right now. Blockchain technology has the potential to bring major changes and develop new opportunities across industries. It is already impacting industries right from banking and cyber security to intellectual property and healthcare.

Blockchain tech is a decentralized database, which is an electronically distributed ledger of records that various users can access. Blockchains use cryptography to log, proceed, and confirm every transaction. Hence, it makes them secure, immutable, permanent, and transparent. There are two common categories of blockchain:
• Permission less: in this, anyone can join
• Permissioned: in this, the participant should be authenticated by the person or group that is managing it (this category is further separated into private and community blockchain networks)
Bitcoin is the most well-known case of blockchain tech. After bitcoin blockchain, an increasing number of companies are now investing in this decentralized concept. However, it is also true that blockchain tech is quite new even after more than a decade of its emergence. The popularity of blockchain has been growing largely because of the effective adoption of its applications across multiple sectors. The foundation of distributed digital ledger technology benefits by recording all transactions, including data or money.

Any two parties can record transactions between each other easily with security, transparency, and immutability. Blockchain is slowly strengthening its roots in almost every sector. Below find out how blockchain has already started transforming multiple industries.

Growing Role in Banking Industry

Blockchain tech has already started taking care of a few important issues faced in the banking industry. Currently, most banks and financial institutions manually store money for their clients. They also handle the exchange of that currency.

Blockchain essentially has a secure and dependable system that would give enduring records of the massive numbers of exchanges in the banking business every day. This record system might fundamentally bring down the danger by providing secure documents. Moreover, banks can move the money less expensively and efficiently by the decentralization lent by blockchain.

Real Estate Industry

Any person who has purchased or sold a home understands how much table work is associated with a real estate business. Blockchain tech can completely change the headache that these documents and paperwork cause. With blockchain, one can keep the entireness of the reports and trade records safely with comparatively more minor work and less expense. Blockchain has already started wiping out third-party interactions. For example, a blockchain system can produce smart contracts that offer financing only after the fulfillment of terms and conditions.

Legal Sector

The present-day legal system, which has been quite slow in keeping up with the alterations in technology, has for the first time tried to digitize itself during these unparalleled Covid19 pandemic times. Virtual court hearings along with paperless filings in legal services, even with specific limitations, have been hailed by the legal sector. Here, blockchain tech has a tremendous capacity to add enormous value to the present-day legal system. Since blockchain tech goes on to evolve in the legal industry, developers are discovering new uses. Seeing the stable and safe nature of blockchain, you can find it useful for legal professionals to leverage technology in solving diverse legal issues. Blockchain has various use-cases in the legal sector like smart contracts, intellectual property rights, land registry, chain of custody, litigation, settlements and financial transactions, and more. In the predictable future, blockchain can change how law firms perform a multitude of services. Everything right from escrow management to contract as well as transactional procedures are already adapting and leveraging blockchain.

In Healthcare Industry

The healthcare industry has seen a vast disturbance related to sharing and putting away medical information and records. The potential for a mistake, extortion and missed forms has made doubt among customers and healthcare suppliers. Blockchain can easily rebuild trust by safely storing medical records that may be precisely and securely moved to and used by experts and individuals in a position of authority.

For example, the health certificate or documents issuers can use a blockchain-based secure QR code on the documents. These QR codes have a unique hash value connected with a hash value on the blockchain network. One can access the data only if the hash value of the documents matches the blockchain QR hash value. Hence, health experts can ensure that blockchain helps in the approval and safe identification of individuals.

The Bottom Line

Future blockchain technology seems to be prosperous and rewarding. After all, the blockchain-distributed concept empowers a stable and auditable means to transfer data. Whether you prefer to bring up advanced technology into your business or not, it is evident that blockchain strengthens safety in the comprehensive business database. It would grant everybody a better level of peace of mind. For your blockchain ventures, you can take our guidance at ProofEasy.

Tags: blockchain technology