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.

Usage of Secured QR Codes in Invoices

Posted on August 30, 2021

Businesses prepare for instant payments, and there are various instruments and tools at their disposal, encompassing one they might have hidden under their toolbox: Quick Response (QR) codes. This technology got invented in the times of 90s and has undergone varied adoption in the U.S. However, in the present time, QR codes have become a popular way to initiate a payment in various countries.

The unique combination of numerous black squares and dots of QR codes can store URLs and other data. This concept is an easy, reasonable and time-effective option to the conventional ways of payments and invoicing.

In different nations, consumers frequently use QR codes to pay merchants. For example, clients in China mostly scan (Off-site) blockchain based QR codes to finish their transactions through Alibaba’s Alipay or so on. Similarly, recently Singapore introduced (Off-site) a unified QR code. It blends the QR codes for each payment app into a single, versatile QR code; the consumers or users scan the QR code to finish a transaction with the payment app of their preference, which may encompass quick or instant payments options.

Why Should You Introduce QR code in your Invoice?

Since companies optimize main procedures, like buying, sales and production, myriad challenges need to be taken care of within the present-day environment. Work from home or remote working is on the rise. Hence, finance and accounting teams, IT teams, and supply chain staff carry out business processes remotely, producing e-invoices rather than physical invoices delivered directly to the customer via channels like email etc.

The point is you should generate the Invoice so that it is tamper-proof, and one can conveniently authenticate it on receipt. You can do it using Secure QR codes, which are based on blockchain. In a blockchain based QR code, you give a hash value that gets embedded onto the invoice as a secure QR code.

Once anyone uses the QR reader to check the invoice, the system looks at the hash value given into the QR code and then matches it with the hash value on the blockchain. Hence, it displays the invoice linked to the hash value. This assists to upkeep the authenticity of the Invoice right from production to the end customer.

Remember, if anyone makes even a meek change in your invoice input, the hash is no longer going to match with the one initially generated. Hence, guarding you against fake tampering of your invoice.

E-invoicing or electronic invoicing is a concept that hardly requires any introduction. Blockchain-based QR e-invoicing is where revolutionary technologies hold hands to redesign the invoicing and payments process. One clear benefit that you experience with secure QR code is nobody can temper with, or alter the invoice. In other words, your invoices will be tampered proof, which means nobody can manipulate the amount mentioned in the invoice. It has always been a big concern among professionals to keep the invoices tamper proof.

There have always been instances where people tried to forge invoices for different reasons like to claim loans, payments and so on. But with QR codes, you can prevent it because blockchain-based QR code e-invoicing alters the dynamic of the entire concept of the invoicing process. Once you have issued the invoice to anyone, it would be a permanent document.

The verifiable and tamper-proof nature of transaction records on a blockchain-based QR code gets an unprecedented level of trust in the payment process. In response, this offers confidence to process payments more quickly – improving the flow of cash and opening up chances, like dynamic discounting for quicker payments.

You Get Transparency

Since there is blockchain architecture in the secure QR code, the system can underline the status of every payment and Invoice received. There is no scope for any changes or alterations in a forged manner. Nobody can forge the QR codes because scanning a forged code will reveal the fact of counterfeit right away.

Ensure a Better and Smoother Journey

A blockchain-based secure QR code is the simplest and ideal tool to take customers or clients from their original paper communications towards a contenting digital customer experience where many more possibilities state themselves.

Blockchain-based QR code invoicing processes can shrink the purchase-to-pay cycle to approximately immediately in some instances. When you align QR Codes invoicing with just-in-time production processes, rationalized warehousing and agile supply chains, the gains you experience inefficiency, as a result, could be enormous.

Your business may choose to apply such gains to improve your margins, price more competitively, or work in a more agile way. One thing is for sure, blockchain-based QR code invoicing is going to become a disruptive technology for your competitive benefit.

However, for various businesses, the main step towards embracing blockchain QR code invoicing is to embrace e-invoicing. You can undergo historic benefits quite quickly after using e-invoicing. Such a thing paves the way for extending invoicing processes to include blockchain-based QR code invoicing in the future.

The Bottom Line

As such developments continue to unfold, there is every possibility QR code-initiated payments and invoicing are going to become common in more countries, specifically for initiating instant payments. Consequently, it could be time to think about what this could mean for your business. Remember, QR codes enjoy their moment in the limelight because of their ability to link the digital world to the physical.

If you want to evaluate the benefits of blockchain-based QR code invoicing, get in touch, and we would be glad to discuss with you the opportunities for your business to benefit from secure QR code invoicing.

Tags: Blockchain QR Codes