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 ProofEasy’s VeriDoc Patented Technology can help eliminate counterfeit products and fraud

Posted on May 3, 2021

Introduction

The importance of document verification and fraud elimination in the business world:

Since its inception, businesses have been targeting and analysing basic human needs to increase their market value, flourish and be ahead of the pack in the entrepreneur world.

Whereas some go back to square one because of internal failures, others become potential targets to payroll frauds, bank scams, stolen credit cards, identity scandals etc, leaving them bankrupt in no time. The sensitive aspects of organisations to be plagued by frauds are physical/digital documents, usernames, passwords etc. as some may lack the viable resources to perform regular checks and often lack the ways to secure their financial systems. According to a report by IBM in 2020, data breach reported in India had the average cost added up to approx. 140 million. Propitiously, for businesses to go against these technological parasites, we now have a wide range of solutions, tools and products to ensure safety, security, verification and make the process trustworthy.

Stating the risks of forgery across multiple industries

1. Identity thefts / Bank Frauds In 2020, RBI announced a 159 % increase in bank frauds that amounted up to 25 U.S billion dollars stating the banking industry most victimised. These thefts prey like a parasite on personal information that is considered to be the most vulnerable digitally. Fraudsters take pleasure in playing ‘catch me if you can’ by stealing passports/usernames/passwords/bank statements; discovering weaknesses in financial systems; identifying your billing patterns to use money/identity for a range of criminal offences including smuggling, trafficking, espionage, etc. 2. Food Industry Frauds Did you imagine that one of the necessities of our lives can become a prospect of fraud? Then irregular and poor supply chains, mislabelling of items, abuse of ‘organic’ and ‘premium food’ labelling are some of the reasons that top the list. Food frauds and wastage has gained momentum in the past years and has affected about 10 % of supply chains. 3. Fraudulent activity in legal contracts / mortgage documents / insurance Cases of counterfeit with changed policies by insurers and keeping their clients in dark never fail to make headlines. All this is a reaction to the document fraud that has given rise to fake employers, doctors, engineers, robbing people of their jobs as well as lives. These thefts only require pseudo-documents to pilfer the real documents. Once fraudsters grab hold of these, it doesn’t take long for them to tamper with one’s mortgage payments, properties and life savings and use them to their own advantage. 4. Fraud in Pharmaceutical Industries As the businesses expand, the infiltration of fraudulent schemes and their potentiality becomes hard to preclude. As recent pharmaceuticals export worth US$ 15.86 billion has been seen, these industries still haven’t managed to save themselves from illegal drug labelling frauds, unlawful kickbacks, clinical trial manipulations, drug switching, etc which leads to commodity losses, drop in sales and reputation of the brand and tampered checklists. 5. Illegal land deeds. Since land deeds and registries are dealt with on paper which possesses a high risk of unreliability and theft. This results in land and property grab forcing innocent owners and robbing them off of their land ownership. Fencing the land and being indulged in physical combats may be of use in some cases but in the end tampering of land, documents would make it all go in vain.

Ensuring Document Verification and Security through ProofEasy’s VeriDoc Technology

1. How VeriDoc Technology uses tools and gateways to verify and secure documents?

After witnessing document frauds and other possible thefts, VeriDoc has set in motion various unique and dependable solutions, tools, software for businesses to ensure their data is not forged or tampered with.

These technologies are designed to manage verification at each step of supply chain processes, land registrations, legal qualification and licensing and ensure the validation of documents. These can be done through ‘digital handshakes’ that guarantees the marks of changed goods and guards the liability of products.

VeriDoc’s patented verification protocol is developed with a trusted anti-fraud software a Distributed Ledger Technology (DLT), that encrypts the digital fingerprint of documents and making them indestructible.

Its technology has broken down the technical complexities by enabling the public to scan the document through QR codes. Expensive and extensive hardware technologies are no longer required or in demand.

VeriDoc’s blockchain technology containing integration, explorer and other software like Drag and Drop Tool, Data Analytics and Reporting Tool disables the copying of land titles and allows you to own smart contracts and their regular checks through on-premise verification gateways.

2. Steps to use VeriDoc Technology to verify different types of documents

To add an entrusted layer to the security of your financial systems and ensure smooth verification of documents in your business, VeriDoc’s technology is just a click away.
Their developer tool aligns a braced platform for organisations and businesses to perform quick verification at all times, keep checks on their documents and shield them for future references.

To get started, register an account for your business, grab your API key and Secret Key. Then make sure to read through the API Documents and sample code. Finally, integrate with the VeriDoc Global server and make the right call.

3. Benefits of document verification in various industries.

In business, the incessant flow of opportunities and projects with potential clients proves to be a boon. But you have to always be looking over your shoulder, as with every chance, there are thousands of threats coming your way.

Conclusion

Long story short, to raise the bar of your business applications and keep your business on its toes, an alliance with ProofEasy’s VeriDoc Technology would banish all counterfeit products and frauds.

As digitization brings convenience to the table, business breaches and trickster activities come along. To date, digitisation has revealed its dark side with more than 500 digital theft incidents in the country. With increasing cybercrimes, the possibility of these forgeries cannot be ruled out completely but can be made to affect the business infinitesimally.