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.

What are the Impacts of Blockchain and Smart Contracts?

Posted on November 5, 2022

With the rapid growth of blockchain smart contracts, IT leaders must understand how these contracts could play inside an enterprise technology ecosystem. The way other blockchain solutions like blockchain secure documents are ensuring the authenticity of documents, smart contracts also have immense potential.

Smart contracts on Blockchain can streamline different business processes. Businesses and organizations are complicated systems that demand a variety of diverse procedures involving data and folks to accomplish their goals. In numerous instances, these processes have a greater scope than a remote system and may interact with external entities to accomplish those objectives. If you take the example of a financial organization, the processes can be carried out through payment and investments, among others. To help enhance such processes in different ways, Smart Contracts can do wonders as they increase security, make the procedures more transparent and efficient, and degrade costs.

Relation Between Blockchain and Smart Contracts

Smart Contracts itself spread the features that Blockchain provides, from a ledger for financial transactions to even a huge range of domains and functionalities. These coded algorithms implement rules that all the parties running the Blockchain agree on. These contracts run at any point in time, concluding in a sequence of outputs that the whole ecosystem trust and has no risk of a let-down.

Since the Smart Contracts operate over a distributed Blockchain, they receive the same features and principles from the former, like transparency, immutability, and security. Certainly, no third parties will be there in the code run, making the entire transaction completely transparent. Similarly, Blockchain will store the information after a consensus occurs among all the Blockchain nodes without third-party arbitration.

Perks of Blockchain Smart Contracts

The quick advancement of smart contracts is obliged by the growth of cryptocurrency. Here are some of the quick perks of blockchain smart contracts that you must know:

Absence of Intermediaries

As already mentioned, the absence of mediators makes the process easier and more efficient. For example, there is no need to take help from a lawyer. Everything works as per the pre-written code. This technology may have a huge impact on numerous companies, like financial services organizations, where fraud is a prime problem. In such instances, the lawyers’ or intermediaries’ requirements can eliminate through Smart Contracts to make agreements with the parties. It will diminish the costs and will make contracts securer.

Utmost Safety and Confidentiality

All the contracts are stored in the blockchain network, and they are in encrypted shape. The system’s aim is that nobody can alter the smart contract or even replace the information. Apart from this, there is the usage of private keys for signing that increases security levels.

Impressive Efficiency

Paperwork takes up a lot of time. Blockchain smart contracts massively speed up the procedure of concluding transactions. Whether in the legal sector, educational institution, financial organization and more, you can be sure that the procedures are efficient. The way blockchain secure qr code gets the users efficiency to access the documents in no time and without any delays; in the same way, the smart contracts automatically perform the tasks on the fulfilment of needed steps.

The Bottom Line

Thus, there are still a lot of paths to be driven on the journey of blockchain Smart Contracts. Surely, the wide adoption of blockchain smart contracts is imminent. Know more about how you can integrate smart contracts in your organization with ProofEasy.