Benefits of Notarization with Blockchain
Notarization plays an integral role in any legal transaction and negotiations. Notarized documents are an indication that the parties involved are genuine and can be trusted. In other words, the notary public provides a security level that prevents us from becoming victims of fraud.
With the emergence of technology in the business landscape, blockchain entered the picture to automate notarizations. The blockchain serves as storage for notarized records and documents. In this way, any unauthorized user will not be able to edit nor delete portions of the document.
Notarization blockchain technology ensures the integrity of data as soon as it enters the chain. It provides functionalities, including tampering-resistance, non-repudiation, and traceability.
These tools automate notarization and streamline its typical process. Let’s discuss the benefits of the notarization service blockchain more thoroughly below.
What are the Benefits of Notarization with Blockchain?
Notarization service blockchains introduced a private, remote notary channel to address all your notary needs. This channel allows organizations to acquire notaries without having to step out of their homes or offices. Thus, companies like ZirconTech leverage notarization with blockchain to provide notary solutions to organizations across different industries. Notarization blockchain technology testifies to the documentation of proof of ownership to protect owners of their rights. Notarization via blockchain can also establish agreements across multiple parties. These documents can only be accessed and signed on the blockchain.
Notarization with blockchain has several benefits to organizations, but here are key points on how they helped businesses flourish:
Secured Storage of Notarized Documents
The primary goal of notarization is to certify the authenticity of any document. Notarization blockchain technology leverages various automated tools to carry out this goal seamlessly and quickly. On top of that, users can secure the storage of notarized documents on the blockchain. This organized and infinite storage process allows them to retrieve the agreement when needed and detect any changes made through the timestamps attached to every document.
Encrypted Documents Providing Users With Private Access
A majority of notary services require user information for creating an account and proof of ownership. This security measure happens on their system database for your notarization needs. The transaction ID and the user account information in the database often reside outside the blockchain. This measure gives security to the users considering that most authentication services happen on the blockchain system. They would only take a hash of the document to verify the proof of ownership of the user to notarize documents.
Moreover, the transaction ID integrates encryption to documents for easy retrieval. User account information helps perform cross-checks of the document’s ownership before its release.
Transfer Document Ownership Seamlessly
With notarization service blockchain, organizations can transfer ownership of documents seamlessly. The system would first verify the ownership of a specific form through the user account that acted. Blockchain technology locates the certificate authority system that confirms the blockchain’s bounded blocks’ data.
Users can quickly transfer document ownership by following these steps:
- Like modifying any legal record, the system identifies the user through the previously recorded transactions used for verification.
- The transaction identification verification will then create a signature for the user in the data field.
- Notarization blockchain technology prompts the hash verification and signature storage on the duration of deploying the contract.
Offshoring Notarization Projects
For notarization needs in various parts of the world, some services by other providers can be limited. There are quite a few companies that perform offshoring notarization projects. Yet, ZirconTech has proven to be an expert in providing exceptional notarization service blockchain. This company’s blockchain professionals are pioneers in offshoring notarization projects for unavailable signers from all over the world.
Public blockchains allow data to be stored and retrieved for an unlimited time. This reliability offers trust and security to all involved parties. In case the need arises wherein you want to make some changes within the notarized document, you are required to create a transaction. These transactions combine into blocks. It gets before incorporating the modifications into the blockchain. Since the building blocks of a blockchain are interconnected, you can always monitor your data seamlessly. Every block receives a label with timestamps and block numbers arranged in chronological order for quick retrieval.
A trusted partner that helps organizations thrive in their digital transformations. Mobility, internet of things, artificial intelligence, big data, cloud computing and blockchain technologies.