Goodbye notaries, hello blockchain

Artificial intelligence is developing in leaps and bounds, connected devices are invading the home, and smartphones are in the pockets of most individuals on the planet-yet, something as archaic as the notary continues to serve as the main gatekeeper to document authorization today.

Notaries empower people to perform acts in legal affairs, in particular, witnessing and verifying signatures on documents.

Importance of the notaryThe existence of a notary service is necessary.

Most common law systems have what is called in the United States a notary public-a public official who notarizes legal documents and who can also administer and take oaths and affirmations.

In civil law systems, the roles of a notary are even more extensive, often requiring the same level of education as attorneys.

In either system, the notary acts as a legally certified observer to confirm the accuracy of reports and check the legitimacy of marks to the document in question.

Notaries make sure that both parties are genuine and real.

Blockchain's capability to timestamp documents when recording them in an immutable database resolves most issues identified with the bookkeeping procedure and consensus-building processes associated with current notary practices.

Process of SimplificationOnce the recorded data is in the blockchain, there are several other features that can help simplify a notary service.

Just as the notary is trusted to confirm that an identification document is valid and belongs to an individual, a smart contract can be programmed to execute only once identification has been confirmed via electronic means.