Notary services are required to assure parties involved in a transaction that a certain document which is a part of the transaction is in actuality, authentic and can be trusted. But these documents are sometimes marred with forgery and duplicity. A block chain-enabled notary would make sure that such forged documents never get approved.
Using the security of the blockchain to protect and preserve the authentication of documents seems like a good idea and China would soon find its efficiency in practice. It also makes us wonder at the wide range of services that could use Blockchain structures to make the processes hassle-free and more secure.
The office opened last Friday at the Beijing CITIC Notary office. The office head apparently said that this new office would mark the beginning of a new era, the era of the blockchain notary service. The director of the Beijing CITIC Notary Office, Wang Mingliang, reportedly said that this new Blockchain enabled Notarization has both benefits: Value of Notarization and the legal significance of the Blockchain certification.
Advantages of this new technology
Due to the addition of blockchain technology in the Notarization, the process would reap some immediate benefits, according to a professor at The School of Business of China University, Hu Jiyu. Mr Jiyu, who teaches in the Political science and law department, says that it would be much cost efficient, high on efficiency and stable.
The users would be required to scan a code when they want the contents of the document they want to get verified. This new development would check on forgers that exploit any asymmetries in the documents to create forgeries of the same.
This would help test the various advantages of blockchain technology as more and more entrepreneurs are building systems based on the blockchain models. As governments start with blockchain usage, the time when it could go mainstream draws nearer.
Affect on Industry
It wouldn’t be a surprise when in the coming years, blockchain would be everywhere around us, making our lives a little faster and a little easier. We would have services at our disposal that we never thought would have been possible and we would see a new age of economic rise.
There would be enough benefits for everyone as the increasing demand for the blockchain would increase the awareness of the cryptocurrencies and their benefits will be out there in the open, more than they are right now and as these cryptocurrencies become more and more stable, it would thrive.