Over the past few years, numerous blockchain use cases have been explored by startups, corporations, and governments. While some have successfully transitioned into real-world applications, many others have remained in the proof-of-concept stage. Based on interactions with major blockchain actors at the national level, the B-hub consortium has identified several highly relevant use cases across various ecosystems.
Following our previous article providing a per-country overview of blockchain adoption, we now focus on specific use cases in a new series of articles. These use cases span different sectors and applications, but they share a common characteristic: they are currently applicable, mature, and implemented with existing technology available in the market.
Focus of This Article: Notarization, Timestamping, and Tamper-Proof Records
This first article in our series explores the use of blockchain for notarization, timestamping, and creating tamper-proof records. Blockchain applications in these areas enable the accurate and reliable recording of events and transactions in a tamper-proof and verifiable manner. These applications utilize the digitalization of processes to issue authorization documents or certificates while ensuring their authenticity, validity, and integrity in real time, in a unique and irrevocable way.
Description and Problem Statement
Traditional certificates or authorization documents are often issued in paper format. This process can be susceptible to fraud. For example, unauthorized entities may issue documents, or documents could be manipulated by third parties.
In some scenarios, certification involves multiple institutions and platforms, requiring numerous verification steps in a complex process involving various stakeholders.
This issue affects any organization where the validity and authenticity of business transactions, intellectual property rights, or certificates are critical to operations. It is also relevant to organizations with partially or fully digital administrative processes.
Why Is Blockchain Particularly Relevant for This Problem?
Blockchain technology addresses these challenges by providing a fraud-resistant solution for the document issuance process. A blockchain-based system ensures the integrity of documents, the legitimacy of issuers, and the immutability and authenticity of certificates.
Key benefits of blockchain in this context include:
- Fraud Prevention: Blockchain prevents fraudulent activities by ensuring the authenticity and legitimacy of documents and issuers.
- Efficiency and Speed: It reduces process time and eliminates manual errors, making administrative procedures more efficient.
- Transparency and Accessibility: Interested parties can verify the validity of documents and certificates at any time without needing to consult the issuing entity.
- Secure and Permanent Record-Keeping: Blockchain provides secure, verifiable, and permanent storage of information, which is crucial for proving facts in legal contexts.
How Does It Work?
Blockchain notarization and timestamping work through the use of hashes and cryptographic signatures:
- Hashes: Near-unique values derived from original data are stored on the blockchain. These hashes serve as proof of the original data’s existence at a specific point in time, as regenerating the hash without the original data is nearly impossible.
- Cryptographic Signatures: These signatures validate who has submitted the record or authorized the transaction, ensuring the authenticity and integrity of the data.
- Smart Contracts: These contracts automate the verification process, checking the fulfillment of requirements and issuing verified certificates immediately.
Examples of Implementation
Several sectors have successfully implemented blockchain for notarization and tamper-proof records:
- Aerospace: Honeywell uses blockchain for tracking aircraft spare parts, ensuring their authenticity and history.
- Pharmaceuticals: Walmart has joined the MediLedger Consortium to use blockchain for tracking pharmaceuticals, enhancing transparency and security in the supply chain.
- Public Administration: The Municipality of Bari has adopted blockchain to digitalize insurance policy mechanisms.
- Education: Ecole des Ponts Business School issues diplomas certified on blockchain, providing a tamper-proof way to verify academic credentials.
Examples of Technology Providers
Various firms provide blockchain solutions for notarization and tamper-proof records, including:
- SIAchain
- Blocknotary
- Acronis Notary Cloud
- Cryptowerk
- BCDiploma
Stay Tuned for More Blockchain Use Cases!
This article is the first in our series on blockchain use cases. Keep an eye out for our upcoming articles, where we will continue to explore how blockchain technology is being applied across different sectors and use cases.