Document Verification Using Blockchain Technology
Using Blockchain for Document Verification
How blockchain can help build a reliable document verification system globally?
The power of immutability and transparency allows blockchain technology to solve many problems at the same time. Data certification is one of many issues that can be easily addressed through blockchain application. But, before delving into the details of blockchain data certification, it is essential to know about the revolutionary technology of blockchain itself.
What is Blockchain?
Blockchain is the peer-to-peer technology behind the first functional cryptocurrency bitcoin. It is the power of blockchain that makes the bitcoin network secure, reliable and immutable. And the most important thing about blockchain is that its application is not limited to bitcoin and other cryptocurrencies.
Blockchain at the basic level is an open-ledger. It is a database that is accessible to anyone. And it cannot be altered once data is authenticated & added into the blockchain.
The security & reliability factors of blockchain come from the fact that it is completely decentralized. Stored across multiple nodes at different locations, a blockchain database is also immune from malicious changes.
Blockchain design provides security, reliability, authenticity, immutability & transparency at the same time. And the great thing about blockchain technology is that it is completely open-source.
The Problems in Document Authentication
Despite great advances in technology, people still rely on conventional paper documents for identity and other important authentications in legal, business & educational matters.
The authentication problem persists because, security concerns in new technologies discouraged a full transition to digital, resulting in a confusing & time consuming process for document verification.
Although, it is essential to place an effective verification system to avoid document forgery, the existing system is not nearly capable of effectively address the problem. In fact, the system in place is so complicated that it certainly delays valid business & legal transactions.
What Blockchain can do?
The open-source technology of blockchain provides immense flexibility in its applications. Blockchain can empower systems that are decentralized, scaleable and secure.
Valid authentication powered by private-public encryption system is a built-in feature of blockchain. This feature, coupled with the easy accessibility of peer-to-peer functions, enable blockchain to provide state of the art solutions in data certification and document verification.
Many startups have already started to work on blockchain based data certification solutions. Stampery is one example that provides integrated data certification with auditable forensics.
Educational institutions can also leverage blockchain to implement global systems designed to authenticate educational documents, thus enabling students, recruiters and other legal entities to independently verify documents instantly.
Blockchain is here
Blockchain may sound like a technology for the future, but it is here in the present. Bitcoin is the most successful example of blockchain in action. Hundreds of startups have already started to work on other potential applications of blockchain.
Even corporations like IBM & Microsoft have launched their own blockchain based products & services.
In fact, blockchain has already become an industry recognized technology with huge potential, it’s just a matter of taking the initiative to trigger a positive change.
