A person walks into a bank…. It sounds like the beginning of a bad joke, but what I’m about to show you is a trust problem that’s been stumping people for almost a decade, then I’m going to tell how we solved it.
A person walks into a bank to take out a mortgage. They have all the necessary documents including some that are notarized. The bank now has an issue, how can they prove the notarization is legitimate, what if it’s a digital document?
In the “olden days” (uhm… last year, literally) the notarized document would have a signature of the notary, in ink, and a seal that could be checked against a government repository. If there was ever any doubt of the legitimacy of the document, the bank could confirm its validity. This was sometimes done by physically comparing the signatures of the notary with one already on file.
But now customers are demanding more efficient ways of doing things. They want to be able to get their documents signed digitally. It saves everyone involved time, money, and hassle. As a result, there has been a huge growth in online notaries. Demand for online notary grew 547% in the US during 2020.
When a customer uses an online notary, involving a digital signature, what can the bank (or any verifier) do to confirm the authenticity of the notarization? Digital signatures don’t do enough to protect the integrity of a document or validate that the notary is both a real person who signed the document and a valid notary. They’ll need a Digital Notary Seal, Which is why we created one…
When a notary applies for a digital notary seal (with Vaultie) we confirm the details that prove they are, in fact, a notary. We scan their certificate, confirm your Law Society number (sorry non-legal field notaries) and issue that notary a digital identity for them to use autonomously. Your identity is protected from hackers with your biometrics and blockchain, and can even be stored on your phone, which is the safest place to keep it. That seal can then be applied to any document sign-on Vaultie.
And the bank can prove it’s the real deal!
Our digital seal comes equipped with a QR code. When the bank scans it, they’ll receive information about your notary status and confirmation that it’s been verified. They’ll also be able to view a copy of the original document that has been linked to the blockchain. This means after a client has left your office, A bank can prove, exactly who signed it, that the document hasn’t been tampered with after the fact, and that it came from a legitimate notary or commissioner. We make sure your documents keep the integrity you need them to.
This doesn’t work when we just use a traditional digital signature because once the document is out of a notary's hands, there’s no way for a third party to prove that a document hasn’t been tampered with. It’d be like putting your seal on the bottom of a blank piece of paper. Luckily, we’ve created Vaultie for you to be able to verify the identities of your clients and for everyone that depends on your diligence, to prove that you’ve taken every step in protecting the integrity of your work.
Want to learn more? Book a demo with us.