Dating back to the Romans, notaries have been the recorders of history. Scribae, as they were called, rose in prominence from recorders of facts and judicial proceedings, copiers, and transcribers to higher levels of both public and private affairs[i]. We love the idea of notaries and commissioners of oaths, acting as trusted parties, as recorders of history through the documentation of people’s actions.
Similar to how a notary records events in a ledger, a blockchain can also record events the same way. We think it is the natural progression for authenticating important documents, events, and transactions. And it offers some key benefits that can’t currently be offered by traditional notary services. So we have built one; a verified ID-based, Blockchain-linked notary. What are the main benefits of this solution?
While working with digital documents, it’s an unfortunate reality that fraud can occur. Documents can be altered, a customer can pretend to be someone they are not, or even the notarization can be falsified. Our digital notary verifies every moving piece in this process. We use the highest standards for identity verification which includes testing a government-issued ID and using face biometrics. We verify every notary/commissioner is in fact a real and valid notary/commissioner, and by writing a document’s references to a blockchain we can prove that ANY copy of a document signed on Vaultie, is exactly the same as the document that was signed on a blockchain by the user.
This means that even when your client has left your office, a bank, border guard or anyone else your client chooses to share it with will have the ability to validate that everything was done to a high standard.
75% of Canadians are concerned about their personal information being compromised online,[ii] So leaving them exposed isn’t an option. Every document produced on Vaultie is encrypted between signing parties. This gives the users autonomy over their documents and their content. The only people that will be able to see your client’s documents are you, your clients and whomever they choose to share them with. Even we can’t read them.
Adding a block to a blockchain is effectively freezing a moment in time. Since every new block added to a blockchain contains a reference to the previous one, no new additions, alterations, or forms of tampering can take place without creating both a new block and referencing its original. In essence, a document signed and written to a blockchain can be classified as a certified original, and any copies, even if printed on paper can be directly linked back to the original.
Blockchain and Verified ID-based seals give a notary/commissioner powerful tools to both complete their compliance, by verifying the IDs of their customers, and a method by which a digital document can be completely verified once it’s outside of their office.
[i] Brooke's Notary (13th edition, Stevens, London, 2010)
[ii] The Digital Identification and Authentication Council of Canada (DIACC, 2021) Canadian Digital Identity Research 2020