Goodbye notaries, hello blockchain | CryptoSlate

Guest post by Matej Michalko from DECENT

Matej is the CEO of DECENT.

We live in a world of duality. Artificial intelligence is developing in leaps and bounds, connected devices are invading the home, and smartphones are in the pockets of most individuals on the planet—yet, something as archaic as the notary continues to serve as the main gatekeeper to document authorization today.

Notaries empower people to perform acts in legal affairs, in particular, witnessing and verifying signatures on documents. Clearly, it is an important service, but one that can be improved upon with the help of new technology.

Importance of the notary

The existence of a notary service is necessary. Most common law systems have what is called in the United States a notary public—a public official who notarizes legal documents and who can also administer and take oaths and affirmations. In civil law systems, the roles of a notary are even more extensive, often requiring the same level of education as attorneys.

In either system, the notary acts as a legally certified observer to confirm the accuracy of reports and check the legitimacy of marks to the document in question. Consider the sale of a house, for example. The notary’s function is to define the authenticity of the transactions happening between the seller and buyer. Notaries make sure that both parties are genuine and real. It is a vital function to ensure such sales legally occur.

A vital function indeed, but is it absolutely necessary for all of these tasks to be performed by an individual and in person?

Enter Blockchain

The arrival of blockchain into this and many other systems promises to bring much-needed efficiencies. Blockchain’s capability to timestamp documents when recording them in an immutable database resolves most issues identified with the bookkeeping procedure and consensus-building processes associated with current notary practices.

Blockchain also takes into account constructing a straightforward and simple…

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