Most common law systems have a public notary system – a public official certifying the legality of documents. In civil law systems, the role of a notary is even more extensive, often requiring the same level of education as lawyers.
In any system, the notary acts as a certified legal observer to confirm the accuracy of the official documents and to verify the legitimacy of the modifications of those documents.
For example, in the case of a house sale, the notary’s role is to define the authenticity of the transactions between the seller and the buyer. Notaries ensure that both sides are authentic and real. It is a vital function to provide the legitimacy of the sale.
In today’s society, however, the role of a notary can be replaced by technology. Blockchain’s ability to record documents in an immutable database solves most of the issues identified with the record procedure and consensus building processes associated with current notarial practices.
Blockchain’s ability to eliminate the third party
Also, Blockchain is considering building a simple accounting ledger, where changing records is virtually impossible. This means that, once recorded, the embedded data cannot be modified. In addition, this record is easily verified on the blockchain by associating a unique hash.
Once the recorded data is in the blockchain, there are several other functions that can help simplify a notary service. One such feature is the implementation of smart contracts – an agreement in the form of a computer code to perform an action after meeting the specific conditions. Smart contracts are automatically executed once the terms of the agreement are met, which means that in certain circumstances there is no need for a third party – such as a notary – to facilitate the signing of the agreement.
In this case, the smart contracts in force can act as a validation mechanism between the participating parties. Just as the notary confirms that an identification document is valid and belongs to a natural person, a smart contract can be programmed to execute only after confirmation of identification by electronic means.
The notary service is one of the systems that needs updating. With the introduction of blockchain technology, a means of notarizing documents appears in a completely electronic way.
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