What Is a Blockchain Notary?
Does the term digital notary sound familiar to you but there are still some information about the concept that are unclear? Or perhaps you simply don't trust the term in beforehand since it contains technology you are not used to using. We, in Mytitle, completely understand and we want to do our best to explain to you what is Blockchain, Ethereum and what is the purpose of a blockchain notary.
How does a notary work?
Many of you may know notary at your local towns hall office. It is a person, who officially certifies your documents when you need to confirm your ownership of a particular list. The subject could be a business contract, a lease agreement, a book of scripts and more. This person uses an ink stamp to authenticate your ownership and notes the date of this act with your initials into a higher authority system. Later anybody who needs to check the validity of shared contracts, graphic designs etc. can find the note of the document's reliability and credibility.
So why do we talk about blockchain?
Let's explain blockchain first. It is a system running on a network of computers around the world that serves to store data. For example it can store the information about how much and to whom do you pay. The great thing is that there is no central authority and no entity in charge. The data stored are explicitly decentralized and completely transparent. Next specification of blockchain is that the data are immutable, so no one can change or alter data that are stored here. So why do we use and trust blockchain? Because in comparison with a banking system or government preserved softwares, all the information here are safe from any kind of manipulation. Maybe you’ve also heard the term Bitcoin. But what is its purpose here? Bitcoin is a digital currency which is used for payments on the Bitcoin blockchain.
What is Ethereum blockchain and why to use a blockchain notary?
Same as Bitcoin blockchain, Etherum operates on blockchain technology formed to run decentralized and transparent software applications. However, the Ethereum’s one is more robust. The currency used on Ethereum is called Ether. We have explained to you the meaning behind this often proclaimed vocabulary but lets move to our topic, which is about explaining what is a digital notary or notary run (for the instance) on a blockchain system. So speaking of a digital notary, it defines the notary service or application running on the Ethereum blockchain (since Ethereum blockchain is intended to run digital applications). The notary validation stamps used here are digital, created by the technology of cryptography and hashing. The stamps are stored onto the Ethereum which is the final destination of data holding one’s ownership validation. And since the Ethereum blockchain is also transparent and immutable, anybody can safely access the needed information and confirm any ownership right.
Digital notary, brought to you by Mytitle
Mytitle gives you access to the digital notary service on Ethereum. On the contrary to the non-transparent physical world, where the service of notary takes time, on Mytitle it is very simple. Putting your documents into a computer file and submitting it for encryption safety providing coding technology) takes only a few minutes. After Mytitle generates your individual validation timestamp and stores your files into protected storage, the essence of your digital file is saved onto Ethereum. And that is what anybody can search to verify an ownership right. Most importantly in the end of this few minutes proces you are holding a document that carries a unique hash along with the information about where and how to find it and confirm it on the Ethereum blockchain. All of it done from the comfort of your home. So why not to protect your data when it’s just so simple?
Keep it yours
To give you a better insight into the ownership certification service we have created a Mytitle guide that will explain the whole process thoroughly. Go to the Mytitle Guide and see for yourself. Protecting your data has never been easier and on Mytitle it is all accessible wherever you are connected to the internet with your PC.