What is Notarization on Blockchain?
Let's find out Notarization on Blockchain meaning, definition in crypto, what is Notarization on Blockchain, and all other detailed facts.
On a blockchain, notarization is an official fraud protection approach that assures transaction participants that the document they are dealing with is authentic and trustworthy. The blockchain provides storage that keeps all records with information about these documents which cannot be changed or deleted.
Notarization has legal significance in real life. Originally, it is a three-step process performed by a notary public. The function of the notary public is crucial, and the outcome is legally binding.
With blockchain technology, there is no notary public. However, there are several remote notarization platforms available. Remote notarization platforms provide three main types of services:
- Proof of existence
- Proof of ownership
- Transfer of ownership
Therefore, a remote notarization platform allows document owners to prove their ownership and protect their rights, create contracts with other parties, and keep track of the latest signed documents on the blockchain.