Blockchain notary

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Content:

• JustChain launches world’s first blockchain-based notary platform
• Blockchain, Wechat and internet courts in China: evidence 4.0?
• Notary Requirements
• Blockchain-based Notary Services: Where the Notary Is Headed
• UBIX Network Re-Introduces the SilentNotary (Token: UBSN) mobile application
• Blockchain for notaries and lawyers
• Notarization and e-signing service

WATCH RELATED VIDEO: Example of a Blockchain Notary incl. Working Example and Github link

JustChain launches world’s first blockchain-based notary platform

The scalability of a particular blockchain network type determines the maximum transaction throughput number of transactions processed per second and the maximum volume of transactions that can be processed within a reasonable performance criteria, with a growing blockchain.

The scalability of a blockchain is impacted by the volume of transactions processed on blockchain, size limit of a block, size of entire blockchain, number of verifying nodes to provide consensus, time taken to process a transaction, high processing fee to be paid for transactions processing, etc. A public permissionless blockchain can have unlimited number of participants to join in network and perform read and write transactions without any censorship resistance and thus the blockchain scalability is majorly constrained due to very large volume of transactions and big blockchain size.

Bitcoin blockchains are much less scaled compared to Ethereum network as there is a built-in hard limit of one megabyte per block 10 minutes to mine a new block compared to Ethereum which takes maximum 20 seconds. Furthermore, there is a cost to performing certain actions on the public Bitcoin or Ethereum networks. Permissioned blockchains have comparatively much lesser blockchain size as participation is controlled and consensus is done using identified selected blockchain notary nodes.

The consensus delay is much lower than that in public blockchains. The scalability of a blockchain grows linearly with addition of more hardware.

Thus, permissioned blockchains can better scale up by using more storage and addition of peer nodes in P2P network. What is the record of accomplishment of the developers for delivering enhancements and upgrades to the blockchain?

Tools needed to verify transactions may change over time and thus the steps and associated cost to upgrade those tools should be a consideration. The ability to keep up with changes will be dependent on the ability to accomplish enhancements and upgrades to the blockchain without disrupting or corrupting the blockchain itself.

While blockchain applications appear endless, the software security and manageability procedures are a significant concern for future concept design. Upgradability of blockchain as a service could be costly. This is especially true if existing platforms cannot keep pace with or are incompatible with emerging blockchain or middleware technology.

This could be one of the biggest and most challenging concerns in using a technology like blockchain and the investment which may lose its luster if it costs too much to afford the upgrades. The blockchain speed is the transaction throughput maximum number of TPS which is determined by the block size and the consensus delay. It does not matter if a blockchain is public or private, the speed of each transaction will be based on the processing power of the network in which the algorithm is placed, and the particular type of encryption protocol.

As public blockchains have larger number of verifying nodes that are involved in verifying the transactions, the consensus delay is much higher compared to permissioned networks where consensus is achieved by lessor number of verifying nodes blockchain notaries or identified incentivizing nodes and has much less latency due to consensus delay and thus high speed.

Most of the permissioned networks implement Byzantine tolerance consensus protocol which does not require consensus from every participating node and provide high transaction processing speed. The size of the block is what makes the difference. By decreasing the size of the transaction or packing more transactions into one block, the faster and more processing power that will be behind it.

The speed of transaction processing on a particular blockchain is further determined by any hard limit set on maximum block size. Bitcoin has a hard limit of one megabyte on a block set which causes a latency of 10 minutes compared to seconds of latency in Ethereum network. The ability to quantify how you validate the speed of any transactions appears to still be subjective on the network, the size of the block, etc.

The documented level of confidence of security within the blockchain is high. The blockchain itself is inherently resistant to threats while the off-chain applications are not.

The blockchain is a mathematically certain way to protect data in both the public and private applications. This certainty is accomplished with the use of the three basic science and mathematical concepts include hashing, keys, and digital signatures.

A public blockchain network is completely open and anyone can join and participate in the network. The blockchain network typically has an incentivizing mechanism to encourage more participants to join the network. Bitcoin is one of the largest public blockchain networks in production today. A blockchain, by design, allows a database to be shared between entities who do not fully trust each other, without central administration.

All blockchains suffer from the same fundamental issue, the content of every transaction is revealed to every participant. This transparency is necessary in order to verify a transaction by every node associated with the blockchain. One of the drawbacks of a public blockchain is the substantial amount of computational power that is necessary to maintain a distributed ledger at a large scale. More specifically, to achieve consensus, each node in a network must solve a complex, resource-intensive cryptographic problem called a PoW to ensure all are in sync and thus immutability is very high.

The disadvantage is the openness of public blockchain, which implies little to no privacy for transactions and only supports a weak notion of security. Both of these are important considerations for enterprise use cases of blockchain. A private blockchain network requires an invitation and must be validated by either the network starter or by a set of rules put in place by the network starter.

Businesses who set up a private blockchain, will generally set up a permissioned network. This places restrictions on who is allowed to participate in the network, and only in certain transactions. Participants need to obtain an invitation or permission to join. The access control mechanism could vary: existing participants could decide future entrants; a regulatory authority could issue licenses for participation; or a consortium could make the decisions instead.

Once an entity has joined the network, it will play a role in maintaining the blockchain in a decentralized manner.

Thus immutability of DLT in permissioned blockchains is largely controlled by set of access permission rules and the industry level protocols to achieve consensus with known number of verifying nodes and also most of the participants are trusted users only.

Data privacy is better managed by defining read and writes level access permissions for each user in permissioned blockchains. The permissionless blockchain has always untrusted participants and to maintain immutability of transactions stored in blockchain, consensus is required by all participant nodes involved in the blockchain thus the distributed ledgers are shared with all complete blockchain blocks downloaded in a decentralized manner at all participant nodes with greater computational power needed to validate the transactions.

Thus, blockchain size is too large and more number of transactions are processed. Thus, the scalability of permissionless blockchain is managed by adding more storage and processing servers in permissionless blockchains compared to permissioned blockchains where participation is controlled and the consensus size is less as all participant nodes are not required to validate transactions to ensure immutability of distributed ledger but only selected nodes does the transaction validation.

There may be exceptions depending on project and it is possible to use a different type of blockchain to reach the project goal. The blockchain protocol defines three functional roles an entity can play on a blockchain network:. Corporations, brands, merchants, and governments can act as asset issuers.

Custodians and banks can transform into account managers on a blockchain network. Meanwhile regulators and risk managers can reinvent their roles with real-time insight and perfectly auditable records.

Any entity running a blockchain network can participate in one or multiple of these roles. The firm that launches a blockchain network in market, is called as operator of that blockchain.

Exchanges, brokers, payments networks or government agencies are examples of entities that adopt the responsibility of network operators. A block is valid when it is signed by a quorum of block signers in a process called federated consensus. All members of the network know the identities of block signers and accept blocks only if they have been approved by a threshold number of block signers.

Each network participant can also cryptographically validate the whole chain of transactions. This consensus process ensures that competing transactions are resolved and guarantees that transactions are final. In order to operate or participate in a blockchain network, an entity runs a node in the network. Implementation can be based on open source blockchain protocol or using proprietary blockchain platform or services.

The nodes in the permissioned network are designed to run in enterprise IT environments. In case of public permissionless blockchain implementations, complete blockchain node chain is deployed on participant machines in decentralized manner and each machine acts as node connected with other nodes to form Internet of Value. The major considerations in operating a blockchain network are security, performance throughput and scalability.

The blockchain operator should maintain a robust and up to date and internal knowledgebase repository and resources with right skillset to manager blockchain network and operations effectively. Most of the blockchain vendors claim performance of blockchain network in terms of TPS. According to the claim of fabric, , TPS is the aim to achieve if there are about 15 validating nodes running in proximity in Hyperledger fabric blockchain network. However as per the results of past performance stress tests done in fabric environment using the simplest example of running chaincode on 4 peer nodes running on different servers in close proximity, query performance for each peer could reach QPS per second, while the simple invoke performance for each peer was only TPS benchmark hardware environment: Intel R Xeon R CPU E v3 2.

Blockchain throughput is linearly scalable by addition of more peer nodes. This due to the fact that the overhead of PBFT consensus would grow exponentially with the increasing number of nodes offsetting the linear scaling factor of blockchain throughput with addition of more nodes.

The consensus delay is the most impacting factor in determining the performance of a blockchain network. For example, Corda limits the consensus interaction to only the parties involved in a particular transaction, along with the consensus pool needed to verify uniqueness, and validate the contract if requested.

Other platforms such as Hyperledger Fabric V1. Some might debate the loss of network resiliency in such a restrictive model. Some of the blockchain network vendors like Corda delegates the task of validating transactions to pool of selected notes Consensus Notary pools. These Notary pools provide a uniqueness service by operating consensus over uniqueness by nodes operated by a set of distrusting entities.

A notary consensus pool could differ by the protocol configuration, and by their size number of notary nodes in the pool , and their location for a given pool, notary node location could be in any geographic location which may impact the performance of a blockchain network.

The performance of a blockchain application is also determined by the architecture of storage, services and interoperability layer, and the capacity of the hardware used and the network used to connect the peer nodes. The mining volume is an additional constraint for Ethereum, as serialising mining as Bitcoin does, limits the number of computations per block. Sharding an Ethereum chain might improve its performance as it would enable smart contracts to be processed in parallel.

The tool is designed for Hyperledger but is platform agnostic and can be used with any other blockchain network. An asset issuer using blockchain infrastructure is not generally required to process transactions or to write data to the blockchain — this task could be delegated to blockchain notaries.

Notaries could be either known entities in permissioned blockchains , or any users satisfying technical capabilities imposed by a blockchain consensus algorithm in permissionless blockchains.

Permissioned blockchains could be more beneficial for financial institutions in the short term because of the flexibility of the blockchain specification and increased compliance. On the other hand, permissionless blockchains could prove more attractive for consumer-to-consumer markets and IoT applications because of inherent trustlessness and permissionless entry and exit. Blockchain notaries get revenue incentives by keeping blockchain safe e.

For Chain protocol, the Consensus Notary pools e. A notary consensus pool could differ by the protocol configuration, and by their size number of notary nodes in the pool , and their location for a given pool, notary node location could be in any geographic location. The size of notary consensus pool determines the performance TPS of a blockchain as it directly impact the consensus delay in verifying the transactions.

In the case of a blockchain with restricted read access, the architecture of the blockchain network would be determined by transaction processors.

For example, transaction processors could operate full nodes, and all other users could be provided to concerning transactions either through SPV network nodes or through equivalent web application interfaces.

Thus, blockchains with restricted access could be less scalable or reliable because of uneven distribution of transaction processing. While SPV nodes do not increase the security of the blockchain network, their use together with the publicly available chain of block headers could provide uniqueness of blockchains and immutability of data as any change would not be accepted by SPV nodes.

Alternatively, same thing could be achieved by PoW consensus. In the case that access to the blockchain is provided via web APIs without disclosing the blockchain structure, reliably proving uniqueness and immutability becomes more difficult. Even if the regulator or an auditor would have complete access to the blockchain e.

Blockchain, Wechat and internet courts in China: evidence 4.0?

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. 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.

Notary Requirements

Please change the wallet network. Change the wallet network in the MetaMask Application to add this contract. Silent Notary. United States Dollar. Silent Notary is down 5. The current CoinMarketCap ranking is , with a live market cap of not available. The circulating supply is not available and the max. You can find others listed on our crypto exchanges page. Cryptocurrencies Tokens Silent Notary.

Blockchain-based Notary Services: Where the Notary Is Headed

Call a Specialist Today! Get a Quote Differentiate your business Boost your data protection business with an innovative portfolio offering. Sell, upsell or bundle with ease Deliver a universal service that fits businesses of any size, in any industry. Leverage blockchain technology Add extra layer of data protection that removes any risk of fraud.

UBIX Network Re-Introduces the SilentNotary (Token: UBSN) mobile application

UAE-based start-up JustChain, a company offering blockchain services to the legal sector, launched a new blockchain-based notary platform. NotaryChain allows legal documents to be notarised digitally and securely from anywhere, providing time and cost savings for the notary public and customers, JustChain said in a statement on Sunday. Built on top of an enterprise-grade blockchain platform, the product offers tamper-proof security, speed, convenience and instant verification of notarised documents such as power of attorney, memorandums of association, contracts and marriage certificates. The launch follows the recent approval from the UAE Cabinet on digital signatures and its application to notary services. Last year, JustChain rolled out a blockchain application to anonymously track Covid patients, sharing real-time critical case information securely with concerned health providers, clinicians, government authorities, medical suppliers, laboratories and researchers.

Blockchain for notaries and lawyers

What is a Notary Service in a Blockchain Network? A notary system is at the root of blockchain, where transactions need to be time-stamped by a trusted authority. This means that notaries, which are understood as abstract entities here, validate the transactions by signing them and eventually certifying that the time of the transaction was registered via a time-stamping process. The blockchain notary system, as present in Corda, for example, must not be confused with real notaries who might eventually use blockchain. A physical notary is a witness that is trusted and who will sign documents to certify and validate them.

Notarization and e-signing service

The main functionality of the system is to notarise any kind of digital content by creating a unique hash fingerprint of any digital document format and to store this hash in a distributed and decentralized ledger. This POC considers two processes: - Notarisation: this process aims at securely registering data associated with selected files, in a view to ensure in time their integrity, authenticity, ownership and time of creation. The Notary POC is composed of: - an API, which exposes the notarisation and verification services to machines - a web interface, which exposes the notarisation and verification services to human users - a smart contract component stored on the blockchain itself, which interacts with the blockchain client. The user chooses a particular document or another electronic file for timestamping on a selected blockchain.

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There are countless applications for the blockchain — our next use case is about the support of notaries and lawyers. We show you, how blockchain will not only replace work but create new opportunities in the future. The notary business and the blockchain have a lot in common. They create trust between two parties, ensure transparency and must be neutral. It is not uncommon to hear that notaries are replaced by the blockchain in the course of time.

NotaryChain allows legal documents to be notarized digitally and securely from anywhere, providing time and cost savings for the notary public and customers. Built on top of an enterprise-grade blockchain platform, it features tamperproof security, speed, convenience, and instant verification of notarized documents such as Power of Attorney, Memorandum of Association, Contracts, Marriage Certificates, and so on. Available as a cloud and on-premise solution, NotaryChain provides advanced features including single sign-on using national identity UAE Pass , digital signatures, electronic seal, integrated artificial intelligence verification for Emirates ID, QR code-based instant verification of notarized documents, built-in templates for notary documents, and more.