Timestamping and notarization: to each document its absolute fingerprint
Verify authenticity? Blockchain takes care of it
With the term timestamping the process of generating a digital time stamp (timestamp) is identified, consisting of a string of characters that uniquely contains all the information about an event, setting the exact date and time.
Within Blockchain, the timestamping introduces a new and revolutionary way to certify information and documents. A practical, reliable system that does not need intermediaries.
How does the timestamping work: the code of hash
But what is it exactly that is being recorded? In the case of a document, notarising means ensuring that what is recorded and shared is certain and unalterable, allowing the interlocutor (natural person, company or organization) to verify its authenticity at any time.
Due to file size and cost, to be saved on Blockchain however, it is not the whole document, but a 256-bit cryptographic sequence made up of letters and numbers called a function of hash, which represents the document in a unique and unmistakable way.
This means that if even a single comma of the document were to be changed, the hash would be different, immediately unmasking the attempted fraud.
Traditionally, to ensure the validity of an agreement or a document, a notary had to be called in, and through a notarial deed, the authenticity and effective consent between the parties would be ensured.
Thanks to Blockchain, many of these operations of notarization today can be carried out in a disintermediate way through the timestamping and leveraging the properties of distributed ledgers. A solution already used in various sectors, saving time and resources, in the face of total reliability.
Centralized notarization vs notarization on Blockchain
Compared to contacting a notary or a third party for certification, using the timestamping on Blockchain has endless advantages, on a practical, economic and versatility level.
Private deed, public technology
Using the notarization through timestamping means relying on a public and accessible system, a remarkable step forward that opens up enormous opportunities for its ease of use and great flexibility.
Less costs, more resources
The process of timestamping is easier to manage than it may seem and costs much less than the fee of a professional or the advice of a specialized company. A saving of resources that can be reinvested in other activities.
An ‘incorruptible’ certifier
The timestamping eliminates the probability that the documentation will be lost or tampered with as well as eliminating human error and the possibility that the certifying subjects act on the basis of personal, economic or utility interests.
Notarization without Borders
In an increasingly globalized economy it is necessary that deeds and documents have an international truthfulness and are therefore valid and usable all over the world. A result that, thanks to timestamping and Blockchain, can be reached with much less costs and in a much shorter time.
And everything travels automatically
Without the need to foresee and plan a human intervention, subject to availability, errors and uncertain times, with the timestamping on Blockchain everything can be done more quickly and inserted into an automatic, safe and programmable process.
Because timestamping and notarization are now crucial
There are countless products, services and documents that need proof of authenticity: thanks to timestamping on Blockchain, notarization becomes simpler, faster and more versatile. An incredibly effective and fraud-proof tool.
By identifying a document, process or product features and recording everything on Blockchain through timestamping in fact, any attempt at counterfeiting is made impossible. An essential service for example in the insurance branch, to certify the quality of production processes and for sectors such as fashion and design.
Safe supply chain
One of the most useful and requested applications is undoubtedly that of production chains, especially in the agri-food sector. Thanks to timestamping is possible to keep track of the processes along the entire supply chain, from the production of raw materials to transport, from processing to marketing to disposal. Whoever buys, whether it is a company, a retailer or the final consumer, can thus verify the origin of the product, knowing with certainty what they are buying. An priceless advantage for quality and food safety, in support of virtuous producers and brands.
In the public administration sector, any expenditure or financial operation must be justified, approved and certified in accordance with the law. Notarization on Blockchain allows you to track all activities, avoiding the risk of fraud or corruption and ensuring a correct and equitable outcome of tenders, tenders and competitions.
For an ever-impeccable business
The transparency of everything registered and notarized through timestamping represents a very important resource for any company, which can thus verify the reliability of suppliers and customers, resulting in its turn traceable and therefore making its financial, production and logistic activities transparent.