Blockchain technology has been proven to be extremely secure against the tampering of data with the use of encryption techniques and byzantine fault tolerance algorithms. Its most successful implementation has been digital money with Bitcoin's inception back in 2009. Over time, people have found that Blockchain has many capabilities far beyond that of finance. It's now possible to prove the authenticity or ownership of documents, and even sign transactions or digital data via the use of smart contracts. The work that was usually done by a notary, can now be done with the power of Blockchain technology.
Considering the huge potential Blockchain has to transform every industry, it's becoming a concern among many people whenever traditional jobs of today will be replaced by Bitcoin's core technology or not. After all, anyone can "notarize" their documents in a trustless manner in a safe and secure way. This makes me wonder if Blockchain technology will be able to replace notaries someday?
What are your thoughts?
Yes, this is an interesting question. I didnt even think about it. However, it seems that the blockchain in some cases may well replace the notary public. An entry in the blockchain cannot be deleted or changed, and this is a very good advantage. However, such an innovation must be enshrined in the national laws of states.Considering the huge potential Blockchain has to transform every industry, it's becoming a concern among many people whenever traditional jobs of today will be replaced by Bitcoin's core technology or not. After all, anyone can "notarize" their documents in a trustless manner in a safe and secure way. This makes me wonder if Blockchain technology will be able to replace notaries someday?
What are your thoughts?