In this case study, we will explore how to use the Cyberium public notary smart contract to register digital assets on the blockchain.
What is a Public Notary?
A public notary is a service that allows you to submit digital documents to be registered on the blockchain. This can be useful for many different purposes, such as proving ownership of a domain name or website, or demonstrating that a contract has been signed by all parties.
To use the Cyberium public notary, you will first need to install the Cyberium Wallet and create an account. Then, you will need to deposit some CYM tokens into your account. Finally, you will use the “notarize” function in the wallet to submit your document for registration.
The following is a case study of the use of Cyberium Blockchain in public notarization.
Notarization is the process of certifying the authenticity of a document or signature. In many jurisdictions, Notaries Public are legally required to notarize certain types of documents, such as deeds, affidavits, and powers of attorney. Notarization provides third-party validation that a signature is genuine, and that the signer had the intent to sign the document.
Notarizations performed by Notaries Public are typically done on an as-needed basis, and there is no central repository for notarized documents. This can make it difficult to verify the authenticity of a notarized document, as there is no central authority that can confirm that the document has not been altered since it was notarized.
The Cyberium Blockchain offers a solution to this problem, by providing a decentralized, tamper-proof platform for storing and validating notarized documents. Using the Cyberium Blockchain, Notaries Public can securely store notarized documents, and anyone can easily verify the authenticity of these documents.
How it Works?
When a document is notarized, the Notary Public will first create a cryptographic hash of the document. This hash is then stored on the Cyberium Blockchain, along with a timestamp and the Notary’s public key.
To verify the authenticity of a notarized document, the hash of the document is computed and compared to the hash stored on the Cyberium Blockchain. If the two hashes match, then the document has not been altered since it was notarized. The timestamp can also be used to verify that the document was notarized within a certain time period.
The Notary’s public key can be used to verify that the Notary Public is who they claim to be, and that they are authorized to perform notarizations.
The Cyberium Blockchain offers a number of benefits for Notaries Public and users of notarized documents.
Notarized documents stored on the Cyberium Blockchain are tamper-proof, as any attempt to change the document will result in a different hash being stored on the Blockchain. This makes it impossible to alter a notarized document without detection.
The Cyberium Blockchain allows Notaries Public to store notarized documents in a central, easily accessible location. This eliminates the need to keep paper copies of notarized documents, and makes it easier for users of notarized documents to verify their authenticity.
The use of the Cyberium Blockchain enables Notaries Public to provide a public record of all the documents they have notarized. This increased transparency helps to build trust and confidence in the Notary profession.
The Cyberium Blockchain provides a secure, efficient, and transparent platform for public notarization. Notaries Public can use the Cyberium Blockchain to store notarized documents, and users of notarized documents can use the Blockchain to verify their authenticity. The use of the Cyberium Blockchain in public notarization can help to build trust and confidence in the Notary profession, and make it easier for users of notarized documents to confirm their validity.