Document Authentication

Document Authentication and Blockchain

With the rapid growth in the information technology sector and easy access to cheap and advanced office instruments in the market, faking essential documents has become a matter of concern. The need for verification and authentication practices of various important documents is also increasing

 

Credentials are an essential element in a modern economy. As the economy progresses, it utilizes efficient and effective credential infrastructure. As we move towards an increasingly digitized workplace environment, it has become of utmost importance and necessity to quickly and securely prove a person’s identity and credentials. Today’s workforce and employment heavily depend on proof of identity and verified credentials in KYC and Educational and employment validation.

Blockchain provides the technical infrastructure to reliably store and manage students documents and certificates. Blockchain records permanently, so various important and related documents can be secured and verified, regardless of whether or not a user has access to an institution’s record-keeping system. Rather than storing the student identity document, the blockchain network stores information(hash) about that document which is immutable, time-stamped, and transparent.

Benefits of Document Authentication

Eliminate Transaction Cost

Eliminate Transaction Cost

Document verification on blockchain technology eliminates the third party thus limiting the cost of transactions on the network. This essentially saves cost.

Access Securely from Anywhere

Access Securely from Anywhere

Certificates are placed on a distributed ledger so that people can have access to information anytime, anywhere. Under blockchain, the documents are securely placed that only authorized persons can access using their private keys.

Advanced Data Encryption

Advanced Data Encryption

Blockchain technology stores data in a form that cannot be altered. This is done through cryptography which involves the encryption of data using a hash function where data becomes unalterable and it is practically impossible to hack.

Speed, efficiency, and accuracy

Speed, efficiency, and accuracy

There will be no scalability issue anymore as transaction time taken could be as quick as a few seconds. In this manner, Documents verified on the blockchain allow quick delivery of service.

How documents are verified on a Blockchain

Currently, there are multiple numbers of ways through which one can verify the existence of a document on the blockchain. The easiest of them is to re-upload the document to verify its existence. Upon re-uploading of the document, the proof of its existence gets verified, as the cryptographic digest and the marker for the transaction are also verified. The other ways are to check the transaction record of the bitcoin blockchain to verify the existence of a time-stamped document. Returning to the verification page of the original time-stamped document also verifies its existence. Thus, the existence of a time-stamped document on a prior date gets proven. This will help banks, educational institutions and healthcare industries verify documents in very less time, cost, and effort.

Document Authentication Use-Cases

Blockchain in Banking

Although banks have stringent KYC norms, the document verification system on a blockchain is not unique to banking alone. Besides the BFSI (Banking, Financial Services, and Insurance) sector, universities, educational institutions, etc. can also make use of the technology. Both issuance and verification of degrees and certificates can happen through the blockchain data storage and verification methods. Instead of printing a degree certificate and keeping stored a physical copy, universities can begin issuing digital certificates. Verification of the same will also be easier through this technology.

Blockchain in Healthcare

Blockchain will also play an important role in the medical field with storing, maintenance and easy verification of medical records. Doctors and medical professionals can access the medical history of patients easily, verify them and administer appropriate treatment. This technology will hugely benefit the healthcare industry, as much as it benefits the BFSI and education sectors.

Blockchain in Legal Institutions

Assume that a recruiter is in need of hiring a graduate and he requests for certificates for verification. Under blockchain, the former can verify/authenticate certificates via just hashing the content to a cryptographic mode. If the hash matches the details stored on blockchain by the university, the degree certificates produced are genuine. If the documents are altered, it will not match. The technology helps banks verify data and documents with transparency, significant ease and at lower costs.

Technology behind DOCUMENT VERIFICATION PROCESS

When a user presents a document, the technology converts or encodes the document into a cryptographic digest or cryptographic hash.

Submitting the same document more than once, for verification, will have the hash and the transaction markers match each time. If the document contains any changes, the markers won’t match. The user will also have the power to allow or disallow the said organization or individual from viewing the document.

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Sheetal is a Go-To-Market Management professional backed by over 15+ years of professional experience in building and maintaining relationships with company’s client; identify customer needs and exceed client expectations by prioritizing and meeting critical deadlines. Focus on achieving Customer Success, in various roles starting with Customer Acquisition, Account Management, Client Partner and Partner Management. Experience in working with fortune 100 companies, on Multicultural teams globally deployed globally. Sheetal has been supporting customers directly across NA, Canada, APAC regions and has experience working in Consumer Products, Services, Hi-Tech, Public Sector, and Manufacturing. She Has enriching experience working within the start-up ecosystem to deriving required results, ensuring seamless communication with Customers, Partners and Internal stakeholders. Sheetal is an Alumni of Macquarie Graduate School of Management- MGSM, Sydney with a Post Graduate Degree in computer Applications.

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Inder Davalur

Inder has an MBA in Finance in India. Utilizing his Finance background he rose through the ranks in the banking sector in the US and then after receiving his MS in Healthcare Services Administration he started his career in healthcare at the Tufts Medical Center, Boston. 

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