Background: A blockchain-based system for e-Attestation can serve as a verification clearinghouse for the required documents against the current system of Notary Attestation.
About e-Attestation using Blockchain
- Existing Notary Process:
- The current challenges using Notary/Physical system of Attestation are:
- High Operational Cost, as it involves repeated processes for compliance, thereby impacting productivity of personnel.
- Inflexible Technology leading to errors, and not able to adapt to changing regulatory requirements.
- Poor Customer Experience due to manual errors, delays in transaction.
- A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
- Solution using blockchain:
- An Attestations-Chain stores the attested documents along with reference keys that can be used for document verification.
- Using a wallet application, linked to Digi Locker, users can register and submit documents for attestation as well as submit attested documents that require document verification.
- Notaries (who provide attestation service) can verify the documents and attest the documents after which the document is hashed and timestamped and stored in the blockchain.
- Services that require verification of document, can access the blockchain for verification confirmation.
Benefits of Implementing Blockchain Technology in Attestation Process
- Improved Customer Experience as customers need not share all the original physical documents.
- Improved Transparency/Enhanced Compliance as all steps in the Blockchain can easily be traced and shared with auditors/regulators when required.
- Initial capital Investment, could result in cost reduction in longer run because of reduced redundancy in the verification process for all parties.