Bitcoin Cash is the most popular fork of the cryptocurrency Bitcoin, and recently it has launched a notarial service. The notarial service can be used to check the authentication of time-stamped documents and photos by using Bitcoin Cash. This will eliminate the need for a third person to keep a record of everything.
The conventional methods for authenticating material are costly and require the meddling and validations of notaries. The conventional methods charge almost two to twenty dollars each time ($2 to $20) for normal things. Mortgages are on a whole different level however and notarizing them can charge up to a hundred dollars ($100).
Although its integration in systems to replace the conventional methods may not occur so soon, it is still a more advanced and less costly method to carry out the job. As of now the cost of notarizing by using Bitcoin Cash is almost 0.00005 BCH (less than $0.02)
By using Bitcoin Cash to notarize documents the user can timestamp the document without the need of a third party’s involvement. Once the process is done the documents and other information related to it is added into the blockchain system, and it is pegged to the time when the document was submitted. After this, the document and the information are stored in the system without any worry.
Whenever the user needs to verify the documents all that is needed is to compare the version of the document in the blockchain system to the original document. Storing the document on the blockchain system also prevents the chances of the material in it from getting exposed, but it is still readily available whenever verification is needed.
Such a system will change the fields that require trust as a foundation because when systems like blockchain are involved that do not allow information on be altered or deleted once they are in the system are more secure than anything else before it.
Many people now realize the importance of blockchain systems in businesses and fields that deal with private and confidential data.