Blockchain: the Notary of the 21st Century

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I’m Paula Santolaya, reporting live from SANTOLIVE in my virtual reality. Have comments, opinions, or suggestions? Post them in the comments section or email me at info@santolive.com.

Ignoring the meaning of the concepts linked to the Digital Revolution will not prevent its development, so we must try to understand them. An example of this is the Blockchain technology which in the business world has no going back. It is a huge account book where the records (called blocks) are encrypted and linked using cryptography to ensure the security, transparency and privacy of transactions. This technology guarantees that the information is correct and synchronized among all the participants.

Blockchain has already been successfully tested in many areas. For example, in the banking sector, Blockchain allows the automation of payments and collections. Thanks to Blockchain, smart contracts are beginning to automate all kinds of agreements: inheritances, transfers of property, mortgages, insurances, compensations and civil and commercial contracts. The aim of Blockchain is to eliminate the intermediaries, creating a great change in the role of current notaries and registrars.

To our surprise, Georgia, with fewer than 4 million people, is the first country in the world to create a Land Registry with Blockchain. This technology allows the verification of property titles in real time so it is not necessary to use a stamp or physical signature.

Some countries are still evaluating whether Blockchain is really an engine of change or it means a real threat for notaries. What is clear is that this technology has arrived to stay and its ignorance cannot be an obstacle if it improves the services of citizens. It is essential that governments support Fintechs, stimulate companies to join the Industrial Revolution 4.0, and incorporate digital training programs. Ignoring this reality will not  make Blockchain go away.

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