“Digital Notary” is a service consisting in the integration of the BFT platform with the BlockChain network.
BlockChain, distributed ledger technology is a kind of decentralized, shared database, where the central server function is distributed among many users.
A characteristic feature of this technology is decentralization, i.e. no major element of infrastructure is needed for the system to function. All transaction data is stored among themselves by individual users, without the participation of the central system. This information is stored in the form of blocks. Each block can contain a certain amount of data. When the block fills up, another block is formed. In this way, a certain type of chain is formed, which is explained by the name of this technology BlockChain.
Blocks in the chain are signed using peer-to-peer (P2P). It is a computer network communication model that provides the same permissions to all network users (hosts). The entry entered into BlockChain is checked and must be cryptographically signed. Most importantly – each block contains encrypted information from the previous block. Thus, the introduction of an additional structure, not matched to the previous one, would result in the disconnection of all subsequent blocks. That’s why BlockChain technology is groundbreaking in security. Transaction blocks cannot be deleted. The entire structure is encrypted, stable and historically unchanged.
BlockChain technology is used today mainly by cryptocurrencies, but not only. It can also be used to create so-called smart contracts, i.e. remote conclusion of contracts.
Digital Notary public is a service that involves placing documents in the BlockChain network, where they are to be tokenized and digital metadata is to be saved.
The Digital Notary Service is characterized by the fact that the document is not only authorized and certified, but also archived along with metadata for an automatic process.
The process begins with importing the document into the BFT service. The document is then encrypted with a hashing algorithm. Then information about the document (metadata) is entered, additional animization is possible, information about the parties to the transaction is placed and the availability of this information is determined – whether it is to be public (available to everyone) or private (available after authorization).
In the case of public information, anyone entering the page dedicated to the document can see it. If the data has been marked as private – only the owner of the document, parties with the NFT token and persons with the access key have access to them. The authorization key (access token) associated with the document is generated in the system by the owner of the document and has a specific expiration date, after which it ceases to be active.
The owner may give it to the person concerned so that the person concerned can access the information after entering the page with the document and entering the authorization key.
The owner of the document, the administrator generates NFT tokens, publishes a link to the document in the BlockChain database. Then the owner of the document, the administrator, transfers the created tokens to the parties, signers. Token transfer is a confirmation of signing the document by the party and is documented in the BFT database.
The BFT platform allows access to the information contained in the document. Access is possible via a link.
