Apostille is a type of service similar to global notarization but instead of being witnessed by lawyer or a government body, this time it will be backed by a decentralized and international blockchain.
How it works?
- The blockchain notarization service creates a fingerprint timestamp of a document by hashing its contents and signed by the user's private key.
- It also creates a unique *private key dedicated for the file.
- Once the file's private key is created, a Hierarchical Deterministic account or child account is then made.
- The fingerprint will be sent to the HD account in a transaction.
- So an HD account is created both by the file's private key and its fingerprint.
- The HD account can then be considered as a Dedicated Notarization Account or Colored Account.
Thus, the Colored Account represents that document tagged by a transaction in the blockchain.
What are its features?
Transferable
If that transaction is transferred from one person to another, then that also means that the document, let's say a land title is transferred to that another person.
This is done by NEM's mulitisig contracts where an account can be owned by other accounts as signers can be added and removed. This process only takes a few clicks in NEM.
Updates
Another feature to the NEM Apostille system is that an HD account can receive messages which represents updates to the notarized document such as paid land taxes and more.
Namespace
Also, users can buy namespace or a unique name from the NEM blockchain and attached it to their account. When that name is already taken, it can't be used by another person for their accounts. So if a company will create a namespaced account with their company's name, they could prevent counterfeiting because everyone knows that only that account has the authority to create blockchain notarizations for their products and services.
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