Escrow document signing and storage on the blockchain
The blockchain has an endless list of positive characteristics that make it ideal to be used in virtually any operation—real estate contracts, supply chains, record-keeping and others. Because all data stored on the blockchain become permanent, immutable and accessible anywhere by those involved, it becomes a much more efficient mechanism for handling any type of transaction and allows for instantaneous updating to all pertinent parties wherever they are. Dr. Craig Wright, nChain’s chief science officer and Bitcoin’s developer, has prepared an article on another area that could benefit from the blockchain, escrow document storage and secure signing.
In Wright’s own words, “We propose a system, method, server processing system, and computer-program product for operating an escrow document storage and secure signing registry. In one aspect, the server processing system is configured to: receive, from a user processing system in data communication with the server processing system, data that is to be securely stored and maintained on the server for the user. Such data will be encrypted in a manner that escrowed keys can be used to access data in the event that a third party is to access the data without the individual’s signing and encryption key (e.g., for access from the executor of an estate or a liquidator for a corporation). The data will be stored in a time-stamped and digitally signed format to prove the integrity of the document in a manner that cannot be altered. The document will be able to be signed by external parties who can validate the authenticity of the document without having to read its contents.”
The implications are truly fascinating, as the system completely eliminates the need for endless red tape and data manipulation for escrow solutions. Instead of multiple communications and back-and-forth trips to sign documents, everything is managed directly on the blockchain, immediately and efficiently.
Wright continues, “The database will be configured to write entire rows of data detailing a change to the data (who, what, where, and why). It can be done both ahead of and subsequent to the modification of data being made with a write of information to a log table in the database and to an alternate location.” All of that data can be instantly validated, further reducing the time needed to complete a transaction.
Such a system would benefit from the large capacity of the Bitcoin SV (BSV) blockchain. Already having shown that large blocks are not just possible but feasible without a loss in continuity, the BSV blockchain has been developed in accordance with the original Bitcoin design and is the only blockchain that has achieved blocks of more than 1GB. This means that large amounts of data can be transacted on the blockchain easily without impacting the overall function of the network.
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