In conclusion, while blockchain has the potential to revolutionize many aspects of the notarial profession, it will not entirely replace the need for notaries.
Will notaries be replaced by AI?
The direct work that notaries do won't go anywhere, rather, will be transformed. To be precise, the very way this work is done will change. That said, some of the processes will become more automated and will exclude the human involvement. For example, the verification of signatures.
Will blockchain replace lawyers?
They won't replace lawyers completely, but blockchain-based smart contracts are moving towards broader usage as increasingly sophisticated companies embrace blockchain for everything from supply-chain enhancements to document archiving, data storage, and managing cryptocurrency-based financial transactions.
Will blockchain replace realtors?
Well, many experts believe it would gradually replace them as it gets increasingly adopted. Existing real estate agents can however support blockchain technology by acting as 'data miners. ' They will be able to verify and store real estate transactions on-chain instead of the conventional off-chain systems.
What is the role of notary service with blockchain?
Using blockchain, notarial deeds could be recorded transparently and securely on the blockchain, allowing immediate verification of ownership and simplifying the process of transferring ownership between the parties involved.
What is notarization in blockchain?
Meaning: Notarization on Blockchain - an official fraud protection technique that assures the participants of the transaction that a certain document or asset they are dealing with is authentic and trustworthy.