Back in April of 2017 Bitcoin.com launched a notary service that was based on top of the bitcoin core (BTC) blockchain. However, due to the transaction bottleneck and extremely high fees, the notary service became unsustainable. Now Bitcoin.com has re-launched the notary using the bitcoin cash (BCH) blockchain, and anyone in the world can prove ownership for only 0.0005 BCH (about $0.97).
Verify Essential Documents Using the Bitcoin Cash Blockchain
This week Bitcoin.com has re-launched the blockchain-based notary service that was once tethered to the bitcoin core blockchain. Unfortunately, the service did not work correctly because of transaction backlog, and high network fees to verify documents. Now the infrastructure is tied to the bitcoin cash blockchain making document verification extremely cheap, and fees are practically non-existent. Right now a user can upload a document for only 0.0005 BCH ($0.97), and the network transaction fee is less than a penny. (It’s important to note that records don’t actually “exist” on the chain per say, it is merely timestamped encrypted data that is tied to the file that’s processed into a valid BCH transaction.) Not only that but the proof will be verified in less than ten minutes, and you can rest assure the notarization service will be validated.
For thousands of years, people used third-party sources and notaries to verify essential documents like wills, contracts, birth certificates, and deeds. Governments also operate services that offer endorsement through its own notarization entities. Now with the existence of blockchain technology, individuals and organizations can use a more autonomous tool like the BCH chain to certify a file or document. When a person utilizes the Bitcoin.com notary service the file is signed into the bitcoin cash blockchain forever.
You control your own information — your document’s contents are not stored in the blockchain or ever exposed. Prove your document existed by comparing the blockchain entry of your document’s cryptographic digest to your actual document (if and when the need arises).
Using the notary service is easy, and all a person has to do is add a file by dragging it into the browser or using the file selector. Then you fund the anchor by sending BCH to the provided bitcoin cash address. Finally, after its confirmed, it will be signed into the BCH chain alongside a unique address and timestamp. Furthermore, users can also see the proof on the blockchain by checking the transaction on any bitcoin cash-based block explorer.
At Bitcoin.com we believe in decentralization, and the need for third parties can be disrupted by the power of Satoshi Nakamoto’s vision. A genuine peer-to-peer electronic cash can do wonderful things, and one of the many great concepts using transactions is also verifying important documents without the need for governments, banks, or corporate entities just like Satoshi intended.
Have you tried our bitcoin cash-based blockchain notarization service? Let us know about your experience in the comments below.
Images courtesy of Pixabay, and Bitcoin.com
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