Overview
Blockchain technology has created many significant changes and advances in our society. Its use of cryptography to encode data and create a secure, distributed ledger system has made it possible for many blockchain-based applications to be developed. Blockchain has emerged as a new way to verify documents by storing their data and the source of the document on a distributed decentralized ledger system. According to the World Economic Forum, Blockchain has “a great potential to eliminate middlemen in various processes and make them far more efficient”. Blockchain technology is also found in other industries such as banking and healthcare where it has been used for enhancing security. The most common use case for blockchain is Bitcoin which acts as a digital currency or crypto currency that can be transferred without any third-party involvement or geographical restrictions.
There are several varieties of document fraud, and each one demands a unique method of detection. To categorize the many forms of fraud and to detect them, it costs time and money. This is where a smart document authentication solution based on blockchain technology might be useful. We learned throughout our research that Blockchain uses distributed ledger technology to store documents on the distributed ledger, ensuring the accuracy and integrity of the document.
Document verification in organizations
In today’s digital world, document validation and certification are essential to have credibility. One of the primary problems, whether you work for a company, a hospital, an educational institution, a bank, or any authority, is that many lack the resources, knowledge, or technology necessary to adopt current document authentication.
A blockchain-based system can offer both public and private confirmation of a document’s or certification’s validity and can act as a clearinghouse for verification of these documents. Digital certificates that are impossible to counterfeit can also be issued using a blockchain-based document verification system. This enhances trust and openness for an organization and helps avoid reputational threats.
A Suitable Solution
When processing a student’s registration for admission to a college or university, document verification is one of the most crucial processes. Document verification is generally done manually by the university. We want to eliminate a constant need to manually verify documents which might not be accurate. So, we plan on developing a platform to make document verification easier and efficient for both students and university. This would help the universities in completing the work in less time, minimal effort and accurate result.
Our Experience
Building this project and running it has been a very good experience for us. We have used Solidity in building this project. As Solidity is a new language for us, we have spent half of the time learning and getting used to it. Thanks to this project which helped us to experiment, execute, and explore new ideas.