Undergraduate YPEC 2022

UG19 – Innotar: a Blockchain-based Notarization Platform

Innotar is a blockchain-based document notarization service with two main processes: authentication and recording. Its tasks include proving the existence of documents, ownership and transfer of ownership, electronic signature and verification, and it is designed to improve the efficiency of government notarization, facilitate the people and promote the construction of e-government. It improves communication efficiency among government departments, achieves regulatory transparency, and reduces security risks and human errors by empowering local governments with a public ledger that stores digital signatures. A notary public can notarize the authenticity and legality of documents by generating digital signatures, and the original documents are stored in the IPFS system, reducing the storage pressure and cost of the blockchain. Blockchain’s promise of tamper resistance, non-repudiation and traceability fits perfectly with the notary’s requirement for authenticity and integrity. Blockchain has the following significant advantages over traditional notarization: storage of documents and deeds is more secure, access to documents is protected by private keys, ownership of documents is transferred seamlessly across the network, and the transaction verification process is open and transparent across the network.