Notarization in Blockchain (Part 3)

Type 3: Transfer of Document Ownership

The notary service in the last part brings in the concept of ownership. The ownership is achieved by either an external user account system, or relying on third-party such as Certificate Authority in Public Key Infrastructure (PKI) system. In implementation we can use either larger data space in native transaction, or contract coding capability on blockchains.

Ownership Recorded in Database

We are referring the same model in previous article.

Ownership Recorded on Blockchain

All the other implementations in the previous article, except the one mentioned above, are classified as on-chain approach, that is, the ownership is recorded inside the blockchain in various ways. In summary they are one of the following,

  1. recording signature created by a user into data field inside the transaction, and use transaction ID for verification
  2. recording signature in a deployed contract, and use hash for verification

A Different Approach from NEM: Apostille

NEM blockchain is a public ledger which provides some unique features. And these features provide a different way in handling transfer of ownership in document.

  • the transaction is sent to the sink account (TC4PYL…).
  • the message contains the file hash from the screenshot above
  • to remove one from the co-signatory list, approvals of all except the one to be removed are needed.

Summary

We see various ways to handle transfer of ownership of a document on the blockchain. Depending on the implementation it can be simply an update on a central database, a new transaction on the same hash value, execution of a function to update the record in a contract, or a different way using special features on a blockchain.

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