With each passing day, blockchains play an increasingly important role in different spheres of our daily lives. Although we are in a very early stage, there is no doubt that within the next 5 years the use of blockchains will be something of every day.
Let's remember that blockchains became popular with cryptocurrencies but their application has spread to various fields and sectors where they are playing an important role in the validation of documents and contracts.
For their part, Notaries Public in Mexico are professionals in Law who have been invested with public faith by the State to provide legal security and certainty to different acts and facts of which they attest with full autonomy.
In real estate matters, for example, Notaries document and give legal form to purchase-sale transactions through instruments such as public deeds, providing certainty and security regarding the transfer of property to the parties involved.
Blockchain is a technology that provides a decentralized and secure record of transactions.
As said before, Blockchains are decentralized and distributed ledgers that use cryptography to ensure data integrity. Every transaction or document recorded in the blockchain becomes immutable and cannot be modified later. This ensures that documents validated on a blockchain are secure, transparent, and trustworthy, providing confidence to all parties involved.
Likewise, the records in the blockchains are immutable. Once a transaction or document is recorded on the blockchain, it cannot be modified or deleted without the consensus of the network participants. This provides a transparent and auditable history of all transactions, improving traceability and reliability of validated documents.
Although the benefits of using blockchains in document validation are evident, there are challenges and legal considerations that must be addressed for a mass adoption of this technology in the notarial field. In Mexico, Public Notaries are backed by an established legal framework and their authority is recognized by the courts. For a blockchain to replace a Notary, the laws would have to be updated to adapt to this new technology. On the other hand, Notaries play a crucial role in dispute resolution and mediation between the different parties involved in a matter. Although blockchains can automate a large part of document validation, there are complex situations that require human intervention, so the impartiality and legal knowledge of Notaries becomes essential in many cases.
There is no doubt that blockchains will revolutionize and change the way many things are done today. Regarding the possible replacement of Notaries by this new technology, it seems difficult for it to prosper due to the role they play in solving complex problems, however, blockchains can be used as a very powerful tool for document validation that serve notaries and authorities to carry out their registration activities.
