An apostille is a special seal that certifies the authenticity of a notarial file on the blockchain. It is often used for documents that are issued in one country and are required abroad. Thanks to this apostille, it is possible to ensure their originality, which is why they are ideal for use in high-value documents, such as wills, deeds, certain contracts, etc.
Let's take a look at what apostilling documents with blockchain in deeds consists of and what this means for notaries' offices.
what is the purpose of apostilling documents in notaries' offices?
Legally speaking, the apostille serves to certify the authenticity of a document and prevent forgery. Traditionally, when we wanted to validate a deed, we needed the help of a third party: the traditional notary. However, thanks to the possibilities of Smart Contracts and Blockchain technology, we can certify documents and dispense, as far as possible, with the figure of these notaries. Users can even have a unique key linked to them.
For this reason, it is not surprising that licenses, patents or commercial registers are increasingly close to the implementation of this technology, so much so that "the countries that signed the XII Convention of the Conference of the Hague Conference on Private International Law of 5 October 1961 therefore recognise the authenticity and validity of all documents bearing an apostille, regardless of the country in which they were issued".
are notaries making the leap to blockchain technology?
A couple of years ago, the 28th International Congress of the International Union of Latin Notaries was held in Paris, a conference in which highly topical issues were discussed, such as: electronic copying, direct incorporation of files, blockchain technology, etc. Although at that time the blockchain was discussed as a technical tool that would not replace notaries' offices, many of them, like other businesses, are beginning to ask themselves questions like this: Will notaries survive the development of the blockchain?
Advances such as artificial intelligence (AI) or Smart Contracts have been rapidly approaching businesses to provide greater effectiveness and independence, replacing the figure of the trusted third party with the trust generated by technology and information technology.
Statements on blockchain in notaries
do you think notaries are going to survive blockchain technology? Many of them believe that in the short term, blockchain is not going to change their business model, but what will happen a few years from now? It may not be the time yet, but the EU is assessing its future. The truth is that the reason why this debate is taking place is because blockchain is capable of doing certain notary functions, such as recording data.
The key to change in this sector is not to see this development as a threat, but as an opportunity, as notary Carmelo Llopis, from the General Council of Notaries, told Expansión: "as happened with the emergence of electronic signature technology, this may become an opportunity for Spanish notaries rather than a threat".
Javier González Granado, an experienced notary from Formentera, has emphasised the main application of blockchain in the immediate future: "The validation of electronic copies of documents". However, if there is one thing he is reticent about, it is the lack of regulation of the cryptocurrency system at the European level.
do you know the advantages of the blockchain for your deeds? Do you already know what it is to apostille documents?
