The new Veri-Lock™ app by Veritable Data Solutions, Inc. empowers notaries and, by doing so, prevents title fraud. The app uses blockchain technology to protect homebuyers, notaries, builders, title insurance companies, and – most importantly – vulnerable populations like the elderly homeowners. Learn the facts about our new app, including how it can help you defeat real estate fraud.
Options for Using the Veritable Notary App
Our app is compatible with iOS and Android to maximize accessibility for notaries. The app gives you two options:
Verify an ID
Notaries may simply verify the signer’s government-issued ID with the app’s state-of-the-art ID verification process. In seconds, you’ll know with 99.97% certainty whether the ID is real or fake. As further protection, the app compares the photograph on the driver’s license, passport, or federal/state ID card with other photos of the signer to make sure they match.
Use Veri-Lock™
Notarizing a document is easier than ever with the encrypted Veri-Lock™ app. This works alongside your paper notary journal, and Veri-Lock™ walks you through the notarization process step-by-step, using industry best practices to substantially reduce the possibility of being hit with a frivolous lawsuit. The online web portal allows you to easily recall specific notarizations and easily print reports when needed.
How the Notarization Process Works
The Veritable Notary App is simple and intuitive to use, seamlessly guiding the notarization process as you go. Here are the steps to follow:
- Enter the name(s) of the signer(s) who appear before you.
- Verify the signer(s) by inspecting their government-issued ID.
- Have the signer(s) sign the document.
- Add your signature and your notary seal to the document.
- The app generates a seven-digit code for every notarization you perform. For added security, you will write this number below your notary seal on the document.
- Take a picture of the signature page. This image is then encrypted and protected by blockchain technology. You can also use the PDF function to capture and store the entire document and send it to your client if requested.
- The app automatically records the date, time, and location to simplify the recordkeeping process and to prevent anybody from forging your seal.
What is Blockchain Technology?
A physical record is beneficial for identifying fraud after the fact, but a digital one can defeat fraud before it happens. The Veri-Lock™ app uses blockchain technology to ensure security with independently validated records and time-stamps, making it difficult for individuals to corrupt the system.
Blockchain was originally devised for the digital currency community to prevent double-spending, but it has since found numerous promising applications, including preventing notarization fraud. Here’s how it works: instead of storing information in a centralized location, blockchain distributes many copies of it as a decentralized database. This secures evidence about transactions for future use and prevents tampering, in case fraud is later discovered. Each time a new transaction is entered onto the blockchain, the decentralized “nodes” verify that none of the data has been altered.
By having a cluster of computers manage data rather than a single centralized entity, it is virtually impossible to falsify a single record without falsifying the entire chain. Thus, this technology preserves the integrity of a notarized document by maintaining a tamperproof ledger and holding everyone involved accountable for their actions.
How the Veritable Notary App Helps Defeat Fraud
Everyone who engages in real estate and business transactions trusts the notarial process to protect against forgery. Unfortunately, improperly trained notaries may unwittingly aid in scams by missing an important step in the screening process. Although they are uncommon, corrupt notaries may even choose to notarize fraudulent transactions.
In addition, the traditional notary process is a 13th-century technology that is all too easy for 21st-century crooks to outwit. Counterfeit IDs and fake stamps are more official-looking today than ever, and fraudulent title documents, like deeds, cost the real estate industry up to $750 million every year. These problems have led notarizations to be criticized for creating a false sense of security.
Veritable Data Solutions is changing all this. Here’s how Veri-Lock™ improves the usefulness and dependability of professional notary stamps:
- No more forgeries: Blockchain technology ensures the authenticity of signatures on deeds, powers of attorney, and other official notarized documents. Also, no one else can access your Veri-Lock™ account to generate the unique identifier code, which prevents fraudsters from stealing or forging your stamp.
- ID verification in real-time: The importance of identity protection can’t be overstated. Without control over your private, personal information, you could be open to identity theft. Blockchain technology makes it possible to validate government-issued IDs, so crooks can’t get away with attempted impersonation.
- Encrypted transaction information: Paper notary journals are perfectly acceptable where the law is concerned, but the Veri-Lock™ creates a digital trail on an encrypted blockchain network. This protects notaries and signers from identify theft and protects notaries from false lawsuits.
The Veri-Lock™ app’s blockchain system and AI technology help to empower notaries, title insurance companies, and other traditional “gatekeepers” in real estate and business transactions. It simplifies existing processes, makes transactions more efficient, and, in the future, should eliminate stamp forgery altogether.
Pre-register for Veri-Lock™today to be among the first to know when the app becomes available. By signing up, you’ll also enjoy the exclusive pricing and incentives of joining the Founders Club.
_________________________________
https://builtin.com/blockchain
https://blockgeeks.com/guides/what-is-blockchain-technology/
https://www.computerworld.com/article/3191077/what-is-blockchain-the-complete-guide.html