To start the article we will define what a NFT and later we will see if this technology could replace the activities of a notary. We can explain the term non-fungible, since it is considered as something that can be exchanged between people, it is unique and cannot be divided.
Therefore, among the essential characteristics of the NFT or Non-Fungible Token, are that they are unique, indivisible and transferable. They must also have the quality of being able to verify their scarcity.
Furthermore, it is of great importance to understand that there is a difference between the NFT and a Cryptocurrency. They are terms that are usually taken as the same since both are cryptographic tokens and work on the Blockchain network, the first is fungible and the other is non-fungible.
Easily anything can be an NFT, but a large number of them are totally digital files, among which are images, videos, GIFs, animations, audios, among other things that may arouse the interest of people to pay various amounts. of money in order to own them.
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What does Blockchain technology do?
Through Blockchain technology, it is possible to authenticate and certify whether an asset is original, regardless of whether it is physical or digital, without the need for the presence of a third party to certify this procedure.
It is important to mention that the Blockchain is a block chain of public, indestructible records and node certification, which makes it almost unlikely to change, adulterate or modify the protocols that are tokenized.
Originating as a result an evolution of a large number of activities that are carried out today, among which are public registries, national identities, authors, notary services and professions that give public faith.
At this time, a technology is being born that is responsible for encrypting, certifying and preserving the information included in the block chain. This new technology is being tested with works of art, collectible figures, photos, music, magazine covers, among others.
Being able to test the exchange ability, the security of the information, its clarity and veracity.
Can NFTs replace part of notarial services?
Before answering this question, we must differentiate between the functions of the Anglo-Saxon notary public and the functions of the Latin or Germanic notary public.
Anglo-Saxon Notaries
It is in force in the United States, the United Kingdom (and what had been its colonies) and also Scandinavian countries, only what it does is the legitimacy of the signature. That is, the verification of whether the signature belongs to a person or was made on a certain date.
Latin or Germanic notaries
It is in force in continental Europe (and what were its colonies) and China. In addition to the above activities, it accredits other functions such as:
- The capacity of the signatory (It is the notary who, under his responsibility, makes a judgment about it)
- The legality of the operation. That is to say that the parties have understood its content and that they write the document under their responsibility.
In addition to having other functions such as the prevention of money laundering, notification to the different bodies of the public administration part of the content of the granted: Cadastre, Tax Agencies, City Councils, Autonomous Communities, etc.
In short, we can say that if technological advances continue the way they are currently, the use of Blockchain will be able to avoid data falsification and will provide a set of information that cannot be eliminated. Activities such as manual verification of documents, the use of suppliers, payment to employees...among others, will be fully automated. In other words, in a few years it could supply the notaries of Anglo-Saxon origin.
Although at the moment, Blockchain does not write documents, nor can it guarantee its legality, nor prove the capacity of the grantors and their understanding of what has been granted. As the current notarial system is regulated, blockchain technology could complement, but never replace Latin or Germanic notaries.
