IOTA Launches Flexible Notarization Framework on Mainnet — Open-Source Alpha Live Now
The post IOTA Launches Flexible Notarization Framework on Mainnet — Open-Source Alpha Live Now appeared on BitcoinEthereumNews.com. IOTA Notarization has been officially unveiled to complement traditional systems in addressing document-related fraud that organizations face. Research suggests that organizations lose billions of dollars of their annual revenue to document-related fraud, which includes falsified invoices. In a recent update, CNF discussed the alpha release of the IOTA Notarization to enable developers, builders, and infrastructures to integrate blockchain-based data authenticity and integrity proofs into their products. According to that report, this comes with a ready-to-integrate tooling designed for individuals and entities that seek compliance, verifiable records, and tracking. Detailing this in a blog post, the IOTA communication team highlighted that the Notarization implementation is specifically meant to complement the traditional systems rather than replace them. Meanwhile, the existing systems with centralized databases were reported to be liable to modification. This implies that they could be tampered with, putting organizations at risk of fraud or costly errors. Confirming this, the National Insurance Crime Bureau (NICB) has disclosed that organizations lose 5% of their annual revenues to document-related fraud. According to them, this includes falsified invoices, unauthorized changes to contracts, or even manipulated credentials. The centralized solutions, which were expected to mitigate these risks, are, however, reported to fall short in the sharing of important information across organizational boundaries. How IOTA Notarization Solves This Problem In a blog post, IOTA explained that its Notarization does not rely on a single point of control. Instead, it ensures that decentralized tamper-proof records are created to enhance data integrity and authenticity. Its alpha release also introduces two notarization methods with different business requirements. The first is the Locked Notarization, and the other is the Dynamic Notarization. According to IOTA, the Locked Notarization is meant for very critical and permanent records, including the likes of certificates or contracts. It is designed to store data immutably on-chain.…
The post IOTA Launches Flexible Notarization Framework on Mainnet — Open-Source Alpha Live Now appeared on BitcoinEthereumNews.com.
IOTA Notarization has been officially unveiled to complement traditional systems in addressing document-related fraud that organizations face. Research suggests that organizations lose billions of dollars of their annual revenue to document-related fraud, which includes falsified invoices. In a recent update, CNF discussed the alpha release of the IOTA Notarization to enable developers, builders, and infrastructures to integrate blockchain-based data authenticity and integrity proofs into their products. According to that report, this comes with a ready-to-integrate tooling designed for individuals and entities that seek compliance, verifiable records, and tracking. Detailing this in a blog post, the IOTA communication team highlighted that the Notarization implementation is specifically meant to complement the traditional systems rather than replace them. Meanwhile, the existing systems with centralized databases were reported to be liable to modification. This implies that they could be tampered with, putting organizations at risk of fraud or costly errors. Confirming this, the National Insurance Crime Bureau (NICB) has disclosed that organizations lose 5% of their annual revenues to document-related fraud. According to them, this includes falsified invoices, unauthorized changes to contracts, or even manipulated credentials. The centralized solutions, which were expected to mitigate these risks, are, however, reported to fall short in the sharing of important information across organizational boundaries. How IOTA Notarization Solves This Problem In a blog post, IOTA explained that its Notarization does not rely on a single point of control. Instead, it ensures that decentralized tamper-proof records are created to enhance data integrity and authenticity. Its alpha release also introduces two notarization methods with different business requirements. The first is the Locked Notarization, and the other is the Dynamic Notarization. According to IOTA, the Locked Notarization is meant for very critical and permanent records, including the likes of certificates or contracts. It is designed to store data immutably on-chain.…
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