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blockchain is a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-distributed-ledger/">
distributed ledger</strong></a> of information that is batched into blocks, validated, and then <strong>approved</strong> as part of the blockchain <strong>by a network</strong> of distributed <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes via a consensus process. As a result, a <strong>network refers to every single node that is currently participating in the operation of a blockchain</strong>.</p>","level":"easy","meta_title":"What is Network? Definition & Meaning | Crypto Wiki","meta_description":"Network meaning: Network - refers to all nodes that are currently participating in the operation of a blockchain.","meta_keywords":null,"language":"en","created_at":"2022-03-23T13:25:14.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-network"},"prevSection":{"id":529,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Non-Fungible Token (NFT)?","slug":"what-is-non-fungible-token-nft","section":"N","keyword":"Non-Fungible Token (NFT)","status":"published","definition":"a unique digital asset stored on a blockchain that represents real objects and that cannot be copied, substituted, or subdivided.","content":"<p>Non-Fungible Tokens (NFTs) are unique <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-digital-asset/">digital assets</strong></a> that represent real objects like music, art, in-game items, etc., and they <strong>cannot be copied</strong>, substituted, or subdivided. NFTs fall into the category of cryptocurrencies. However, traditional cryptocurrencies are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fungible/">fungible, meaning that they are <strong>interchangeable</strong> and all units of a specific cryptocurrency are the same. That’s not the case with NFTs, as mentioned before, each token is unique.</p>\n<p>NFTs are used as digital proof of ownership of things. For example, one of the most popular NFT collections is <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/Bored_Ape/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Bored Ape Yacht Club (BAYC)</strong></a> which consists of <strong>10,000 unique bored Ape NFTs</strong> that are stored on the Ethereum blockchain. When you buy a Bored Ape, it becomes your Yacht Club membership card and grants you access to members-only benefits.</p>\n<p>Though note that in some rare cases, <strong>fungible tokens</strong> like Ethereum (ETH) can also become non-fungible due to some past activity. For instance, if a certain amount of ETH is used to pay for illegal things or activities, these tokens would become <strong>less fungible</strong> because they might not be accepted by certain exchanges.</p>","level":"easy","meta_title":"What is Non-Fungible Token (NFT)? Definition & Meaning | Crypto Wiki","meta_description":"Non-Fungible Token (NFT) meaning: Non-Fungible Token (NFT) - a unique digital asset stored on a blockchain that represents real objects and that cannot be copied, substituted, or subdivided.","meta_keywords":null,"language":"en","created_at":"2022-03-23T11:36:29.000000Z","updated_at":"2022-09-15T07:44:49.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-non-fungible-token-nft"},"currentChapter":"N","currentSection":"what-is-notarization-on-blockchain","chapterTitle":"N","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-notarization-on-blockchain","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter N
What is Notarization on Blockchain?
Notarization on Blockchain MEANING:
Notarization on Blockchain -
an official fraud protection technique that assures the participants of the transaction that a certain document or asset they are dealing with is authentic and trustworthy.
Let's find out Notarization on Blockchain meaning, definition in crypto,
what is Notarization on Blockchain,
and all other detailed facts.
On a blockchain, notarization is an official fraud protection approach that assures transaction participants that the document they are dealing with is authentic and trustworthy. The blockchain provides storage that keeps all records with information about these documents which cannot be changed or deleted.
Notarization has legal significance in real life. Originally, it is a three-step process performed by a notary public. The function of the notary public is crucial, and the outcome is legally binding.
With blockchain technology, there is no notary public. However, there are several remote notarization platforms available. Remote notarization platforms provide three main types of services:
- Proof of existence
- Proof of ownership
- Transfer of ownership
Therefore, a remote notarization platform allows document owners to prove their ownership and protect their rights, create contracts with other parties, and keep track of the latest signed documents on the blockchain.
