The trusted third party or digital notary in Spain: effect on virtual transactions

Abstract

Transactions carried out electronically are experiencing significant growth. However, in practice, certain differences may arise between parties to a transaction. To prove the existence of a transaction, as well as the specific circumstances in which it occurred, the concept of the digital notary or trusted third party was developed. Although this concept is intended to demonstrate the existence of certain elements, as we shall see, it is different from the notary in Latin systems. In the following article, we will refer to companies – both public and private – that have implemented this service. To provide it in a timely manner, they have to use certain security techniques, which we will analyse below.

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