Important documents have traditionally been printed and filed into an endless stack of records, making it cumbersome for others to access them. As technology involves offering a hand, we are gradually moving from physical files towards digitizing documents. This tectonic shift to a paperless domain can also be an enormous milestone within the way we preserve and access our records. These documents gain sizable importance just in the case of Law Firms and Financial Institutions. This allows firms to carry out business in an optimized environment, saving both time and money and adding an extra layer of security.
3 ways ProofEasy provides better perks than traditional protection and verification methods
The ongoing pandemic has altered our methods of sustenance. It has also changed how we work and what it means to live in a connected and resilient urban environment. Now more than ever, Law and Financial organizations try to vary the way we use technology for the advantage of excess.
ProofEasy offers technology to shift online by seamlessly converting a hard copy of contracts to pdf formats.1. Storage for the long haul:
ProofEasy, powered by Blockchain technology, offers a secure and verifiable mode of ensuring how vital documents are often stored for the long run2. Encryption and security:
This technology ensures end-to-end encryption and security for all essential documents, which may be stored within the safe environs of the cloud.3. Verifiability:
The documents stored with the help of Blockchain technology ensures the verifiability aspect of all documents, which are essential for Law firms and Banking institutions
Security issues and how ProofEasy handles them
Storing and verifying documents on the cloud is typically faced with some scrutiny level by institutions, and it’s no surprise why. During a world riddled with identity theft, fraud, and firewall attacks, the pressure of keeping financial information, legal documents, and contracts safe, is insurmountable.
According to Accenture, 68% of business leaders world wide feel their cybersecurity risks are on the rise.
To combat the increased threat risk and provide a secure alternative, blockchain technology is typically leveraged to feature a further security layer. ProofEasy uses a singular hash value to verify whether a document is true and proper.Hash values are often compared to the DNA or fingerprint, whereby no two hash values are equivalent.
The original document is processed through a cryptographic algorithm, and a hash value is produced, which identifies the first document. If there is any modification in the form, the worth of the hash also will change significantly.
Using a cryptographic algorithm means customers aren’t required to store the first document on the blockchain, and their information remains private.
Hash code helps ProofEasy secure data
Blockchain technology can be well described by breaking the block and chain down and explaining how each part works. Each “block” within the chain could also be a digital piece of knowledge composed of transaction information, like time, dollar amount, etc. The following report of knowledge stored within the blocks includes the participants within the transaction. It acts as a digital signature using unique identifiers. The final part of the experience accumulated could also be a unique code called a “hash”. It adds the last word layer of security that ultimately identifies the block from every other block. As the user continues to feature more data pieces to the primary block, another link within the chain is added to trace the unique number of transactions. The chain links still increase the complexity during which the data is stored, which essentially insulates the stored data with layers of encryption and security.
Information is stored in blocks, and every one of the blocks is connected with other blocks containing data before and after it. Given the complexity of how the data is stored, it would make hacking nearly impossible since hackers would wish to interrupt each block to achieve the information they have to tamper with. The procedure by which data is stored within the blockchain is what shelters all data-points and linear protective measures.
Cryptography- the other layer of security
Further, the records inside a blockchain are secured through cryptography. This means each network participant has its private key and these act as a personal signature. If the document is moderated under any circumstances, the signature becomes invalid. Thus, the network is notified of this tampering. ProofEasy works in this manner. Everyone on the document chain is notified of any alterations to the loaded documents and shared on the network. The introduction of “smart contracts”, which allow people to transact and exchange money, property, shares, or anything valuable in a transparent, conflict-free way, avoids a middleman’s services.
The shift towards moving to paperless ecology requires institutions and firms to look at advancements in technology while keeping information secure. A large number of industries have adopted blockchain technology to keep up with the strain of doing business securely.
According to a research by Gartner blockchain will generate $3.1 trillion in new business value by 2030 Blockchain technology allows for verification without requiring third-parties.The data structure during a blockchain cannot be altered or deleted. All the transactions and data are attached to the slab once maximum trust verification has been performed. There is a concord of all the ledger participants on what is to be recorded within the league. The transactions are recorded chronologically, so all blocks within the blockchain are time-stamped. The origin of any ledger is often tracked along the chain.