In the era of digitization, the requirement for securing and managing documents is turning out to be increasingly crucial. It is because of the massive number of digital artifacts such as birth/death certificates, educational certificates, driving licenses, medical records, employee service records, sale /property registration records, MOU/agreements, etc. Similarly, there has been inefficiency in paper and the challenging copy procedures across organizations.
Today, blockchain technology can be the most powerful technology for securely managing and storing documents and other records. You can also ensure blockchain document security once you use this technology. As a result, it can offer a revolutionary platform to the financial sector, educational institutes, businesses, and government bodies to keep confidential data safe and secure.
Records Integrity with Blockchain
A person can use Blockchain to create and store a cryptographic hash that works as a data reference check against any document or record, workflow, and signatures. If anyone changes any of those mentioned above, the hash stops working. Similarly, one can easily find out if a document is validated or not through the secure QR code. Once you put a QR code to any record or document; anyone can access the data only if the hash value of the QR code matches with the hash value registered on the blockchain network.
For example, you can embed secure QR codes into your documents and hence be sure that nobody can tamper with or change the data in the record. Even if anybody tries, the concerned people will know about the same. Secure QR codes are advanced and distinct from general QR Codes and work on dynamic Blockchain technology. It makes your confidential documents absolute, self-expandable, incorruptible, and self-patchable, without breaches or chances of failure.
There is a digital signature and encryption feature in Blockchain. Hence, it is considered a much more secured and forgery-resistant system. Cryptographically linked blocks give a record immunity against tampering. Furthermore, the particular hash value in the Blockchain is as secure as DNA or biometrics. Therefore, you can be sure that nobody can do forgery with the blockchain secure documents.
You can execute transactional elements of a legal agreement as software on the Blockchain with smart contracts. First, however, you must reconcile or synchronize the smart contract with its corresponding digital contract records.
The point is smart contracts are self-automated computer programs that may self-execute and self-enforce with the use of some pre-programmed conditions. Hence, they can run without any likelihood of interruption, censorship, fraud, or third-party intrusion.
In the absence of third-party assistance, decentralized blockchains allow doing transactions directly from person to person. So, if, being a user, you don’t want to put trust in a central authority, you can choose decentralized Blockchain as it plays a crucial role. Hence, you would not have to rely on any third party.
The Bottom Line
Blockchain technology will disturb different industries. Presently, substantial third-party providers dominate the document security storage market. However, it is now one of the main targets for Blockchain developers. Time is not far when everyone can access inexpensive, secure ways of handling even the most delicate data without any need to trust any third parties. For now, you can discuss your plans with experts at ProofEasy for the best blockchain solutions.