Data is a prime possession in any industry, business, or enterprise. There can be structured or unstructured data forms in paper documents. Documents mostly carry confidential and sensitive corporate ownership, transactions, policies, employee data, decisions, and evaluation data. Information is an important business asset, so document management turns out to be a crucial yet necessary business tool.
With more and more businesses transforming into the digital world, creating and applying the essential document and data management platforms is crucial. Moreover, the COVID-19 pandemic has enhanced the digital transformation efforts since more services are taking place online. In most document management systems available, there are loopholes and challenges. Well, blockchain technology can make things easy and secure through solutions like blockchain encrypted QR codes. You put a QR code on documents, and one can access it only if the QR code matches the QR code on the blockchain network. These QR codes include a unique hash value that must match. Thus, one can validate, track and trace the data easily.
Blockchain in Brief
Blockchain technology is a system of data recording that makes it impossible to change, attack, or manipulate a system. Technically, it is a distributed digital ledger of transactions working in a decentralized network of computer systems on the blockchain. Each block has different transactions; and there is recording done for addition of every new transaction to the ledger of each participant. You can use it to create effective and secure online documentation system.
Blockchain in Data Management
Blockchain technology has unique and distinct perks for enterprise document management systems. Blockchain technology permits transparent, trustworthy transactions where parties don’t have to reveal their identities. You also no need to register with any central authority. Hence, it effectively removes the expense of third parties in a transaction.
Blockchain helps in document management as it offers additional benefits to the traditional online document management systems provide. The technology enhances each feature and quality. Blockchain technology improves and eases document management in the below-given ways:
Easy & Secure Sharing
Document sharing is a crucial part of the document cycle, and blockchain technology removes the risk of unauthorized access or data corruption. Blockchain technology promises a reliable and secure way of sharing data throughout an organization.
The point is, that it evades the typical problem of duplications and the usage of different versions of the same document. It is because the moment a person modifies the document; the system will automatically register the update to ensure no misunderstanding emerges in the management of diverse files.
A document management system can be effective only if there is proper tracking. Blockchain ensures the tracking and validation of any alteration starting from creating any document, changes, signatures, delivery, or even receipt. Hence there remains nothing in the dark, and everyone can know where their data is.
With Blockchain document management systems having electronic authentication QR codes, a business can store data and documents in an immutable form. It guarantees that nobody can tamper with data. There is a recording of every action to take on a document to ensure transparency and traceability.
The Bottom Line
Businesses need to have a document management system to manage the business data smoothly and conveniently. With blockchain playing a role in data management systems, organizations can save time; money and bring efficiency as all their documents and information are available, securely, easily, and promptly. Find out how to employ blockchain for your business with ProofEasy’s blockchain-based solutions.