Every day, employees handle thousands of documents, mostly in digital format. However, many other documents are still on paper. These documents are contracts, invoices, delivery notes, payrolls, purchase receipts, payment receipts, financial reports, educational papers, and more. These documents have heterogeneous information and are not always convenient to catalogue.
Moreover, document flows are one of the prime headaches for organizations in the contemporary age. The present models do not always permit you to detect duplicate data to find two employees using the same document simultaneously, with different versions. It leads to colossal disorganization that places the information security at risk, like employees misplacing the documents. It is also damaging to the productivity of a company or organization.
Easy Document Management with Blockchain
In the contemporary phase, where the entire world is moving towards digitization, blockchain technology is perhaps the most suitable and crucial technology for the management and storage of documents and other confidential records. Here are some of the many ways that blockchain makes data management easy, efficient and secure.
Enhanced Data Security
Seeing the high number of data breaches in the past few years, you all have good reason to be concerned about the misuse of your data. Recently, large companies, agencies, and even government bodies have also been subject to damaging attacks. Though attacks on small businesses are less probable to steal the spotlight, they are no less regular in their occurrence.
Security techniques, like encryption, effectively fight against data breaches, but they cannot offer complete protection. As a result, even the systems of businesses with the highest levels of security experience data leakage. However, blockchain technology can offer higher assurance against data breaches.
A blockchain document management system allows organizations to store and guard their valuable data and documents immutably. For example, you can use a blockchain secure QR code and put it on every document. In this way, you can organize the documents well and validate the data efficiently. If anyone wants to get the data, he has to scan the secure QR code on the document to get the data. The data will reveal if the QR code matches the QR code on the blockchain technology network. Secure QR codes carry a unique hash value that ensures immutability. Hence, it promises that nobody can tamper with the documents. Similarly, if anyone takes any action on a document, right from its origin to accessing the document and making any amendments, the participants can trace it right away.
Data sharing is another critical area wherein blockchain technology can offer a solution. The decentralized nature of blockchain enables you to share the data easily across organizations. The organizations can control who can get access. You can store the information on a dedicated ledger in a blockchain database that individuals and businesses can access online. You can give the organization the authority to read or edit certain fields. Similarly, they can share specific data with other agencies. The organization can enjoy the permission to write data, but the user holds ultimate control.
Blockchain technology allows businesses and organizations to integrate advanced encrypted document signature features into their confidential documents. It makes the receiving of offers, contracts, and invoices simple, dependable, and legally verifiable. In addition, it decreases the threat of disputes and removes security problems.
Once using blockchain technology, the actions that the users perform within the system, like the change, creation, delivery, signature, and even receipt of documents, everything you can track and certify with blockchain verification.
The Bottom Line
Blockchain technology is yet to reach extensive adoption, though blockchain applications are turning out to be more common in both public and private industries. In addition, blockchain technology is witnessing various new technological developments. If you haven’t already thought about the future potential of blockchain for your organization, this is the time. Talk to experts like ProofEasy and get started!