Many businesses lose some percentage of their revenue to fraud every single year. Fraud can be a thing that can go unnoticed for a long time, and it is challenging for you to reveal it soon. However, the way frauds are getting advanced, so are the solutions to prevent them. For example, blockchain secure qr code integration can make documents, procedures, and data secure and tamperproof.
With digitalization, frauds are everywhere. From banking and finance to health care, insurance, and real estate, scams occur repeatedly. With Blockchain, an organization can ensure security and immutability. In blockchain technology, the main difference from the typical databases is that the technology stores the data in groups known as blocks. Once one of the blocks that stores data is complete, it automatically links to another block. Hence, Blockchain has a chain structure concept. Only approved network members can view the data in the Blockchain. Also, nobody can alter or change the recorded data, and the data stays transparent.
Top Features of Blockchain
Blockchain can prove to be a great asset in fraud prevention. Though Blockchain has numerous useful features, there are a couple of specific features that are critical for fraud detection and prevention:
1. Promises Immutability
Blockchain creates an unalterable record of transactions having end-to-end encryption. It lowers the possibility of fraud and unauthorized activities. Data on the Blockchain is stored across a network of computers, making it almost impossible to attack or hack as it is enormous. Moreover, nobody can change this data after recording a transaction or data in a blockchain. Before you add any data to the chain, all people in the network must verify the data, and each block added to the chain gets a timestamp. Then, on the completion of the entry process, the place where the assets emerge from and the process they undergo get determined.
2. Blockchain has Distributed Networks
Blockchain tech is a distributed digital ledger that records data. All authorized members can monitor the data and the transactions in the network and share them between computers. The management and authorization of data take place transparently. In the network, authorized people from varied departments like supply chain management or sales can access and control present and previous data. It allows any assigned team member to notice faulty or suspicious transactions without a central authority. Hence, Blockchain in fraud detection averts possible human mistakes and time wastage.
An organization can have a lot of confidential data that the company cannot afford to lose as it is sensitive. Hence, they need to provide access quickly. There should be a powerful way to ensure outsiders shouldn’t have access to confidential and sensitive data to prevent corruption. It is where permissions are critical and needed. You can establish blockchain networks based on a request for approval. It means that everyone cannot access the data. Hence, blockchain technology offers efficient and secure access to data and averts fraud.
For example, once you have integrated a blockchain QR code, the hash value of the blockchain secure QR code ensures the utmost immutability. Whenever one has to access the data, they have to scan the QR code. The code only unfolds the data if its hash value matches the Blockchain’s hash value. Hence, nobody can alter or remove the information on the Blockchain.
The Bottom Line
Any business, big or small, cannot take a chance with the importance of document security. Having said so, you should use the most advanced and effective technologies to prevent fraud. Since blockchain technology can ensure fraud prevention, try out blockchain solutions today. Experts at ProofEasy can help you integrate Blockchain into your organization.