According to Gartner, Records Management is ripe for developing Blockchain applications to create opportunities for cost efficiency and revenue acceleration. Technology can transform and expand the capabilities of various Records Management Processes. It also has far-reaching implications for cost-effective intellectual property protection and verification.

This article does not provide basic information about Blockchain Technology. Instead, we address some of the unique challenges of Records Management and how Blockchain Technology can help.

Obstacles in Records Management Processes

1. Confidentiality

Business information must be secure while ensuring that the parties to the transaction have complete privacy and confidentiality. Records should also be accessible only to those with a need to know. Centralized databases are vulnerable to security breaches because they have a single point of failure.

2. Compliance with Data Regulations

Over the last ten years, there has been a large increase in global cross-industry regulations. Organizations must demonstrate to auditors or courts that there has been no intentional or incompetent corruption of digital data, workflows, and protocols for Government Sector or Regulatory Enforcement or e-Discovery.

3. Inefficiency in Industry

Consolidating transactions through individual and private ledgers is time-consuming and error-prone. Today’s distributed Records Management Systems, which involve multiple parties, suffer from slow processing, high costs, and high risk of error, and often generate inaccurate and inconsistent results.

Benefits of Blockchain for Records Management Solutions

Records Management Professionals should learn about Blockchain because of the following reasons:

1. Cost-effective

The most obvious benefit is cost savings. Processes can be more efficient and less expensive because blockchain transactions do not need intermediaries. There is no need for auditors or legal experts to check the accuracy of the results, so these costs are removed from the equation.

2. Efficiency

You can get things done faster with fewer employees to work with. Transactions that would normally take days due to multiple logouts can now be completed in seconds.

3. Safety

The fewer people involved in a transaction, the less likely it is that something will go wrong. Points of handover are a big weakness that blockchain basically removes.

Exploring the Potential of Blockchain in Document/Records Management

1. Tracking

Using blockchain as a foundation allows you to securely track usage and ownership of records. It will ensure that your files are still immutable and that all intermediaries are removed. It uses a time-stamped block method to implement a clear dual record system with direct document history.

2. Confidence

With Blockchain Technology, you can secure and decentralize your data storage. In addition, it uses tokenization to ensure a stable client registration process and uses built-in proof-of-origin techniques to prevent fraud. With blockchain, you can secure data at all levels thanks to a multi-layered role-based, and coded approach. You can also use encryption and hashing to protect your data from hackers. All of this happens in constant compliance with the GDPR.

3. Acceleration

Preparation, issuance, and retrieval of documents are automated using blockchain and smart contracts. As a result, it is easier for your business to manage and regulate the network. Time-consuming mechanisms of reconciliation or agreements will then be put out of your mind. Thanks to a special consensus algorithm, the blockchain accelerates the verification of transactions. Saves valuable capital by avoiding transaction fees.

Applications of Blockchain in Records Management in Various Industries

1. Management of Legal Documents

Blockchain enables logging and hashing of legal documents, automatic taxation, improved security of digital identification and biometrics, and support for global ID and certification.

2. Document Management in Accounting, Finance, and Insurance

With built-in regulatory measures and irrevocable and encrypted transactions, businesses can enable multi-factor authentication, peer-to-peer lending, and digital banking support.

3. Logistics Records Management

Businesses can use blockchain to track provenance and supply chain records, as well as automate payment processing, support stakeholder databases, and log trust scores.

4. Document Management in Healthcare

Healthcare stakeholders need to ensure that access to EHRs is secure, that health insurance is collected and stored efficiently, that the supply chain of prescription drugs and supplies is deregulated, and that clinical research data is encrypted. This can be easily achieved with Blockchain Technology.

5. Document Control for E-commerce and Retail

Product warranty digitization, P2P marketplace support, chain control, and CRM record management are all options available to retailers and distributors.

6. Document Management in Telecommunications

Telecom behemoths can create SLA document flow automation, digital identity for KYC document verification, call detail record management, royalty, and digital asset or payment management.

7. File Management in the Real Estate Industry

Intermediary-free contract execution, support for liquid assets, encryption of marketplaces and ownership data, and immutable information on cadastre and real estate transactions can all help streamline real estate management.

When it comes to document management, we prioritize protection. We are proud to say that our approach is built on a solid foundation of success and durability. Contact us at info@bigsteptechnologies.com and let us take care of the rest.