According to Gartner, document and data management is more than ever ready to build blockchain-based applications to ensure cost-effectiveness and faster revenue generation opportunities. Blockchain technology can change and extend the possibilities of various document and data management processes as well as the protection and authentication of broadly understood intellectual property.
Confidentiality and security
Year by year, the number of data breaches worldwide is increasing, revealing billions of confidential information. Security breaches are costing businesses more and more, and most corporations and institutions say they are losing control of their data.
Company information must be adequately secure, while ensuring that the parties to the transaction have complete privacy and confidentiality. In addition, records should only be accessible to those who are entitled to them. Centralized databases are prone to costly security breaches because they have so-called single point of failure.
Trusted third party
Blockchain is a relatively new technology that has a number of distinct advantages. The first is anonymity. Parties that visit the blockchain can carry out trustworthy transactions without revealing their identity. An additional advantage is the distributed blockchain structure that significantly increases the security of data and transactions. It should be remembered that blockchain is not only about records. It works for any type of digital asset, such as data, documents, photos, videos and backups. The use of blockchain technology as a durable medium is the latest trend that is gaining popularity in the business world. Its use makes it possible to implement a "trusted third party" confirming the credibility of activities such as economic events, documents, data or parties to a transaction.
Blockchain advantages for data and document management solutions
Data management specialists pay attention to blockchain technology due to a number of advantages, such as:
Profitability - The most noticeable advantage is cost savings. Processes can be more efficient and less costly because blockchain transactions require no middlemen and are largely digitized and automated.
Efficiency - The processes of making and documenting events or transactions can be carried out remotely, automatically, in a shorter time and with the involvement of fewer people. Thanks to a special consensus algorithm, blockchain also speeds up transaction validation.
Security - Thanks to the distributed ledger technology, we can secure and decentralize data storage. In addition, it uses tokenization to ensure a stable customer registration process and to prevent fraud. We can secure data at all levels with blockchain, thanks to multi-level role-based access and encrypted access. We can also use encryption and hashing to protect ours. All this is done in compliance with the GDPR and other industry regulations.
Blockchain applications - the use of technology in data management in selected industries
Legal aspects of data and documents
Blockchain allows logging and hashing of legal documents, automatic taxation algorithms, improving the security of digital identification or biometric data, and supporting global identification and certification. It also allows you to secure the appropriate evidence for the purposes of possible court disputes regarding economic events, transactions or documents.
Financial services
Thanks to built-in enforcement and irrevocable and encrypted transactions, companies from the financial sector can enable multi-stage authentication, handling, registration and settlement of financial transactions.
Logistics
Companies can use blockchain technology to monitor the origin and record of the supply chain, as well as to automate payment processing and support stakeholder databases.
Engineering and construction industry
Construction and engineering firms can create an unchanging record of the construction / design stage, monitor all design elements and assets, and store warranties and maintenance checkpoints in a safe environment.
Energy and infrastructure
Energy companies and infrastructure managers can monitor the chain of custody for web materials, ensure secure file exchange for energy trading, and adequately protect intrastructure, consumption and customer data.
Healthcare and pharmaceutical industry
Medical data is particularly sensitive data and should be subject to exceptional protection. Patient history, data on prescriptions and drugs, or clinical trials should be properly secured and available only to authorized persons.
Retail and e-commerce
Product warranty digitization, P2P market support, supply chain control, and CRM record management are blockchain technology options available to retailers, distributors, and the e-commerce sector.
Telecommunication
Telecommunications giants can create SLA document flow automation, digital identity for KYC document authentication, call log management, digital asset or payment management.
Real estate
Carrying out transactions on the real estate market in a secure manner, without intermediaries, encryption of transaction data and property data are selected areas that can use blockchain technology.
Blockchain technology as a durable medium in Virtual Data Room SECUDO
As part of the NCBR "Fast Track" Dealdone implements the project "SHARE - an encrypted platform of virtual workspaces", co-financed by the European Regional Development Fund under the Intelligent Development Program implemented by the European Union under the European Regional Development Fund. The project includes, among others implementation of blockchain technology, in particular a durable medium, enabling the monitoring of documents, users and activity in the SECUDO VDR system. The breakthrough technology will combine the functionalities of a high-class Virtual Data Room with the possibility of permanent data recording by a "trusted third party".
Why do we implement a durable medium in VDR SECUDO?
More and more entities are considering blockchain and asking about the possibility of using it in selected business processes and document circulation as a durable medium. The pioneers of this technology were financial institutions that implemented blockchain technology to exchange documentation with customers, confirm transactions and customer personal data. Step by step, the advantages of this technology are appreciated by selected companies which, in the era of digitization, switch to electronic document circulation, use electronic signatures and carry out transactions in the form of electronic records. Blockchain enables a permanent, encrypted record without the possibility of interference or data changes, and significantly reduces the costs of recording transactions, especially with large volumes of operations.
About us
DealDone is a specialized company that offers high-quality products in the field of information and data security. The DealDone team consists of people with many years of international experience in investment banking, investor relations, technology and cybersecurity. We offer services and software in the field of modern technologies for the circulation of confidential information, classified information, sensitive data and digitization, security, encryption and sharing of data and documents inside and outside the organization.
DealDone independently developed and introduced for sale the Virtual Data Room SECUDO solution. VDR SECUDO is a platform for secure exchange and processing of confidential information offered in the Software-as-a-Service model for business clients, in the form of virtual data rooms.