The storage and falsification of documents are one of the main problems that various companies, businesses, and organizations have, especially in a highly interconnected world where there may be many vulnerabilities in the network, which is why it is important to have decentralized systems for protection and management of different online resources, in this case, documents. As a result of these needs and problems, different solutions have appeared on the market that use blockchain technology to protect and manage various documents.
One of the most representative resources regarding document management and compliance with agreements are smart contracts, which are programs that facilitate compliance, guarantee, and execution of agreements between two or more parties (people, companies, organizations, or entities). These types of contracts make certain actions “happen” or are “executed” automatically when a specific condition is met; in this case, the most important advances have been developed by the Ethereum network.
The main objective of smart contracts is to provide an additional level of security to traditional contracts, provide a guarantee to “the law” of the traditional contract, and reduce transaction costs associated with contracting. The transfer of digital value through cryptocurrencies can open the door to new applications that use smart contracts effectively.
Emergence of new services
As part of the innovation, different companies have recently launched some specific services on the market to prevent the falsification of documents, to provide greater reliability and transparency of documents (based on the cloud); in this way, it is intended to solve the problems caused by forgery or mismanagement of documents.
An example of this is the service called Paperless from Samsung SDS (a subsidiary of Samsung Group), a type of cloud-based blockchain-as-a-service (BaaS) solution focused on companies that manage secret documents such as contracts. Consent forms and certificates on the blockchain to avoid counterfeiting. This new service can be used in various fields such as business management, electoral processes, or tasks that require justification documents.
Deletion of documents
An important challenge in this area is to allow the management of documents that must be eliminated after a certain period of time; for example, many of these services encrypt and store confidential data on a separate server, maintaining the “hash” value of each data, on the blockchain. Since all the data history is recorded in the blockchain in real-time (from creation to deletion), this feature makes the procedure more secure and reliable.
What do you think about this topic? Do you think that the blockchain can contribute to the protection and management of documents?
If you want more information about our products and services, you can contact us or write your query below (comments section).
Image by jannoon028 via Freepik.es under Creative Commons license.