How is Blockchain Influencing Varied Industries in Document Management?
Blockchain technology has made quite an impact in the cryptocurrency world. But did you know that this technology can also contribute to overall digital document management systems? Several industries globally are adopting blockchain-based solutions to accomplish different operations related to the documents.
Blockchain secure documents are especially gaining popularity as they are able to provide better security solutions for the documents. Many industries such as education, health, legal, real estate and more prioritizes document security and maintaining a hassle-free management of documents.
Despite the best efforts, digital documents are prone to cyberattacks that jeopardizes the security of these documents. Companies are willing to invest in the best technologies and blockchain is one of them.
Let’s take a look at how blockchain technology is influencing varied industries in overall document management. Keep reading till the end to find out.
Education Sector
The education sector has evolved a lot in the past and is surely much open to adopt new technologies for upgrading different systems. When it comes to document management, the education institutes worldwide are a little far behind.
Previously, much of the documents were maintained in paper-based systems and it is still existent in several educational institutes. But paper documents are easy to manipulate, duplicated and prone to get damaged. Also, the chances of recovering them is considerably low.
Digital documents on the other hand are pretty easy to share and maintain but they fail to avoid security concerns. This is why many eminent institutes worldwide are testing out blockchain technology for maintaining academic document systems.
Institutes can secure educational documents with blockchain and ensure the cases of certificate frauds and other academic transcript forgeries can be eliminated. Blockchain can especially come in handy for student records keeping systems.
But that is not all, blockchain backed interfaces can also be integrated with QR code technology to enhance the way academic documents are handled in the education sector. Educators and potential recruiters can access and even verify the authenticity of students’ academic transcripts with simple blockchain-enabled QR code scan.
This not only eliminates the intermediary steps involved in transcript verification but also saves time and energy. Additionally, learners can have their academic transcripts intact even long after they graduate from university. The immutable structure of blockchain technology helps in keeping the documents secure and uncompromised.
There are more ways in which blockchain is helping the education sector in overall document management.
Legal Sector
Document security is of utmost importance in the legal sector. Confidential data of cases and sensitive information shared by clients are required to be protected. Additionally, the transfer of documents among relevant parties needs to be carried out rapidly for maximized efficiency.
But the legal sector around the world still relies on paper-based documents for overall data management. This complicates the varied activities that are involved in law firms. The maintenance of several paper documents can be labor intensive and time consuming.
However, blockchain technology has the potential of streamlining the overall activities and bringing more efficiency. With this advanced tech, law firms can maintain documents with improved security and protect it from hackers and other cyberattacks.
The data remains protected with blockchain integrated security and can be shared to different concerned parties without the risk of any security breach or information leak. In fact, all of the concerned parties can be on board and activities involving the documents can remain transparent.
Consensus plays a key role in blockchain technology and any changes made in the document can only be attained when all the intended parties authorize it. This also facilitates the chain of information that is being shared for a particular case. All the concerned parties will get the information instantly with the help of blockchain secure documents.
Plus, law firms can further enhance the management of legal documents by adding blockchain-powered document authentication QR code. This will aid lawyers to authenticate any documents related to a particular case with just a simple scan and even transfer the documents to other intended parties without the concerns of any security threats.
Real Estate
Another industry that could greatly be influenced by this advanced distributed ledger technology is real estate. Duplication, tampering and forgery of data are pretty common in the real estate industry.
Paper documents are of no help as they can be easily manipulated and can be used for gaining illicit goals. Digital documents also have several loopholes that may jeopardize the security of these vital documents.
Blockchain technology can bring in the benefit of securing the documents with its tamper-proof and immutable attributes. Without valid authorization no tampering of data is possible with the documents.
Also, the blockchain interface helps in streamlining the operations and carry out the documentation progress in a timely and suitable manner. Blockchain secure documents can be programmed with smart contracts that makes the execution of documents to different concerned parties only when the terms and conditions are met with.
Key Takeaways
Blockchain powered interfaces can definitely make a contribution in overall document management. The technology not only has the potential to improve the way documents are stored, shared and verified but most importantly helps in establishing a highly secure documentation system.
The decentralized, immutable and consensus mechanism of blockchain powers the document maintenance system and fulfills the demands of specific business needs. We at ProofEasy offer a blockchain supported document solution that aids in verifying, sharing, accessing and security different types of documents.
