Businesses, especially those that deal with large amounts of sensitive data, are always looking for more efficient and more secure document storage and management solutions. One of the most effective is blockchain.
Blockchain is a type of de-centralised database or ledger that’s used to record, store and share information between participants. Once information is added to the blockchain, it can’t be deleted or altered. Private blockchains provide restricted access to authorised personal, or nodes, in the blockchain network.
Essentially, instead of being stored in one place and controlled by one person, information added to a blockchain is copied and shared across a number of computers to create a transparent and secure record. This has a number of important benefits including improved accountability, increased security and enhanced efficiency.
One of the most important benefits of blockchain technology is that, once a record, or ‘block’, is added to the chain, it can’t be deleted or altered. This immutability gives blockchain document management integrity and value. It also prevents tampering and ensures the information stored is accurate and indisputable.
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Transparency is important in any organisation. Improving levels of transparency can encourage employee engagement, increase levels of trust and enhance company culture.
As all authorised parties, or nodes, can view records on the blockchain, the information stored in the network is very transparent and can be checked and verified by all participants. By providing this clarity, blockchain can increase levels of trust and accountability within your organisation.
Investing in blockchain for data security can help you to protect sensitive information and keep your organisation safe from hackers. In order to add information to a blockchain, users need two cryptographic keys. One of these is a public key, which is the address in the database, a bit like an email address. The other is a private key which must be authenticated by the network.
This robust security ensures only authorised parties can view records on the blockchain or add data to the network. It also helps to eliminate fraud and unauthorised activity. What’s more, as the blockchain is spread across multiple computers, it’s highly resistant to hacking and data breaches.
Having these blockchain security solutions in place will protect the information stored by your organisation or network, something that can significantly improve client trust.
Moving to blockchain records management can help to enhance auditability in your business. Every transaction added to the blockchain is recorded and time stamped. This creates a clear audit trail, something that’s crucial for compliance and accountability. Having this information easily available can make the auditing process quicker, more efficient and more affordable.
Blockchain can handle transactions significantly faster than most conventional methods. Using blockchain could reduce the need for intermediaries and manual record-keeping in your business, something that could streamline your processes and save you time and money.
In order to harness the power of this innovative database, Intandem Solutions has developed a number of tools and applications based on blockchain. Get in touch with a member of our team to learn more about blockchain and how our blockchain solutions could help your business.
We have provided expert software for a range of people, hear about how we have helped some of our clients.
We are delighted with the efforts of Intandem Solutions. They have delivered exactly what we asked for, the users are very happy and we have a demonstrable improvement in the quality and speed of management information relating to one of our critical services.
In 2006 Intandem Archive was selected for physical document tracking and was integrated for a pilot in the London Property Group. The File Tracking solution was since rolled out across the UK during 2007 and 2008.
With File Tracker our solicitors have gained the trust of legal assistants. They feel confident letting go of the files knowing they will be able to retrieve them again.
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