With countless data breaches, exposed records, and data leaks plaguing businesses of all shapes and sizes, the need for secure digital document security has become more important than ever. Aside from facing serious reputational damages, companies can spiral into financial catastrophes if documents end up in the wrong hands or aren’t maintained securely.
This is where the need for blockchain document management seems critical for every business that takes its document security seriously.
But what exactly is blockchain technology? What benefits does it bring to the table? How can it offer rock-solid security for your documents? Read on to understand.
What challenges surround traditional storage & security?
Forgery is often the most common disaster businesses suffer due to their traditional storage and security system. A lack of security also means there is no way of knowing how many documents could be fake. This can turn into expensive financial damages. Another major drawback of traditional storage is document losses that can be difficult or impossible to retrieve. Paper storage consumes plenty of space and requires a fair of resources for printing, sorting, and storing.
A deep dive into how blockchain works
Businesses have several benefits to glean from blockchain technology. Blockchain deploys an immutable and shared ledger that only the members with appropriate credentials can access. The members get to control the type of data every member or organization can access and the type of actions each one can take.
Factors like robust security, immediate traceability, and better transparency make blockchain the safest option for storing information today. If a company uses blockchain, it holds total control over all the documents to which the individuals have access and to what extent they can edit the stored data in the network.
Any system that has access to the blockchain can store a complete copy of the data locally. This means anyone making changes to a specific file can do so only if all the machines on the network can verify it. This consensus mechanism ensures there is no possibility of faking any information.
Blockchain also maintains a record of every edited document and the individual who edited it. The high-end features of blockchain help companies reduce errors, eliminate time-consuming paperwork, and eliminate the need for third parties to verify the transactions it makes.
What things does blockchain secure your documents from?
Here’s a quick look into how blockchains offer maximum security for all documents.
Cyberattacks
Cyberattacks have been one of the most expensive and inconvenient issues businesses have faced for years. Blockchain technology has evolved into a practical solution that ensures no unauthorized access tampered with a company’s data.
Every piece of information stored on the chain is fully encrypted with a cryptographic algorithm to offer the most secure method of storing data. Blockchain helps companies quickly detect and thwart malicious attacks through its peer-to-peer connections.
Fraud
Companies had to maintain separate databases before the emergence of blockchain technology. Blockchain, on the other, offers a distributed ledger where data can be identically recorded across multiple locations.
This data would only be accessible to members with the appropriate permissions. In addition, blockchain ensures the immutable recording of all transactions. The possibility of these features helps shut down any room for fraud.
Unverified data
Blockchain gives businesses complete control over all documents. It also controls who can access the data and make changes. Every computer in the network possesses a copy of the data stored locally. So, whenever anyone attempts to make changes, the blockchain requires verification from everyone on the network. This reduces the possibility of unverified data entering the company’s systems.
Benefits of blockchain document and data management
From end-to-end encryption to secure communications – here’s how you can benefit from blockchain document and data management
Encryption
Companies today are made up of valuable data which must be protected at all times. Blockchain offers the most secure way of viewing and sharing sensitive company information. It helps companies maintain an end-to-end encrypted record of all transactions to keep any unauthorized activity or fraud at bay. Information on a blockchain is not stored in a single server. Instead, it is stored across a network of machines, making it difficult for hackers to target it.
Secure sharing
The only individuals who can access information on a blockchain are the ones who possess the proper credentials. The company can even limit access to certain documents for a specific group of people. Blockchain document sharing can close its door to unauthorized people by offering effective role-management of user access.
Secure communication
Generally speaking, blockchains are made of data that is put together in blocks. Nobody can tamper with a blockchain because each block links with the blocks before it in the form of a cryptographic chain. Each transaction unfolding within a block works on a “consensus mechanism,” which ensures the transaction is entirely correct and accurate. Blockchain document signing also makes it incredibly easy to find and sign any document by downloading it and adding a signature.
Reliable storage
While cloud storage helps companies store massive chunks of data, it does little to offer the highest security for data protection. This is the storage gap that blockchain fills in. With blockchain, only people with the proper credentials can access documents within a block.
More importantly, a company’s data can never be destroyed with blockchain. Not only can the lost data be easily retrieved, but it also offers solid security when recording any changes.
Document integrity
Blockchain cuts the possibility of making unauthorized changes to any documents on the network. Whenever any changes are made to a document, the blockchain’s revolutionary technology records all the edits, including the person who has accessed it. It also has an easy way to trace all the document edits ever made.
Does blockchain replace my need for WORM storage?
Concerning compliance with several rules and regulations, WORM or Write-One-Read-Many storage plays a critical role. FINRA’s rule 17a-3, for example, requires registered businesses to follow WORM. Other legal requirements like HIPAA for healthcare also require the use of WORM.
WORM compliance is a requirement for several services because it ensures companies maintain all the records should any questions about their transactions pop up. Companies must ensure transparency and accessibility. Industries, including finance, healthcare, education, and government, require WORM compliance.
When a company skimps on WORM requirements, it runs into several irreversible damages. Several million get drained in fines and losses, the company’s reputation takes a heavy blow, and company directors may even face imprisonment.
With companies like SeraScript, you no longer have to invest separately in WORM storage. This is because SeraScript’s blockchain aligns with everything the Write-One-Read-Many is about. It ensures all the data remains immutable and impossible to be tampered with.
A final word
From accessing documents securely to editing them to recording every transaction – blockchain technology offers you complete control over all your data.
With SeraScript, your documents stay shielded from both virtual and physical threats. With this secure online storage repository, your documents can be maintained with the highest standards of digital encryption and blockchain API documentation to protect them from cyberattacks, getting forged, or getting affected by unauthorized data. Moreover, SeraScript also ensures WORM compliance – to ensure your business avoids any damages to its reputation or bottom line that may result from non-compliance.
If you’re looking for a safe space for your company’s documents, SeraScript’s blockchain document management offers the highest quality document security by keeping any threat out of the way.
