BLOCKCHAIN TECHNOLOGY

Implementation of blockchain in document flow

Implementation of blockchain in document flow

AVADA-MEDIA

Implementation of blockchain in document flow AVADA-MEDIA

Blockchain is a decentralized distributed registry in which storage devices are not connected to one common server. Copies of the blockchain can be stored on millions of computers at the same time, and the data is available to all network users. The first blockchain concept was implemented in cryptocurrency in 2008. However, its potential is so high and all-encompassing that it gradually penetrates into the most diverse areas of our lives. An example is the introduction of blockchain in document management.

To date, there are several ways to organize document flow between organizations. This may be the exchange of emails or the use of cloud systems and technologies offered by various companies. However, not all methods in this area are equally convenient.

For example, sending documents by email still requires duplication of legal information on paper. In addition, in the case of electronic document management between two participants, both of them will have to find the interaction format, choose the type of electronic digital signature, and also the encryption method.

Blockchain-based universal workflow platforms successfully solve these problems. In addition, distributed registry technology is an excellent tool that ensures the safety and immutability of any document at any time.

Implementation of blockchain in document flow

Benefits of using blockchain in workflow

Blockchain has high potential to improve workflow

Benefits of using blockchain in workflow Blockchain has high potential to improve workflow

The unique characteristics of distributed ledger technology create unprecedented conditions for the highest level of trust in data from stakeholders. Here are her strengths:

  • Decentralization of the system minimizes the risks of failure in case of system errors;
  • Increased security through the use of cryptography;
  • Inability to change data retroactively;
  • Efficiency of automated data exchange, which excludes human errors;
  • Maximum transparency of the entire system, since all actions within the blockchain are “documented” and available for verification by all participants in the system.

If necessary, the workflow platform can provide for the possibility of restricting access to some documents (for example, to prevent ordinary employees from accessing management documents).

Blockchain has a high potential to improve workflow for several reasons:

  • Firstly, the use of EDS (electronic digital signature) and computer algorithms instead of paper documents and manual data processing greatly speeds up the workflow.
  • Secondly, it excludes intermediaries in the implementation of transactions. Thanks to smart contracts, a business can refuse the services of third parties who verify the participants in the transaction, guarantee the transfer of money and confirm the legitimacy of the transaction.
  • Thirdly, costs will be reduced. The fewer intermediaries (for example, notaries, realtors, banks, payment systems, etc.), the lower the share of administrative costs in the cost of products/services.
  • Fourthly, the possibility of system error due to human error is minimized, and the system as a whole provides a high level of transparency.
  • Fifth, paperwork is minimized and the risk of losing documents is eliminated.

However, it should be clearly understood that the use of blockchain is not a panacea that can cure all problems associated with the reliability of information. It cannot guarantee the accuracy of the information that is entered into the system. This requires additional organizational and technical measures, which will inevitably lead to an increase in financial costs at the stage of introducing this new technology.

Conclusion

Blockchain technology

Conclusion Blockchain technology

The introduction of blockchain in the workflow has many advantages. The technology seeks to change the way documents are authenticated, moving from using a trusted third party to a system-based authentication method.

According to ISO (International Organization for Standardization) experts, blockchain is becoming an important direction in the development of information technologies, on the basis of which it is possible to create new solutions with significant potential, as well as optimize some of the business processes that require the involvement of a trusted third party.

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