In this digital era, the need for managing and securing documents is becoming increasingly vital. This is because of the huge number of digital documents like birth certificates, driving licenses, educational certificates, employee service records, medical records, agreements/ MOU, sale or property registration records etc. At the same time, there is a great inefficiency in dealing with and managing paper documents. Blockchain technology can be an ultimate solution and powerful technology to securely store and share documents and many other records. Users can use blockchain document security methods for securing confidential documents. The versatile blockchain technology can provide a revolutionary technological platform to several industries such as – the financial sector, government bodies, healthcare institutes, education institutions and so on for keeping sensitive data secure.
Benefits of using blockchain technology for documents:
There are many benefits of using blockchain technology to secure sensitive documents seamlessly. Have a look at those:
> Data integrity – Persons using blockchain can create as well as store cryptographic hash. It works like a data reference check against records, documents, signs and workflow. Anyone making changes in data, the hash will stop working.
> Resistant to forgery: Due to the feature of encryption and digital signature in blockchain, this system is considered greatly secured and forgery-resistant. The blocks present in the blockchain are linked cryptographically and offer immunity against any kind of tampering. Remember that the hash value in the blockchain is secured like biometrics or DNA. Securing documents with QR codes is a good option for users to secure valuable documents.
> Decentralization: Devoid of any third-party assistance and decentralized blockchain permits doing transactions directly.
What are some prominent applications of blockchain technology for documents?
There are many applications of blockchain technology that efficiently secure documents. They are:
a) Financial Industry
The interaction of customers with money from financial institutions has been challenged by many evolving technologies. In this current situation, the financial industry is battling many problems such as – forgery, duplication, data tampering, security and verification of highly confidential information. The new technology of blockchain can make every process much more efficient, and effortless, lessen mistakes and improve communication. Blockchain streamlines financial services reducing every counterparty risk. It also increases settlement and issuance times. Blockchain can permit authenticated documentation, and KYC/ AML data and enable proper real-time verification of every financial document. The method of blockchain document security can help in securing all your financial documents.
b) Education sector:
Blockchain technology can offer students ownership of their educational records, permitting them to control their academic identity. It can prove the accuracy of academic credentials on CV quite easily for the graduates who are hunting for jobs. Blockchain technology in education technology can prevent data forgery and fraud.
c) Healthcare industry
The Healthcare industry is facing many issues that include verification of patient health records, forgery of clinical data and data transfer. Blockchain – distributed ledger can solve many problems by alleviating pain points in their everyday operation by securing data and simplifying processes.
So, now you must be aware of the applications of blockchain technology in varied industries. Many other sectors have embraced blockchain technology for securing their confidential documents. We hope in the future, blockchain document security methods will be more taken by people.
