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What is Document management?

 What is Document management?
Document management serves as a central pool for all electronic documents created and collected by a company where they are captured, stored and tracked. Since each authorized employee can open any document by a click of a mouse from its own device it saves time, reduces costs and optimizes the workflow.
The system is used for quick information retrieval, easy access, increased transparency across the enterprise and document security.

How Does Blockchain-Based Document Management Work?

How Does Blockchain-Based Document Management Work?
Blockchain-based document management solves the key issues of enterprises regarding data storing allowing them to have control over it, decide which employees can access it and what changes they can make. The blockchain technology provides a shared platform for storing, retrieval and accessing of data.
Each device has access to the chain where the data is stored, if any changes occur, it requires the consensus of all the machines in the network to make it verifiable meaning no data forgery is possible.

Why Use a Blockchain for Document Management

Consensus Consensus
The consensus model distributes the documents added to the chain across the entire network and thus easily reveals any duplications with unauthorized changes flagging them as newly added.
Immutability Immutability
In case of any modifications in the document a new copy is created for versioning keeping the older one easily accessible.
Replication Replication
The blockchain technology gives no way for destroying or losing documents with the complete copy of the chain being available in every node. Instead, documents are retrieved in a hassle-free manner.
Security Security
Only permissioned users with proper credentials can access the data, and every specific company decides on user access ensuring the documents stored on a public chain are not exposed to security breaches.
Less paper, more functionality Less paper, more functionality
Complete digitization of paperwork accelerates the company workflow eliminating time-consuming doc processes routine and offering a more secure, accessible and transparent document management.
More storage capacity More storage capacity
Blockchain-based document management provides an unlimited storage capacity compared to a physical filing cabinet or a warehouse reducing the costs for archive services.

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Types of blockchain document management

Blockchain document signing
Blockchain document signing
Document signing on blockchain is carried out by a digital signature that is an equivalent of the handwritten one, but is much more secure, representing a cryptographic mechanism to verify data authenticity.
Blockchain document verification
Blockchain document verification
Blockchain rules out any fraud in document signing through the possibility to verify the copies for their authenticity by comparing the hash of the previous block with the current hash.
Blockchain document management
Blockchain document management
Blockchain document management digitizes the entire paperwork cycle offering streamlined search and retrieval of data together with the uncompromised security saving the time on reconciliation and approval processes.
Document storage on the blockchain
Document storage on the blockchain
Blockchain stores the data in a way that makes it unalterable. This is achieved through encryption of data utilizing a hash function.
Blockchain document sharing
Blockchain document sharing
The very nature of blockchain document sharing in its distributed ledger that eliminates redundant processes and provides real-time multi-party access.

Industries

healthcare
Healthcare
Blockchain modifies the way the Electronic Health Records (EHR) are stored by providing a safer and more transparent way of medical records exchange across different healthcare settings. Smart contracts are deployed for automated insurance settlements eliminating human interaction. With the transparency provided by blockchain counterfeit pharmaceuticals are eradicated, and their expiry dates are under strict control. The use of blockchain for electronic prescribing saves time and enhances patient’s safety.
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Fintech and Banking
FinTech & Banking
The ever-evolving blockchain technology eliminates the tedious document signing process and takes the attention off paperwork, allowing banking and financial institutions to focus on new opportunities and serve clients better. Electronic signature leads to a faster transaction time by its feature to sign document form anywhere. With the transactions being extremely tamper-proof, they also have a high level of transparency that lets not only network participants have real time access from any device to the data, but also helps to maintain audit trails.
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Logistics & Supply Chain & Warehousing
Logistics & Supply Chain
Blockchain technology is capable of tracing the whole lifecycle of the product in the supply chain thus checking its provenance that builds greater trust with clients. Moreover, the digitization of paperwork provided by blockchain allows creating, sending and signing documents online minimizing contract completion time. Electronic signatures could be carried out from anytime and anywhere facilitating the deals to be closed faster that lives up to the clients’ expectations.
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Gaming
Gaming
The popularity of “Crypto-Games” is growing, giving the possibility to obtain crypto for passing in-game levels that could be spent within the game or changed to fiat money and used in real life. Also, NFTs play a significant role in the gaming industry and are utilized for buying characters, weapons, memes, etc. thus creating an effect of an absolute digital possession.
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Retail & eCommerce
Retail & eCommerce
Blockchain solves the issue of long reconciliation processes between manufacturers, distributors, warranty companies empowering them to exchange documents online irrespective of their physical location. Instantaneous issuing of invoices to clients and their ability to execute signatures from any device and anytime accelerates the purchase process. Digital signatures are more tamper-resistant compared to the wet-ink ones allowing to handle data securely and protecting business from fraudulent behavior.
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Oil & Gas
Oil & Gas
The reconciliation process of oil and gas industries is a daunting challenge due to the long chain of custody. Blockchain acting as a decentralized ledger comes into play by empowering network participants to effectively collaborate from different locations allowing them to effortlessly share documents in real time taking any intermediaries away resulting in savings in cost and time. Also, electronic signatures reduce turnaround time enormously thanks to the possibility of documents being completed and returned the same day.
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Sharing Economy
Sharing economy
Blockchain is a disruptive technology in the sharing economy because it transforms the current “sharing” economy that is more about economic exchange now rather than sharing. Blockchain eliminates a central authority and third party intermediaries creating a direct interaction between supply and demand. The high level of transparency provides more trust between participants and nobody except you determines the terms of cooperation.
Construction and Real Estate
Construction and Real Estate
With the traceability offered by blockchain it’s easy to take control of all the inputs and assets giving no way for embezzlement. Blockchain offers immutable cadastral and property ownership information enhancing trust among counterparts. Contract execution without third parties is possible via smart contracts. Moreover, new trends such as tokenization of a property or fractional ownership come easily with blockchain by purchasing tokens of a property.
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Insurance
Insurance
With fast access to data and electronic signature insurance claims can be processed immediately regardless of time and location that speeds up the payouts to the clients reducing the risk of him/her to choose another insurance company. The process of managing insurance claims is also optimized by smart contracts execution that automate every step offering a more accurate outcome. The immutable recordkeeping grants a fraud-free claim review and reveals duplicate claims.
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FAQ

What is blockchain?
Blockchain is a list of records represented by blocks that does not allow any data modification due to its immutable and decentralized nature. Blockchain uses the idea of hash acting like a fingerprint for each block, i.e. the blocks are connected with each other via hash and no changes are possible without altering the subsequent blocks.
What is blockchain document management?
Blockchain document management digitizes the whole paperwork cycle and applies smart contracts execution to achieve a high level of security and data authenticity.
How to create your own blockchain document management system?
Contact us and we will take a deep dive into your company processes to come up with the solution tailored to your needs and requirements.
What is an electronic document management system?
Electronic document management system represents a shared platform where the documents of a company are stored in digital format providing fast access and easy retrieval of information to the authorized users.
What is an electronic signature?
An electronic signature is an equivalent of a handwritten one representing an electronic symbol that is used to confirm the authenticity of a document.
How does blockchain work?
Blockchain creates blocks storing the data that are chained with each other. As soon as the block is full, the subsequent block following the previous one is produced thus representing the data in chronological order.
What is blockchain used for?
The usage of blockchain is not limited to cryptocurrencies only, in fact any system that requires transactions or data to be recorded can use blockchain for it. Not only businesses take advantage of digital signature, but it has a lot more to offer. For instance, with blockchain users can have real-time access to medical records, gamers generate revenue by earning cryptocurrency within the game, financial institutions use smart contracts to facilitate peer-to-peer transactions and much more.

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