Physical or paper records are not a thing of the past. They are still the essential elements of original documentation proof. But the issue is the rising number of cases of fraud and counterfeit documents.
A combination of the lack of trust in paper documents and the complexity of retrieving and managing data across systems, teams and third-party providers results in an inefficient process that is subject to risk. Paper records are very easy to misplace or land in the wrong hands posing a serious security risk.
Along similar lines, digital documents like PDFs or scanned copies are being modified and copied without a trace, often putting their validity in question.
Blockchain offers the prospect of digital record management in a manner that is immutable. It records information in a chain and generates an audit trail when a change is made to a document. Meaning a document is encrypted and electronically recorded in a block in the blockchain and every change or transaction carried out thereafter is stored in a new block and linked to the previous one.
In addition to the audit trail, the time stamping feature of the blockchain, offers accurate details of who, what, when and where a document was changed.
A digital records’ integrity is maintained by an unbroken chain and all concerned parties on the blockchain network have access to the same digital record.
Blockchain Simplifies Record Management and Verification
Record management professionals usually struggle to authenticate paper, PDFs or simply scanned documents, verifying signatures, watermarks, and seals which are not very easy. While there are products and services that provide a way to verify paper or regular digital assets, they can be expensive and often involve a third party.
The major issues related to document management for organisations are document storage, retrieval, distribution, and access and blockchain holds a key to all these issues.
Using blockchain organisations can provide accurate, verifiable digital records anytime, anywhere to all stakeholders with access. It is both a cost-effective and efficient way of securing and authenticating digital records.
Blockchain makes it possible for people who do not know each other to engage in reliable transactions with complete confidence.
CredSure: Next-Generation, Transparent, Compliant Records Management System
CredSure provides organisations with a transparent, open record-keeping system while ensuring data security. It makes it easier for organisations to convert paper documents into digital records or certificates to be stored securely on blockchain.
CredSure is a cloud-based platform powered by blockchain that offers an efficient and easy way to access and distribute digital records amongst employees, suppliers, contractors, customers and others.
Through CredSure, organisations can issue, retrieve, and access digital documents from one single platform. And, Blockchain makes a document open for verification by anyone, anywhere with access.
To verify a digital record, a user simply has to scan the QR code or click on the URL in the document. If there are any changes made to the document, the verification will fail.
Accurate, Verifiable Digital Records Anytime and Anywhere
By providing digital certificates with a QR code and verifiable link that can be viewed and validated from anywhere across the world, CredSure helps organisations across industries uphold the authenticity of documents in the most robust and scalable way while preventing document fraud.
From offering comprehensive visibility and enhancing tracking to applying analytics and offering interactive dashboards to visualise data, CredSure offers many advantages to the records management industry.
Whether you are in the supply management or education sector, CredSure can be your go to solution to digitise records.
Connect with our experts and find out how CredSure can help this technology fit into your current business.
