In today’s
ever changing times, it is very essential to ensure the trustworthiness of
records and it is indeed a necessary requirement given a range of different
contexts.
This is not
only a requirement for companies traditionally in the business of document
archives but also for many of those organizations that never though themselves
of performing an archival function
Blockchain
can be defined as a decentralized & distributed digital ledger where the
intended use is to record transactions across computers in a way that the
record cannot be altered retroactively without altering subsequent blocks &
the collusion of the network.
Today there are a lot of companies in the Financial Domain & others who are
experimenting with the distributed ledger.
The continued enthusiasm amongst these companies is spreading fast and is
being closely being reviewed by the traditional record archival companies too.
While there
are numerous ways and various software solutions available to protect &
verify the authenticity of paper documents (time stamping, water-marking),
however they are not reliable.
These many
documents in their digital format can be modified in turn making it difficult
to trust the veracity of these documents. Blockchain as a technology that
can definitely address the above problem to ensure and secure Records and it
equally becomes important for records management professionals to understand
the technology.
Cassie
Findlay of the Recordkeeping Roundtable writes
“A decentralised archive utilising the blockchain as a storage mechanism could
offer an uncontested space from which records could be accessed. Documents and
other sets of data can be validated by the blockchain – even if an application
you used to get it there is not working.
It is
decentralized proof which can’t be erased or modified by anyone; competitors,
third parties, governments. This is what distinguishes using the blockchain
from other forms of data time-stamping and authentication.
The
technology potentially offers a means for society – or at least groups within
society – to keep their own records with some assurance about inviolability and
longevity that was not possible before (Findlay, 2015).”
With the
growing interest about blockchain technology as a solution for Records
Management, there is an urgent need for professionals in the records management
industry to understand the implications of relying on this technology.
Using
Blockchain (A Digitial Mechanism) will enable users who don’t know each other
to engage in trusted transactions at the same time ensuring integrity of the
assets being exchanged.
It
accomplishes this by embedding authentication into the document itself & by
using a closed loop tracking system to protect against misuse or
modification.
Today there are a lot of companies in the Financial Domain & others who are experimenting with the distributed ledger.
“A decentralised archive utilising the blockchain as a storage mechanism could offer an uncontested space from which records could be accessed. Documents and other sets of data can be validated by the blockchain – even if an application you used to get it there is not working.
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