Challenges Faced By Current Record Management

Records Management is an incredibly complex job which is made even more complicated due to the enormous quantities of data that is being generated in the world currently. Record Management involves not only safely storing the sensitive data, but also to making it accessible and making sure that ample copies of it exist if the data is lost. The implications of an incompetent record management system are extraordinary, not only for the organization that suffers from a hack but also for the people whose personal information is compromised. Let’s take a look at some of the challenges faced by record management systems and how blockchains can help.

 

Ensuring Accessibility to Records

Accessibility is perhaps the most critical use case for a records management software as data is no good if no one can access it. To make records accessible, corporations need to digitize records and add metadata to it so that data can be easily searched. Once the database is created, record management also involves managing the rights of access to ensure that no unauthorized access takes place. This involves setting up their servers and employing user access software.

 

Ensuring Immutability and Data Integrity

Data Integrity is a huge aspect of efficient record keeping in this day and age as user data is a very valuable commodity. Large corporations want to acquire this valuable information so that they could use machine learning to identify the underlying patterns in the data to gain a competitive edge. This is also one of the most controversial aspects of records management because it is very hard to make sure that the stored data is secure. The recent Equifax hack is the most prominent slap in the face of records management as hackers were able to steal compassionate information like people’s social security numbers and house addresses.

 

Making Records Easily Auditable

It is essential when dealing with sensitive information that records management provides a way to verify that the data has not been modified or corrupted in any way. That would allow third parties to verify the authenticity of the records independently. This requires additional database infrastructure to safely store the hashes of the data to compare against later.

 

How Can Blockchains Help?

At their core, blockchains are nothing but distributed databases that exist on millions of devices simultaneously. Because of their architecture, they are entirely immutable so for all practical purposes, information stored on a blockchain is permanent. Blockchains can be public or private depending on the nature of the use case. Public blockchains, which are the dominant type of blockchains that exist in the world today are useful because they have no barriers to entry concerning who can participate in the network. All of these properties that blockchains have built in are very useful to record management systems.

  • Accessibility – This is especially true in the case of public blockchains as anyone can participate in the network by sharing their computing resources. Bitcoin, the worlds largest open blockchain, can be used by anyone in the world to send money to any part of the world. Private blockchains can be used by corporations who want to have greater control over who can make changes to the blockchain as they deal with sensitive information.
  • Security – Blockchains by their design have been made so that they are entirely resistant to tampering and censorship. Any changes to contents of the blockchain require a majority of the support which is very hard to acquire due to their decentralized nature. That is why for all practical purposes, information once posted on the blockchain is permanent. This makes blockchains an instrumental candidate for storing sensitive data.
  • Data Integrity Audits – Because of the properties of blockchain mentioned above, they are very effective in checking against possible corruptions in the data. Factom, one of the biggest blockchain based data integrity solutions has developed a unique method of data audits. Factom takes hashes of the entire database at different times and stores that information in their blockchain which is anchored into Bitcoin’s blockchain. Then, if a third party wants to verify that the database hasn’t been modified, they can only do so by comparing the saved hash with the original hash.

What is the Use Case of RecordsKeeper for Government Regulations ?

Use Case : Government Regulation Polices over RecordsKeeper Blockchain

 

 

Identification documents or licenses verification is a tedious but mandatory job for all citizens. These documents can easily be faked, which has a direct impact on a number of government agendas, for example, governments are not able to implement health or food policies efficiently due to incorrect data recorded. Recordskeeper can effectively be used as a solution for this problem, records with proper and unalterable information can be saved over the RecordsKeeper Ledger which can be easily accessed when required.

This information is safe with Recordskeeper as the digest of the document is saved in the Ledger which when altered, gets completely changed making the verification process effortless. Recordskeeper platform aims to significantly reduce the time and resources spent on cross verification of the identification documents. Once the data gets stored in the RecordsKeeper blockchain by the document hash user can claim ownership on the file. By this mechanism, the chances of generating the fake documents get reduced. So, with the help of RecordsKeeper we can increase the authenticity of government identification documents.

 

What is Supply Chain & How Can RecordsKeeper Can Help?

Supply Chain is a phrase that you might have heard a lot. It can be defined as supervision of raw materials, data, and revenue as they follow the process from supplier to customer/consumer. In simple words, Supply Chain can be referred to as a collection of suppliers that requires bringing a specific product to the market. A chain is made up of nodes which includes a manufacturer building that product to consumer purchasing the product.Supply Chain Management involves integrating and coordinating these flows both within and among companies.

A Supply Chain Management is an essential part of how a business runs, but still, this whole process of the supply chain has too many mediators, and most of the system relies on paper. Apart from this, tracing the products and tracking them is also an exhausting task. This particular idea is vital as nodes are set up in a manner where every node is dependent on each other, which might create a problem if skipped. But that’s not the only concern there are few other problems that how would you verify the authenticity of that product. Who would prove that the product you are consuming is the product that is created by a supplier and not been duplicated by any third-party? The problems in a supply chain is a hard nut to crack but can be solved with the help of RecordsKeeper Blockchain.

Solutions for Supply Chain using RecordsKeeper Blockchain

Recording the quantity and transfer of assets.

There are too many go-betweens in the complete process of Supply Chain. Everybody in the chain ranging from suppliers, manufacturers, clients, etc. have to deal with a third-party rather than dealing with each other in the chain. Thus, a simple process of demand and supply gets divided into some steps and too many mediators.

RecordsKeeper Blockchain provides the solution to all these problems. From here onwards we would be analyzing the use of RecordsKeeper Blockchain in supply chain management. But, before heading further, let’s understand what Records Keeper is and what are the different features that make it significantly applicable to supply chain management. RecordsKeeper is Blockchain-based, structured document storage for record keeping of businesses & individuals. It is a Consensus-based distributed database (registry of documents) for Businesses as well as Individuals with high availability & security. It is built on Blockchain, the technology which powers Bitcoins & other cryptocurrencies. Businesses or Individuals struggle a lot in digitizing & managing their own or customers records by investing a lot of money, time & resources. Similar problems are arising in the Supply Chain Industry, and Records Keeper is a perfect solution for it. Records Keeper can record the number of assets that have been added to the chain or transferred from the chain. Maintaining a data for proper flow of assets in a pipeline is essential, If the information is safe and secure then there can be no loss in the industry of supply chain, the customer can quickly check the authenticity, and RecordsKeeper can quickly verify that the product is authentic.

Tracking purchase orders, change orders, receipts, shipment notifications, or other trade-related documents.

Tracking would be a child’s play once the data is pushed inside the Records Keeper Blockchain, it can be viewed by any individual using the address that will contain the data. Anyone can track the amount of raw material that has been purchased using the purchase order, the product that has been changed, receipts and can also follow where the shipment has been reached. RecordsKeeper is a solution which will minimize the loss or the error that might be created because of data loss.

LET’S TAKE AN EXAMPLE :

A worker mines gold from gold mines. Then the gold is collected, cleaned and then after the procedure is completed the shipment information is added to RecordsKeeper. The container awaits to transfer from the port, on the other hand, officials submit the information related to the shipment electronically. The RecordsKeeper Blockchain confirms the transactions and executes the shipment thus, releasing it. After this, the container is uploaded to the ship, and it takes off. Since the transactions or the information about the shipment is uploaded in the Blockchain and it is a distributed ledger which is visible to all the people in the network; everyone, right from the supplier to the contractor to the receiver can see when and how the shipment is moving. Thus, everything happens quickly and in a much more transparent way.

The same strategy is applied by the Emergent Technology Holdings to keep track of gold in the world.

Conclusion

We can say that it will transform the Supply Chain Industry. It’s not only about the logistics or Supply Chain companies, but Blockchain is also finding applications in almost all the business verticals. The idea behind using this technology is to streamline the process. In-depth transformation of supply chains will not happen overnight. It won’t be wrong to claim that Blockchain has opened the door for a smarter, faster and a more secure supply chain system