Consider any business that purchases goods and services from a supplier. There are numerous processes involving multiple departments that need to create various records – purchase orders, term sheets, statement of work, incremental revisions, etc. These records are critical to resolving disputes, including blockchain information governance.
Now imagine there is a disagreement and fake documents are presented. It would be a long, drawn out and most likely costly process before the parties get to the bottom of the issue. That is why we need information management whose main task would be to keep track of all documents.
However, most companies are still struggling with this. The common big problem is storing information securely, as this is usually done on a central server. You can already guess that hacking such a database is the number one concern for any company, no matter how much they invest in cybersecurity.
However, the world needs a better solution to meet these challenges. Blockchain technology is a perfect candidate to fill this position.
In case you didn’t know, this technology was developed to make data storage and data transactions more secure and transparent, among other things. These features make it highly beneficial for any industrial sector that relies on security, authenticity, integrity and reliability of data.
Blockchain technology could improve information governance in many ways. Here are some of them:
1. provide absolute proof that a recording is authentic and unaltered;
2. Track incremental changes and revisions;
3. Create trust (no fake documents);
4. improve auditability;
5. Immediate and regulated accessibility;
6. Improving data interoperability and synchronization.
As you read this article, there are already several startups rolling out blockchain-based information governance solutions. The sooner you decide to implement some of these in your company, the better.
For more information on this rapidly evolving industry and other blockchain disruptions, see the infographic below.