While blockchain technology is applicable to a variety of industries and solutions, in this article we will look specifically into legal document management. Read on to find out about document management systems, the peculiarities of managing legal documents, and how law firms can benefit from the introduction of blockchain technology into their workflows.
In addition, an advanced DMS retains information about who viewed the document and what changes were made to it, so documents are easy to track and the risk of outsiders interfering with company documents is greatly reduced.
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Statistics say that 82% of office managers admit that navigating different systems and locations to check the most recent versions of documents negatively affects their productivity. At the same time, 91% agree that their job would be easier if they could quickly find and access the most recent version of a document without worrying about which system it is in.
An essential feature of a good document management system is the ability to set role-based access to specific documents since every enterprise has sensitive information that should only be accessible to certain employees.
Blockchain-based document management systems are the next-generation software because blockchain provides much better safety and security. All the information stored on the blockchain is protected through encryption and hashing.
Since blockchain is a type of distributed ledger technology, it allows the system to be decentralized. When using centralized systems, there is always a central authority that controls the system and which can potentially change the documents stored in the DMS. Thanks to the decentralization provided by blockchain, companies can be sure that their information is protected and that the risk of corruption is completely eliminated.
Document management systems are applicable in a myriad of domains, and the legal industry is no exception. However, legal document management software can be very different from generic DMSs as law firms have their own peculiarities of working with documents and specific requirements for electronic systems.
Lawyers are super-skilled at understanding and analyzing complex and bulky legal documents. At the same time, legal documents require careful management in accordance with industry standards and regulations.
Legal DMSs, including blockchain-based ones, are designed to help law firms and their employees focus on their cases and day-to-day tasks, and do their job better, as modern technology now gives them an opportunity to delegate document management to dedicated legal electronic document management software.
A good DMS is one that is matter-oriented and acts as a virtual office with a filing cabinet for documents. Here users will be able to store and manage documents and keep matter-related emails and notes.
In the legal industry, emails are often equated with documents, which makes email management another essential feature that an ideal legal DMS should have. The best legal document management software should integrate with the email platform the firm uses and allow company employees to seamlessly save emails directly to a particular matter.
Being a distributed ledger technology, blockchain creates a shared ledger available to all parties to an agreement. They can view the history of the document, as well as chat and add new information to the network.
Legal contracts are usually backed by a physical signature. Unfortunately, manual processing of documents often leads to human error, and the legal sphere is also vulnerable to this. Blockchain can significantly improve the situation through the use of smart contracts. The terms of smart contracts are programmed into the system, and the contract is executed automatically if the terms are met on both sides.
All corporate documents and transactions can be recorded on the blockchain. In this way, a time-stamped, permanent record of all corporate actions can be created, allowing company executives, lawyers, and staff to view all relevant information in chronological order.
During an investigation, evidence can change hands many times, which unfortunately creates opportunities for some people to spoil or replace evidence on purpose. Evidence information, as well as audio and video materials, can be recorded on the blockchain, which has an unalterable nature. Thus, judges and lawyers in court will be able to compare the original evidence that was recorded in the blockchain-based system with what was ultimately presented in court. In this way they can make sure that the evidence has not been changed.
Apart from handling public records, blockchain generally is capable of dealing with a wide range of legal documents and procedures, including long-term contracts, testamentary matters, and other legal instruments.
The firm has already designed DocFlow, a blockchain-powered document management system that is suitable for various industries, including the legal field. Using this application, law firms can log and hash legislation records, benefit from improved protection of digital identity and biometric data, and take advantage of automated taxation.
At its very core, blockchain technology is merely a data structure and this phenomenon allows it to be used by any business, not just cryptocurrencies. Moreover, since it solves the underlying problem of transparency, privacy, and data integrity, blockchain happens to be the perfect data structure for storing and sharing documents.
This middleware is created by one of the most credible blockchain development companies, called Avanza Innovations, and therefore, it enjoys prime credibility. The purpose of this application is to support a rich portfolio of applications that are used by regulators and different governments. Apart from many portfolio items it handles, one of the crucial ones happens to be the exchange of documents on the network. Please note that since blockchain runs on a P2Parchitecture, it further ensures that documents of sensitive nature (since they are used by governments, regulators, and banks) are only received and seen by the authorized users and this makes a big difference in curbing fraud and privacy breaches. Read more about Cipher.
However, BurstIQ solves the problem in an ingenious way by introducing blockchain technology. With the help of smart contracts, patients and doctors can upload the required documents and share it with authorized viewers without any hassle.
Almost every FinTech company in Europe and North America is looking to embed Know Your Customer into their processes for complying with the International money laundering laws. Since verifying an individual is a very crucial task and involves a rigorous background check on the basis of submitted documents/data, the process consumes a lot of time. Moreover, in many cases, fraudulent elements submit forged documents that can wreck the efficiency of the process.
Therefore, this tool allows organizations to upload the documents submitted by their potential clients and whether the client is an individual or an institution, the background checks can be conducted against a comprehensive watchlist that is populated with rich data from over 240 countries. Thus, it does not only minimize the probability of errors but also allows the organizations to remove a major workload off their shoulders by automating it.
Therefore, SkuChain has come up with a unique solution (i.e., Inventory Tracker) where they allow the users to maintain the provenance of all decisions, the involvement of stakeholders at particular stages and even maintaining documents for all the stages right from the extraction of raw materials to delivering a final product to the end-user. It ensures that, if at any point, there is a backlash against a product, we always have the right stakeholder to hold accountable as an auditable trail is maintained.
It is worth mentioning that since the application is still in the development phase, they are focusing it on archiving public documents and storing them in a secure environment. Once this is done, the state will be aiming to make this app usable by a variety of stakeholders. For instance, all the private sector companies that partner with government agencies will be able to store and share data with each other via this app, thus removing the issue of maintaining a varying level of securities at their end, creating a trustless environment (there is no need to trust a person, as the blockchain itself acts as a source of truth) and possibly, enabling the users to perform different actions on these documents.
As a result of the declaration of the COVID-19 pandemic, several proposals of blockchain-based solutions for digital COVID-19 certificates have been presented. Considering that health data have high privacy requirements, a health data management system must fulfil several strict privacy and security requirements. On the one hand, confidentiality of the medical data must be assured, being the data owner (the patient) the actor that maintain control over the privacy of their certificates. On the other hand, the entities involved in the generation and validation of certificates must be supervised by a regulatory authority. This set of requirements are generally not achieved together in previous proposals. Moreover, it is required that a digital COVID-19 certificate management protocol provides an easy verification process and also strongly avoid the risk of forgery. In this paper we present the design and implementation of a protocol to manage digital COVID-19 certificates where individual users decide how to share their private data in a hierarchical system. In order to achieve this, we put together two different technologies: the use of a proxy re-encryption (PRE) service in conjunction with a blockchain-based protocol. Additionally, our protocol introduces an authority to control and regulate the centers that can generate digital COVID-19 certificates and offers two kinds of validation of certificates for registered and non-registered verification entities. Therefore, the paper achieves all the requirements, that is, data sovereignty, high privacy, forgery avoidance, regulation of entities, security and easy verification. 2ff7e9595c
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