Consider any company that procures goods and services from a vendor. There are numerous processes involving several departments which have to draft different records – purchase orders, term sheets, statements of work, incremental revisions, etc. These records are crucial for resolving any disputes, including Blockchain information governance.
Now, imagine there was a disagreement and forged documents were presented. It would be a long, tedious, and most probably costly process before parties get to the bottom of the issue. That’s why we need information management and corporate governance, which main task would be to keep track of all documents.
Most companies, however, still struggle with it. The common big issue is storing information safely, because this is usually done on a centralized server. You can already guess that hacking such database is the greatest concern for any company, no matter how much it invests in cybersecurity.
That said, the world needs a better solution to overcome these challenges. The blockchain technology is a perfect candidate to fill this vacancy.
In case you didn’t know, this technology was built to make data-storing and data transactions more secure and transparent, among a plethora of other things. These features make it very beneficial to any industry sector that relies on security, authenticity, integrity, and reliability of data.
Blockchain technology could enhance information governance in numerous ways. Here are some of them:
1. Provide absolute proof that a record is authentic and unaltered;
2. Track incremental changes and revisions;
3. Establish trust (no falsified documents);
4. Enhance auditability;
5. Instant and regulated accessibility;
6. Enhance data interoperability and synchronization.
As you are reading this article, there are already several startups launching blockchain-based information governance solutions. The sooner you decide to implement some of them into your business, the better.
For more information on this rapidly developing industry and other blockchain disruptions, check out the infographic that follows.