Blockchain
As blockchain technology continues to mature and find areas of adoption other than cryptocurrency, technology vendors are working to integrate their systems with the blockchain technology. Blockchain technology will be used to bring the power and benefits of blockchain, such as decentralized transfer of value, transparency, and immutability into the content services industry. InfoFort’s electronic content management system, enVision, has completed its integration with Multichain and HyperLedger platforms making it the 1st well known ECM platform in the MENA region to support the blockchain protocol. The goal is to enable “proof-of-authenticity”, “proof-of-process”, “smart contracts” and other functionalities for ECM users.
enVision will become the gateway for clients' data into the blockchain world. The valuable content created on enVision can then fuel the execution of 3rd party smart contracts for example. Any entity (private or public) that creates valuable electronic content will enjoy the benefits of blockchain especially if there is a need to share or receive documents and data with or from other parties within a trustless environment. Blockchain technology will provide a distributed ledger mechanism to lock in information and make it independently verifiable and auditable. This technology will add indisputable Proof of Authenticity to all the content we capture, store and share and to all the transactions we process.
Integrating enVision with blockchain technology will bring a lot of added value to our clients, some of which are summarized below:
Proof of authenticity
Through integration with blockchain technology, users get an opportunity to create immutable and independent verifiable digital objects such as data, documents, emails, audio, video, etc. Thus when a need arises to check the authenticity and time stamp for a given record (certificate, agreement etc.), it will be easily and immediately verified and any tampering can be detected.
Proof of process
Integration with blockchain technology allows clients to make the fact of execution of any business process independently verifiable. Chain of business transactions along with all the details (when was it executed, by whom etc.) is registered on blockchain, which makes audit trails fully trustworthy and excludes the possibility to change any detail later in favor of any party.
Smart contracts
The business arrangements between several parties can be converted into computer code which is stored on blockchain and can execute itself based on predefined set of rules. This can help to efficiently automate, control, and solve possible disputes of business transactions between different entities without the need to involve a 3rd party.
Use cases:
Banking:
- Regulatory Compliance Management:
Problem: Maintaining regulatory compliance in a verifiable, safe & secure manner
Solution/How it Works:
- A unique signature is created and published into Blockchain when creating any regulatory record.
- The records are stored in our ECM while the records’ sequence and signature information is stored in Blockchain.
- Bank applications will use their APIs to verify these regulatory records and make sure they haven’t been tampered – tampering can never go unnoticed.
- Regulators in this case can be give read only access to produce any kind of audit trail required.
Benefits:
- The bank’s staff are not required to do any data verification, the technology will verify the data itself with higher trust and security.
- Read access is open to anyone, but only specific applications have write access to the Blockchain, making the system completely secure.
- Cross Business e-KYC System:
Problem: A lot of efforts and security measures are needed when sharing KYC information within a bank or externally to a verifying agency leading to expensive, slow & riskier customer on boarding.
Solution/How it Works:
- Use “Smart Contracts” or “Blockchain-as-a-Database” to automate trusted & tamperproof eKYC.
- Share KYC documents with an external verification agency to make sure records have never been tampered.
- KYC documents will be verifiable, authenticable & immutable without interacting with the bank’s employees.
- Banks forming an inter business alliance to share the trust on the customer’s KYC without sharing the actual KYC documents. The signature used to create an account will be shared within banks in this case without the need to share the documents.
Benefits:
- Reduced KYC cost and time taken to onboard a client.
- Faster process and reduced dependency on employees or third parties.
- Creation of tamper-proof audit trails for administrative or regulatory auditors.
Healthcare:
- Health Records Management:
Problem: How to maintain all critical health records and ensure data is not corrupted.
Solution/How it Works:
- A unique signature is published into blockchain when generating any health record.
- The records are stored in our ECM while records sequence and signature information is stored in Blockchain.
- Hospitals will use their APIs to verify these regulatory records and make sure they haven’t been tampered – tampering can never go unnoticed ensuring the safety of the patients.
Benefits:
- The hospital’s staff are not required to do any data verification, the technology will verify the data itself with higher trust and security.
- Read access is open to anyone, but only specific applications have write access to the Blockchain, making the system completely secure.
- Test Report Verification:
Problem: Ensuring the authenticity of reports and instant verification.
Solution/How it Works:
- Reports are published by the labs directly into the Blockchain along with all tracking details.
- Patients can use their mobile to verify if these reports have been tampered or not.
- Details can be directly verified from the blockchain without the need to trust any of the hospital staff.
Benefits:
- Read access is open to anyone, but only authorized entities have write access to the Blockchain, making the system completely secure.
- No interaction needed with the hospital staff for data or report verification.
- Creation of tamper-proof audit trails for administrative or regulatory auditors.
- Healthcare Payments:
Problem: Claims submitted without all supporting documents and details leading to costs and delays. Matching claims with supporting information is challenging.
Solution/How it Works:
- Use “Smart Contracts” – a digital agreement or set of rules governing a transaction – to automate payment processes.
- Smart Contracts are flexible allowing partially or fully self-execution of these contracts without the need of third parties.
Benefits:
- Reduction in costs and delays associated with traditional contract enforcement.
- Faster process and reduced dependency on employees or third parties.
- Creation of tamper-proof audit trails for administrative or regulatory auditors.
Supply Chain Management:
- Supply Chain Management:
Problem: Ensuring non-tampering along the supply chain process
Solution/How it Works:
- All material purchases are defined and initialized into Blockchain as digital assets.
- When a digital asset is issued to a particular branch, it will be transferred to that branch or person’s account.
- When the materials are being consumed, they will be deleted from Blockchain or transferred to a consumed account.
- Invoices, challans and receipts are digitally stored and tracked in blockchain.
- Recording this data in the same ledger removes the need for recompilation.
Benefits:
- Businesses can track each and every material at a fraction of the cost of the current systems.
- Large saving of money since no tampering can go unnoticed.
- Faster vendor payments since no reconciliation is needed and everyone will be using the same ledger.
- Creation of tamper-proof audit trails for administrative or regulatory auditors.
- Invoice and Receipt Verification:
Problem: Ensuring authenticity of invoices/receipts and instant verification
Solution/How it Works:
- Invoices and Receipts along with the tracking details are published by branches into the Blockchain.
- Vendors can use their mobiles to verify if these invoices or receipts have been tampered or not.
- These details can be verified directly from the Blockchain without the need to trust any of the official staff.
Benefits:
- No interaction is needed with the official staff for any data (invoice/receipt) verification.
- Read access is open to anyone, but only specific applications have write access to the Blockchain, making the system completely secure.
- Creation of tamper-proof audit trails for administrative or regulatory auditors.
- Vendor Payments:
Problem: Invoices/Receipts submitted without all supporting documents and details leading to costs and delays. Matching the invoices/receipts with supporting information is challenging.
Solution/How it Works:
- Use “Smart Contracts” – a digital agreement or set of rules governing a transaction – to automate payment processes.
- Smart Contracts are flexible allowing partially or fully self-execution of these contracts without the need of third parties.
Benefits:
- Reduction in costs and delays associated with traditional contract enforcement.
- Faster process and reduced dependency on employees or third parties.
- Creation of tamper-proof audit trails for administrative or regulatory auditors.
