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blockchain Solutions by InfoFort
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Our ECM, enVision, serves as the gateway into the world of blockchain

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:

  1. Regulatory Compliance Management:
  2. 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.

  3. Cross Business e-KYC System:
  4. 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.