Blockchain for Contract and Records Management
Introduction
By 2022 a blockchain based business will be worth $10 billion¹. Gartner also listed records management as 1 of 4 key blockchain business initiatives² saving on costs and providing opportunities to generate revenue³. The technology has the potential to impact all record management processes and extend its capabilities⁴.
In this article, I’m going to outline specific challenges with records management and how blockchain can help to solve these. I’ll present a scenario where multiple parties to a transaction voluntarily enter into a smart contract. Finally, I’ll propose a technology infrastructure that synchronizes the smart contract with the digital records, workflows, and signatures stored in an enterprise records management portal.
The Challenge
Security and Confidentiality
The number of data breaches increased more than 400 percent in 2018, exposing almost 15 billion records, according to the identity intelligence company 4iQ⁵. The Average cost of a security breach is $17 million⁶. 88% of companies surveyed feel they are losing control over their data⁷.
