The hype about blockchain technology and all the use cases where it can be applied has not subsided yet.
It’s revolutionary discovery in terms of information security. And one of the best use cases in terms of infosec is its potential to protect sensitive documents.
Such blockchain-based document protection can help organisations in their efforts to comply with personal data regulations, commercial acts, and any other regulations and standards requiring trackability of documents. A blockchain document trackability is capable to unleash the following features:
Auditing existing documents and keeping an unmodifiable version control
Streamlining auditing processes and reporting, increasing productivity and reducing costs by automating the document version control processes
Managing document security risks more effectively and responding quicker in the event of a breach.
Monitoring anomaly activity and preventing malicious actions based on AI-driven report
Blockchain Document Protection: Use Cases
Documents are by default not protected from manipulation. Anyone with access to a document can modify it and even counterfeit it. Companies face serious challenges in terms of reconstructing original files and investigating who has modified them. With blockchain-enabled protection, companies can implement a whole new layer of trust between them and their strategic partners:
Procurement anti-fraud document protection. Many companies have concerns that their strategic partners are likely to modify part of a contract’s Terms and conditions in their partners’ favor without their knowledge. Blockchain-protected version control ensures that a certain document won’t be modified right before being signed, keeping a record of every single modification along with the exact moment of this event.
Protecting electronic invoicing. Back in 2002, The Sarbanes-Oxley Act (SOA) was passed by Congress in response to various issues, including corporate mismanagement and inaccuracies in public reporting. 17 years later, the Act continues to evolve. According to a research, 52% of organizations reported “significant” or “moderate” improvements in internal control over their financial reporting since the implementation of SOX. This research showed that implementing document security safeguards and processes to organisations is not only a must-have due to regulation obligations, but it also leads to continuous business improvements.
Adding an extra layer of trust. A secure document protection can be a tool for building trust between enterprises. Knowing that your partner would not make a fraud attempt is the key to a long-term business relationship. And the blockchain ensures this undisputed trust.
LogSentinel, a blockchain-inspired information security company, recently unveiled such “Blockchain document protection” tool aimed to increase the security of crucial corporate documents. The technology, based on a cryptographically secure ledger, makes it impossible to tamper with documents without leaving unmodifiable digital evidence. It’s securely timestamped so a history of the exact moment of the event happening if being kept protected.
Document fraud is often performed in a trivial manner and companies become easy targets for insiders.
To prevent that, LogSentinel now allows full document protection by keeping unmodifiable, time-stamped digital record containing information about who and when accessed, modified, or deleted a certain document. The AI-powered fraud detection functionality sends alerts to responsible parties if any unusual activity is being detected (For example, if a document was modified multiple times in unusual hours , the AI will detect this anomaly and the responsible person will receive real-time notification).
LogSentinel’s new feature is already available and can be tested for free.