Leveraging the records management DNA in the Blockchain
Records Management Blockchain
THE BLUF (bottom line up front):
Records management and the blockchain are on a crash course of co-existence. New technologies and well established principles can exist for in the tomorrow world.
Tumii Blockchain
Did you know that the Blockchain can store your records? In fact, the blockchain ensures that your records are unable to be tampered with.
Did you know that the Blockchain can store your records? In fact, the blockchain ensures that your records are unable to be tampered with.
Tumii Records
What is the blockchain?
In this day and age, it has received a lot of popularity due to rising values of Bitcoin and alternate cryptocurrencies. The Blockchain itself is a digital ledger, which is used to record transactions made amongst users. Whether transferring money between users, establishing a contract or even transferring possession of an asset, the Blockchain is a central tracking of this rich history of human interaction.
Oh, tell me more?
In other words, it’s one database for the whole world, that is made of internet connected individual computers. The blockchain database has the potential to transfer all sorts of assets between two or more parties. Medical records, deeds to a house, and even vote counts.
Is there one blockchain for everything?
Great question! There are many new blockchains being created regularly with improvements to the ones that already exist.
That sounds very complicated. How are these transfers tracked?
The ledger fills with information into a block and when, full it prompts the creation of a new block which is linked through a timestamped algorithm. These blocks can be interconnected into the next indefinitely.
Is it safe?
Yes, it’s very safe. Before a new transaction can be written into a block, it is validated through a crowd consensus of at least 51 percent of all interconnected computers.
For the management of records, are there any countries or governing agencies attempting to use the blockchain for corporate records?
Yes! In fact, there are several considering this for Government records already such as Estonia, Dubai and Sweden.
How do we ensure records once approved are fixed or immutable?
In practice, immutable records are established through the 51 percent crowd consensus and validation to write transactions to the ledger. This approach makes the blockchain a trustworthy, secure and viable alternative to placing our trust in one company, institution or organized body.
The concept of immutable records has me intrigued. With that there is also processes, controls and overall governance applied around the management of records which gives it its’ defensibility. 4 Base characteristics for this are ‘AIRU’ – Authenticity, Integrity, Reliability, and Usability. What would I need to consider if leveraging the blockchain inside my organization?
Lets decompose how the blockchain’s’ ability to render records immutable can support compliance. (Fig. 1.0)
Fig. 1.0
| Authenticity | Integrity |
|---|---|
| Premise: Created by the person who it says it has been created and declared it as the record it is intended to be Suggestions:
|
Premise: Content is complete and unaltered Suggestions:
|
| Reliability | Usability |
|---|---|
| Premise:
The source or system can be trusted as a full and accurate representation of transactions. Suggestions:
|
Premise:
The record can be located, retrieved, presented and interpreted Suggestions:
|
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