iBS-Documentum: Blockchain applied to document management

//iBS-Documentum: Blockchain applied to document management

 

Think for a moment about different types of businesses, of the most varied, and then think that they ALL may have in common. Perhaps the only thing that any of these companies have in common, the only thing that underlies all kinds of companies and sectors of activity, is the need for document management.

Every day, thousands of documents are handled and processed by employees, mostly in digital format, others still on paper. We talk about invoices, contracts, delivery notes, work pieces, payrolls, payment receipts, purchase vouchers, financial reports, certificates and a long list of heterogeneous information and not always easy to catalog.

Not in vain, the documentary flows are one of the big headaches of organizations in our times. The current models present problems when detecting the dreaded duplicate information (with which we can find two workers using the same file at the same time, with different versions), which leads to a massive disorganization that puts at risk the own security of the data.

 

The loss of documents by employees is a constant, something extremely relevant after the entry into force of the GDPR, as well as a burden on the productivity of the company. Studies as prestigious as those of Coopers & Lybrand, Nolan Norton Institute, EY or Nucleus Research reveal that 90% of a worker’s tasks are focused on the search and distribution of paper documents, 30% of employees’ time he invests in looking for information for his work or that 7.5% of the documents filed on paper ends up lost along the way.

A general chaos that has sought in digitalization the way to break these sins of birth. Therefore, more and more companies have been incorporating document management solutions that allow them to automate a large part of the work processes. These are programs that range from the recognition of the document itself (through OCR technologies, mainly) to its classification and processing (using artificial intelligence algorithms that include the content of the file and its relation to established internal procedures), guaranteeing everything moment the integrity of the information and the security of the data.

And it is in this need to go a step further where Blockchain arises, an innovation that promises to change forever the way we have to understand document management. This technology, initially linked to the exchange of cryptocurrencies, is today a commercial alternative for any environment where it is required to transmit sensitive information in a completely secure and unalterable manner. In the case of documentary flows in companies, the blockchain promises something similar; it is about using these distributed networks to verify and validate all the documents that enter and leave our organization.

iBS-Documentum: the blockchain solution for document management

iBS-Documentum provides a file management system based on blockchain, where we can instantly verify the location of a specific document, who has created it and when it has been modified for the last time, detecting any attempt to manipulate it. This is what can be called “documentary traceability”, and it is possible thanks to a unique footprint for each element that we introduce in the chain of blocks (an ID generated by algorithms), which allows us to identify each file within our scope of action . This information is also accessible by any member of the organization authorized to do so -which provides maximum transparency in the documentary processes- and we can also obtain the pertinent approvals that are established in our work processes.

 

On the other hand, the classic problem of duplication of information and the handling of different versions of the same document is avoided, since as soon as a person modifies the file, the system will automatically register this update so that there is no misunderstanding in the handling of different files.

iBS-Documentum also has APIs for corporate clients and software developers who wish to integrate their functionality into their applications. In addition, it can be integrated in a future in any management system currently in use (ERP).

 

The operation of iBS-Documentum is based on a credit system, implemented through a “utility token” (our cryptographic token called ICOM), which can be acquired on the iCommunity platform. These tokens only serve as a payment instrument for the services used within the platform. Private users have free access “freemium” (with a limited number of credits, which is renewed monthly), while premium users who need more availability have a PRO plan a monthly amount. For companies there are plans tailored according to needs. Likewise, in the version for private users there is a rewards program, through which new credits are accumulated based on the promotion of the use of the service made (referrals).

 

22 April, 2019
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