Blockchain In Information Governance

With new technologies coming into existence and transforming how business processes, information is now a critical asset for any enterprise if it has a competitive advantage and competes in the dynamic world. Blockchain is a new technology that has recently been used in cryptocurrency and is finding a way in the information governance of most organizations. (Dawson, 2019) Blockchain is currently in business to guarantee data safety, accountability and transparency. Blockchain in information governance is a technology for protecting data to ensure integrity, confidentiality, and availability through proper storage, access, and modification through the chain-like model and transaction management through established algorithms.

Ways through which blockchain is  transforming information governance in businesses

Information governance in the business refers to measures taken to ensure effective management of information in electronic or physical form to ensure that they add value to the business processes. Storage and access to modify any information are critical to ensure data remains consistent and preserve its integrity. Blockchain guarantees confidentiality, integrity, and consistency of information through versioning, audit trails, defined algorithms, and verification(Yaga et al.,2019). Blockchain is extensively utilized in records management to maintain audit trail mutability as they serve as an indicator of integrity. It works through hash algorithms that generate fingerprints for every record, and the fingerprint is linked to the next creating a chain. The audit trails are developed and send to an external source, and records only add if the fingerprints comply with each other.

Information governance is currently benefiting from blockchain’s security, transparency, and immutability. Financial industries gain a lot; for instance, the information widely shared in businesses to facilitate transactions is critical for decision making(Zheng et al.,2017). As financial services expand their market availability and conduct transactions online, both customers and partners benefit from transparency and accountability. Businesses can now fully concentrate on service delivery and product development without worrying about information security because of their data and audit trails’ assured immutability if they need a reference. Effective and efficient information governance has become a reality and boost to businesses with blockchain.

References

Dawson, P. (2019, February 27). Innovation Lab: The Role of Blockchain in Information Governance. EVERTEAM. https://www.everteam.com/en/role-of-blockchain-in-information-governance/.

Yaga, D., Mell, P., Roby, N., & Scarfone, K. (2019). Blockchain technology overview. arXiv preprint arXiv:1906.11078.

Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017, June). An overview of blockchain technology: Architecture, consensus, and future trends. In 2017 IEEE international congress on big data (BigData congress) (pp. 557-564). IEEE.