Samsung SDS Unveils ‘Paperless’ to Tackle Document Forgery with Blockchain Technology
Samsung SDS taps blockchain technology to tackle document forgery.
Samsung SDS Launches ‘Paperless’
In an announcement made yesterday, Samsung SDS said it had launched the ‘Paperless’ service that aims to enhance the reliability and transparency of documents via blockchain technology.
The launch of Paperless expands Samsung SDS’ cloud-based BaaS business.
Paperless safely manages various types of documents that are prone to falsification and forgery such as contracts, consent forms, and certificates. Paperless’ utility can be expanded across a wide variety of areas such as voting or tasks that mandate proof documents.
It is worthy of note that Samsung applied the off-chain technology to the Paperless service which encrypts and stores data such as sensitive personal information or large volumes of documents at a separate server. At the same time, the service records only the hash value of each data on the blockchain.
For the uninitiated, the hash value is essentially an encrypted numeric value representing file characteristics to prove the identity of copied data.
The aforementioned mechanism can put to rest the worries about blockchain’s transaction speed on account of massive volumes of data. Simultaneously, it also manages documents that require deletion after being stored on the server for a specific period of time.
Further, it can also aid in securing the reliability and transparency of data as all data history – including the creation, revision, and disposal of documents is recorded on the blockchain in real-time.
The announcement reads in part:
“Clients can easily use the service in various areas including contracts, verification and voting by utilizing the standard API of Paperless service offered by Samsung SDS without having to set up an additional system.”
Using Blockchain Technology to Tackle Fraud
The announcement adds that Samsung SDS has already applied Paperless service in its salary contracts for employees, company-wide voting, and certificate management. The company reports it was able to streamline complex processes with many conveniences.
At present, the Paperless service can be availed at “My Trial” of the Samsung SDS website.
This is not the first time that blockchain technology is being used to circumvent forgery and fraud.
In recent news, India-based crypto exchange WazirX partnered with blockchain intelligence firm TRM Labs to detect crypto fraud transactions.