How Blockchain Enhances Security and Data Quality for Data Entry Processes
In today’s online world, having a finite means to guarantee transactions is incredibly appealing. There are so many smart devices, like phones, tablets, laptops, and so on, that it’s creating a larger volume of digital transactions from a diverse variety of sources. Businesses can no longer rely solely on traditional methodologies when it comes to monitoring and processing digital transactions. This is where Blockchain comes to the picture.
But where Blockchain is essentially a secured documentation of digital transactions that are stored on multiple computers in either a public or private network, it also does so much more. It starts with Data Entry, which is the point in which data is collected and entered into a system or database, and undergoes further processing from there. The data entry process is quickly progressing to suit new automated technologies, like Blockchain.
Data entry processes are a fundamental component in supporting business objectives because how data is handled and managed at its point of entry affects its integrity and viability throughout its lifecycle.
This is where Blockchain technology impacts data entry processes across industries. With the nature of online transactions, having a solution in place that provides a secure, digital ledger or record of digital transactions is a way to create trust between businesses, customers, and multi-party processes, which is exactly what Blockchain does.
Security and Data Quality
Blockchain databases require that each participant maintains, calculates, and updates new data entries into a database, enhancing levels of security and data quality.
Security attributes related to data entry:
- Built-in network security: All of the nodes work together toward one objective, and this fundamental security makes the data entry process more reliable and trustworthy, which has proved to be particularly useful when two companies or parties share information without wanting to use a centralized administrator.
- Encoded transactions: Blockchain uses mathematics and cryptography to encode transactions, creating a digital contract between two or more parties involved with the transaction.
The distributed nature of Blockchain improves data quality:
- Data lakes: Data that’s entering an organization is often placed in a data lake. If Blockchain is used to identify its origin, it can be stored in the data lake with an associated Blockchain ID. Anyone using the system for data entry would be accessing and using the data with a key sent from the data originator. This means that it’s actual, trusted, clean, and accurate quality data.
- Confirmed data quality: Blockchain is encoded and stored on multiple computers within both public and private networks, becoming a form of data records called “blocks.” When the blockchain records are gathered in a chain, they can’t be altered or deleted by a single entity. They’re verified and managed at the point of data entry with automated technologies and shared governance processes, which according to McKinsey, essentially confirms data quality.
Effect of Blockchain on Industry Applications
Blockchain improves systems of records, reinforces legal contracts, and enhances privacy across all industries. Blockchain has been drastically improving and altering data entry applications in everything from food distribution to physician care.
- Insurance Companies: These industries often have ineffective data entry processes in place that are time-consuming and error-prone. Customers are wary of the security of their personal data during the data entry procedures. When blockchain is implemented, a person can control their personal data while verification is recorded in the blockchain.
- Healthcare: Most healthcare institutions can’t safely share medical data, which has caused many physicians to take over data entry roles instead of devoting their time toward their core job of patient care. Blockchain provides security and quality during the data entry process so that when medical data is entered, it creates a verified, encrypted sequence of time validated blocks. In addition to enhancing patient privacy, it streamlines secure access between physicians, hospitals, and pharmacies.
- IT Industries: Blockchain technologies are being bought by Google, Microsoft, and IBM to improve privacy and security issues within the realm of eCommerce.
- Food Industries: Companies like Walmart are using Blockchain when food products enter and exit warehouses and store locations, where food is scanned, and the information is recorded in the blockchain database. This extra step in the data entry process is being used at all store locations, making a secure, complete ledger for tracking food across the supply chain.
The Changing Landscape of Data Entry
The blockchain is improving digital transactions and bringing value to businesses, making it easier and faster to make and receive payments by adding layers of encryption for increased security, and by creating a binding digital contract amongst two or more parties.
Data Entry Outsourced (DEO) has been positioned at the epicenter of the latest data entry technologies for over a decade, honing processes to suit the ever-changing scope of the digital world. Automation, data security, data quality, and data governance are rigorously employed throughout all of DEO’s data entry procedures. This is why DEO is popular for offering innovative data entry solutions for all industry verticals among its vast clientele across the world.