Financial Services organizations regulated by SEC, CFTC, FINRA, IIROC, FCA, etc. are required to retain business-related documentation in a Write-Once-Read-Many (WORM) or immutable state that makes it non-erasable and non-modifiable for a certain retention interval. Even today, the ability for a human to modify or delete company’s data is omnipresent. Whether accidentally or maliciously, both internal and external actors can destroy the integrity and trustworthiness of the data history, making it difficult to make business decisions, let alone stay compliant with government standards, avoid legal challenges and prevent fraud.
Blockchain preserves authenticity and liveness of information
TokenD blockchain-powered solution offers a new way to prove document authenticity and integrity. It helps reducing business risks by proactively detecting threats caused by data tampering or corruption. Each document is assigned with unique fingerprint generated using a cryptographic hash function, which guarantees that even a small modification will lead to a complete change of the hash.
This fingerprint and additional metadata is signed by two automated modules, which are integrated with a document management system, managed by independent entities, and submitted into private blockchain network. Verification module, managed by the security department or external auditor, goes through all the documents on schedule, calculates the fingerprint, and verifies whether a modification of the document was attempted.
Key benefits of TokenD platform
Values that TokenD platform brings to business:
- Fast time to market;
- Predictable operation costs;
- Reduction of operational risks;
- Increasing customer loyalty;
- Provide new service for customers.
Values that TokenD platform brings to IT operations:
- Immutable storage of verification data;
- Real-time synchronization;
- Intuitive integration with existing systems using REST API;
- Full control with high level of security;
- Flexible platform backup and restore for business continuity.