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November 19, 2018updated 28 Nov 2018 9:30am

How blockchain-backed secure document transfer could replace paper

Ferrari electronic’s Next Generation Document Exchange (NGDX) could be about to revolutionise the way legal documents are sent by utilising blockchain, consigning paper to the bin of history.

Incredible as it sounds in this digital age, for many industries print and postage is still the only way to get legally critical documents moved around.

The ease with which digital communications can be edited means that in many industries, original print copies are still required by post for security reasons.

This reliance on paper leads to huge inefficiencies. But with digital documents companies are often left in doubt as to whether they are looking at the final draft, if invoices have been paid and whether orders are real or fraudulent.

That’s where Ferrari electronic’s Next Generation Document Exchange (NGDX) comes in. It promises to provide completely secure and verifiable digital document exchange on the basis of the latest ITU standards combined with blockchain, the technology behind cryptocurrencies such as Bitcoin.

Blockchain is a shared digital ledger, which ensures that every transaction is publicly logged and verified.

In the case of documents, it means that if a single character is changed on the verified version then all the other nodes (or computers) in the chain would be notified.

Benefits of verifying documents through blockchain

Using blockchain to verify documents promises the following benefits:

Traceability – every change on the document is logged and can be traced

Security – information is protected against manipulation

Efficiency – use of secure digital documents saves time for every business involved.

The blockchain never includes the document itself. It merely provides hash values, or check sums, generated against the document that proves it has not been tampered with.

Transmission begins as soon as the receiving system confirms it is capable of receiving the document. Groupware is used to show all relevant information when a document was transmitted via NGDX.

NGDX logs confirmation of a successful delivery and then retains a log of the document to ensure it has not changed.

From a legal point of view, NGDX offers unambiguous proof that documents have been sent and received and not tampered with.

This technology also simplifies the archiving process for invoices, contracts, receipts and other documents within Business Process Management systems.

Ferrari electronic worked with strategic partner Cryptowerk to combine its NGDX with blockchain technology.

Vice-president for business development in Europe Bernard Hecker said: “I believe in a future where trust can be implemented into every digital product, every digital process and every digital transaction.”

Where document verification exchange could occur

Where verified document exchange could work:

  • Logistics: digitally process transport orders and seamlessly verify them
  • Financial Services: NGDX means a private bank can prove, without doubt, that it was commissioned to purchase shares – eliminating many possible disputes with customers
  • Law: a firm can prove it has honoured repeal or revocation guidelines
  • Public sector: An authority can verify the content and transmission of documents, certificates and records eliminating the need for paper and postal delivery

There is almost no sector of the economy where legally secure document exchange will not bring huge benefits and efficiencies.

Ferrari Electronic director of product management Chris Helbing said: “The blockchain is a disruptive technology and is likely to become a hot topic in 2019. Nothing beats the combination of NGDX with the blockchain for legally compliant document exchange.”

The solution will be available in early 2019.

Contact Ferrari electronic now to find out how blockchain-backed secure document transfer can help your business info@ferrari-electronic.de.

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