NetDocuments, a cloud platform for legal IT, says it has completed a proof of concept for the integration of NetDocuments’ cloud platform with blockchain technology, enabling firms to validate document existence, details, status, and metadata via a verified and distributed digital ledger.
Incorporating blockchain technology into NetDocuments’ governance platform enables sensitive and transactional documents to be verified by posting to an open-source digital ledger, validating document details such as canonization, approval, status, filing and other relevant document information. Verified documents will retain a blockchain ID, ensuring accuracy through a distributed digital trust network. The technology integration includes blockchain certification of content stored in NetDocuments as well as certification of contents in local device storage.
NetDocuments’ blockchain integration allows customers to initiate a range of workflows and will support multiple blockchain platforms. For example, establishing an NDA (non-disclosure agreement) can be performed by distributing a NetDocuments link, verifying the parties have not altered the agreement and then publishing the final agreement through the NetDocuments-blockchain integration.
Blockchain is “the ultimate source of digital trust and verification,” said Alvin Tedjamulia, CTO at NetDocuments, and by combining blockchain’s decentralized digital trust with private and geo-aware data storage, dual-custody encryption keys, private hardware security modules, digital loss prevention, and policy-based data classification solutions, leveraging blockchain is a logical next step as part of NetDocuments’ security and governance industry leadership.
Blockchain integration further enhances a firm’s ability to properly govern documents and sensitive data as part of their mission to improve client service and efficiency, said Tedjamulia, adding that the new technology will help deliver the governance, collaboration, and intelligent understanding around digital assets.
For a more technical look at the NetDocuments blockchain integration, go here.