Trusting Data: How Technology Can Lead to Paperless Documentation

first_img in Daily Dose, Featured, News, Technology Servicers Navigate the Post-Pandemic World 2 days ago Being able to track which exact item had changed, whether a word, comma or entire paragraph, is dependent on an individual company’s business processes.If document A, B, or C are ever lost, you still have a proof that they existed at some point in time.This will be the future of data: 1) verifying your data or documents against an immutable, decentralized, third-party source, and 2) allowing for others to whom you may sell or transfer the documents to also validate, providing authenticity multiple times over, and thus giving a stronger defense for lost documentation.As time moves forward, data is only going to become increasingly more valuable. Where the proofs of that data are stored will also become more valuable because we are migrating away from paper. Original sources of truth will never be irrelevant. I was recently traveling in eastern Europe leaving a country that was a former member of the Soviet Union. Before boarding the plane, I was stopped by that country’s immigration officers. They asked to see my travel itinerary, and I showed it to them on my United mobile app.What followed could only be described as a scene from an old Abbott and Costello movie where we went back and forth, me showing my app and the officer demanding to see my “papers”.Why this comedy of errors? Because while the travel and airline industry has evolved to trusting data without paper, the rest of the world has not. We believe in the expression “put it in writing”. We want to see it on paper because that makes it true and unchangeable.Paper MindsetCurrently, the mindset is that data must be attached to a “physical” piece of paper – whether that be a PDF, a printed pay stub, or a scanned image of a document, to make it “true”. As technology moves forward, this mindset will no longer be valid. Data will be collected directly from the source without paper support ever existing.Many parts of the process in consumer services (lending, credit cards, insurance, etc.) involve collecting data from various sources and using it to make decisions. While we have moved to receipt of that data in pure data form, we still have it followed up with paper (PDF or images) to “support” it.That is because these industries have grown accustomed to having to recreate the truth in case of a dispute over accuracy or authenticity of documentation. Whether you’re dealing with audits, foreclosures, lawsuits, or regulatory reviews, it’s always better to have the proof already than to be forced to try to recreate the truth. But the real question we should be asking is why don’t we trust data alone? The answer is simple:Because data can be changed … In fact, it is designed to be changed, updated, and dynamic.Blockchain as a source or truthA popular critique by blockchain naysayers is that just because data is on the blockchain doesn’t make it true, but only ensures that it is in the same format and unchanged from when it was originally written.We are still faced with the core problem that data written to the blockchain doesn’t make it “true”, it just makes it permanent or immutable.  So, how do you know the information that you are inputting onto the blockchain is correct? Human nature (with ill intent or not) is prone to make mistakes.What makes this powerful use of immutability so valuable is that even the errored data is documented. Over time you can track the errors along with the corrections in a timeline of data provenance. The more data you collect associated with previous data, the more it becomes validated/authentic.The Proof is in the BlockchainSure, it sounds well and good, but why would you give up that physical piece of paper for something you can never touch or feel?I’m going to try and break it down in the easiest way possible:Documents A, B, and C live inside the centralized, firewall-safe database of Company X.Documents A, B, and C are then used to create a cryptographic proof (or hash) with minimal metadata and information about the original document used for search purposes. Think of the cryptographic proof or hash as a digital fingerprint that is created from a one-way algorithm developed by the U.S. NSA.This hash is then placed on a blockchain.Recreating documents from a hash is computationally impossible. But the power is in the fact that only the original document can be used in the algorithm to recreate the hash. The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The original documents A, B, and C are still stored in Company X’s database.If document A, B, or C are changed in any way, they will not match the original hash.If you think you have the original document but it doesn’t match the hash, then you have immutable proof that you do not have the original. Data Provider Black Knight to Acquire Top of Mind 2 days ago blockchain data Documentation industry Paper Paperless Solutions Technology 2018-02-14 Radhika Ojha Trusting Data: How Technology Can Lead to Paperless Documentation Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Trusting Data: How Technology Can Lead to Paperless Documentation February 14, 2018 2,006 Views Tagged with: blockchain data Documentation industry Paper Paperless Solutions Technology The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Share Save Previous: Serious Delinquencies Spike in Texas, Florida Next: Fannie Posts Q4 Losses, but Remains Optimistic Demand Propels Home Prices Upward 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Letterkenny General Management outline action taken since damning HIQA report

first_imgHomepage BannerNews Man arrested on suspicion of drugs and criminal property offences in Derry Main Evening News, Sport and Obituaries Tuesday May 25th Gardai continue to investigate Kilmacrennan fire Pinterest 365 additional cases of Covid-19 in Republic Letterkenny General Management outline action taken since damning HIQA report WhatsApp Details of actions taken at Letterkenny General Hospital in the wake of a recent damning report from HIQA have been released.Last month, a HIQA report on hygiene at Letterkenny General Hospital identified shortcomings in the Medical 2 and Orthopedic Wards.In response to a query from Sinn Fein, Hospital management says efforts have been made to address the problems.These include the deep cleaning of Medical Ward 2, on-going bed and mattress replacement, the provision of additional training for cleaning staff, as well as the introduction of an updated protocol for auditing the cleaning of wards.Management has also confirmed that refurbishment work will continue to be carried out to both Orthopaedics and Surgical 2 to address the issues of maintenance identified by the HIQA inspectors, while the painting and re-flooring of these areas have been progressed.Management has also confirmed that regular audits are carried out into hand washing to ensure compliance, another area highlighted by HIQA.The information has been welcomed by Deputy Pearse Doherty – he says he is now “seeking clarification on the preventative measures which the hospital say it will now employ so that these improvements are sustained and that standards can be maintained into the future to ensure that the hospital does not see a repeat of these failings.” Facebook Twitter WhatsAppcenter_img Google+ 75 positive cases of Covid confirmed in North Pinterest RELATED ARTICLESMORE FROM AUTHOR By News Highland – November 10, 2015 Twitter Facebook Further drop in people receiving PUP in Donegal Previous articleFSA urges restaurants to comply with allergen info regulationsNext articlePatsy McGonagle: Other countries need to be looked at News Highland Google+last_img read more