The application of blockchain technology in document storage: Opportunities and challenges
Dmytro Kotsur · Society Document Communication · 2024
This study explored the potential applications of blockchain technologies in document preservation, focusing on their efficiency, security, and economic feasibility. The technology’s key advantages have been identified, including transparency, data immutability, process automation, cost optimisation, and enhanced trust in digital systems. An analysis of practical case studies has demonstrated significant benefits across various countries. In Estonia, the e-Tax system has reduced tax violations by 20%, accelerated financial transaction processing, and automated tax control. In Georgia, using blockchain in the land registry has lowered administrative costs by 25%, shortened property registration times, and reduced legal disputes by 30%. In the USA, the introduction of smart contracts in the rental sector has reduced contract execution times from 14 days to 48 hours, while administrative errors have decreased by 30%. Despite these advantages, challenges remain in implementation, including scalability, high energy consumption, legal regulation, and the complexity of integration into existing systems. Measures have been proposed to further develop the technology, including the establishment of international standards, legislative adaptation, the implementation of energy-efficient algorithms, the expansion of training programmes for personnel, and the integration of blockchain with other digital tools. Additionally, the use of blockchain enhances cybersecurity, as data stored in a distributed ledger cannot be altered or falsified. This ensures the protection of documents against forgery while preserving their authenticity and integrity. In the future, the technology could facilitate the creation of global digital identification systems, forming the foundation for e-governance and secure data exchange. The findings of this study may serve as a basis for further research and the development of strategies for large-scale blockchain implementation in public administration, the financial sector, logistics, and the digital economy