How many of you are still using a piece of paper or a notebook to store confidential information? Only very few. Because, we are getting used to the habit of storing any kind of information (even passwords) as documents and store it on the hard drive, USB drive, Google drive, cloud storage and more. Of course, electronic documents have a lot of advantages over the traditional documents like the ease of use, carrying on the go, sharing with others etc. For individuals, only less space is needed to store the confidential documents like legal documents, insurance policies, utility bills and more. Let’s not worry about the photos and videos as it is used only for entertainment purposes and doesn’t have any value.
Now, can you imagine how much storage space is needed for a bank to maintain the KYC details of its customers? Based on a report, it is estimated that the total amount of money spent worldwide towards maintaining the KYC and AML compliance documents is close to 10 Billion USD. And, definitely, this number will increase in the coming years with the addition of new customers every year. Unfortunately, the banks or other organizations are not able to cut down this expenses which result in an increase in their annual budget.
Also, there are more than 400 different electronic file formats and the size occupied by each type of file varies. How do we modify the existing record management systems to effectively store the large volume of data? RecordsKeeper provides a cost-effective solution for storing documents by utilizing the blockchain technology so that the stored documents will be immutable. What is RecordsKeeper? Basically, it is a P2P (Peer-to-Peer) structured document storage that can fulfil the needs of not only the businesses but also the individuals. Using RecordsKeeper, it is possible to store any format of data like text, XML, object, JSON and more.
Like the traditional database, RecordsKeeper also stores the data in the form of the key-value pair but the only difference is that the data cannot be altered, modified or tampered as it is stored on the immutable blockchain. In this way, the data is stored in a transparent and secure and accessed by anyone who holds the key for the data. Besides the data security, RecordsKeeper also has the following benefits:
- Open source platform
- Can be easily integrated with the existing businesses
- Easy maintenance using APIs & Libraries
To upload the documents on the RecordsKeeper, the user needs to make payment by using the special type of token named XRK which is considered as the driving fuel of the platform. These tokens will be given as rewards to the miners who take the responsibility for confirming the transaction. The maximum size of data that can be uploaded per XRK transaction is limited to 2 MB. If someone needs to upload big files of size more than 5 GB, then they can just upload the hash of the file so that it can serve as a proof-of-existence.
To learn more information about the RecordsKeeper platform and XRK tokens, please visit Website & Telegram.
