Regardless of the industry or verticle, organizations have a huge amount of compliance obligations that must be followed to avoid penalties, closures and ensure continuity of service. How are these compliance obligations managed, and is there any room for improvement?
Traditional compliance management
Traditionally, observations and measurements have been captured using manual paper-based forms. These forms proved to be difficult and complex to use and often suffered from inaccuracies as a result of this.
Data collection and management with paper forms can be an inaccurate and labor-intensive process. Data are often key punched twice and then reviewed for missed, out-of-range, or erroneous responses — an inefficient validation process that can be time-consuming and inaccurate. — Handheld Computers, A Feasible Alternative to Paper Forms for Field Data Collection, University of Minnesota
Luckily, these paper-based forms quickly got replaced by their digital counterparts, as soon as these alternatives became available. This move to digital forms solved many of the problems paper-based forms suffered from and proved to be much easier to use. Better data entry, less use of paper and a reduced cost are only some of their features.
While digital forms revolutionized the process of being compliant, it did not come without a cost. The recorded data has to be stored and shared with the relevant regulatory bodies for review and sign off, which sounds simple in theory but has shown to be rather difficult in practice. Records can be erased, servers can become corrupted, data formats change and data loss can become a huge issue for businesses. Organizations are now beginning to harness new and emerging technologies to solve these issues and ensure transparency and compliance.
Enabling compliance using blockchain technology
Blockchain technology is said to be critical the future of data storage by some, and for good reason. It introduces features like immutability, security, and decentralization, allowing organizations to verify events, timestamp actions and ensure real-time compliance.
Blockchain has been around for over a decade and is now starting to gain adoption and momentum, as new high-powered protocols such as EOSIO have emerged. These protocols no longer have transaction fees and are capable of handling much more transactions per second than previous protocols, to support enterprise-grade applications. The potential of blockchain technology seems boundless, but organizations need to be practical in selecting a chain that meets both their compliance and regulatory obligations.
Enabling compliance using blockchain technology
Europechain is a fit for businesses that have security, compliance, and performance on their requirements list. Europechain delivers trust by allowing organizations to harness the power and scalability of EOSIO while complying with EU legislation & regulation.
Europechain brings together an ecosystem of commercial partners, system integrators, developers and IT specialists with a focus on delivering high-standard solutions and applications to users and businesses around the globe. As the network grows, there will be an increasing amount of multi-industry, native and OEM product offerings to choose from. Additionally, Europechain will be delivering rapid proof of concept projects with teams around Europe and has deployed FACT, which allows the capturing and entry of events on the Europechain Public Blockchain.
FACT is a customizable mobile tool to manage your business processes and capture proof of compliance and procedure. Powered by Europechain, FACT delivers a toolbox for the recording of events from a wide range of pre-set smart form templates.
The flexible template builder allows configuration of all types of compliance checklists, which are cryptographically hashed and timestamped on the Europechain public blockchain to increase security, visibility, and transparency. Roles and activities can be assigned to enable task distribution and increase management awareness of task completion.
FACT is a multi-industry application with an intuitive user interface that allows for fast and efficient onboarding and has customizable team settings to facilitate the segregation of duties. Below are just some of the use cases for FACT.
- Real-estate technical inspections
- Food safety and HACCP compliance
- Equipment maintenance-checks
- Asset tracking
- Road-safety management programs
- Lean-six-sigma routines
- Supplier/contractor-performance management
- Safety management
FACT provides businesses with the opportunity to minimize repetitive, paper-based tasks and maximize the efficiency of employees, with the added benefit of having all events timestamped and added to Europechain to ensure transparency and completion of time-sensitive tasks. The feature-rich system also allows for visibility through notifications and the reporting dashboard, which can aid in providing insight into team performance and task delivery.
Europechain is a GDPR supporting blockchain platform. Powered by the EOSIO protocol, it is managed and governed by experienced block producers registered in the European Union. Europechain brings together an ecosystem of technology providers, system integrators and commercial partners enabling global enterprises to deploy scalable, resilient and EU compliant applications. Contact [email protected] for more information.