Blockchain & records management, a perfect match
The most unique and powerful capability of XDEX is the integrated Advanced Records Management system.
Records management refers to a set of activities required for systematically controlling the creation, distribution, use, maintenance, and disposition of recorded information maintained as evidence of business activities and transactions.
Records are how we enumerate, identify, and classify individuals, entities, assets, and transactions. Records preserve aspects of institutional memory. In determining how long to retain records, their capacity for re-use is important. Many records are kept as evidence of activities, transactions, and decisions. Others document what happened and why. Records management ensures an organization has the records it needs when they are required.
The purpose of records management is part of the broader function of governance, risk management, and compliance and is primarily concerned with managing the evidence of an organization’s activities as well as the reduction or mitigation of risk associated with it.
The key word is “evidence.” Put simply, a record can be defined as evidence that a particular event took place: a birth, an account created, a purchase, a contract approval, the sending and receipt of an email. Records management is primarily concerned with the evidence of an organization’s activities and is usually applied according to the value of the records rather than their physical format.
The problem with current blockchain ecosystems is the gaps between the underlying blockchain technology and business transactions in the real world. Business in the real world requires more than just a blockchain transaction confirmation.
XDEX bridges the gaps
XDEX adds what is missing — contextual information about a transaction. We call this information “metadata,” which is “data about the data.” This metadata includes things like business information, documents, contracts, purchase orders, invoices, tax returns, accounting reports… and all the list of what goes into any given transaction between parties for anything that exists in the real world. It also includes governance rules about the details of a transaction, as well as auditing and reporting, and yes, jurisdiction-based regulations.
Until now, there has been little emphasis on the infrastructure and management requirements of blockchain deployments, specifically the elements that relate to reliability, availability, scalability, and maintainability. These are crucial factors in ensuring that the blockchain can find mainstream adoption by enterprises and mass users. Governance and quality assurance are key metrics missing from blockchain technology — mainly due to the inherent limitations of most blockchain protocols, which were never designed with the extended features necessary for enterprise adoption.
XDEX has been built to address these issues preventing blockchain from being adopted by mainstream users.
XDEX is structured to deliver greater security, efficiency, performance, and scalability. The XDEX ecosystem also leverages the efficiencies of its infrastructure to incentivize its perpetual operation and expansion. The result is a system of digital value that is built on sound principles — and ideally suited to attract mainstream enterprises and users around the world.
The vision of XDEX is the full realization of the “Internet of Trust,” in which authenticated users can create, manage, and trade all kinds of digital assets over a specialized virtual private network. What becomes possible is a world filled with border-less transactions conducted in many types of assets and completed anywhere in the world, at any time of day or night, instantaneously, securely and for virtually no cost. This is just the beginning of what is possible with the XDEX ecosystem.
By adapting trust to the digital paradigm, we can access all of these possibilities. Trust is the currency of XDEX, and XDEX is the currency of trust. As the internet did with information, XDEX will unlock unprecedented opportunities to reorganize how we manage the world around us and bring efficiencies to transactions.
XDEX is not just a blockchain, but an enterprise cloud ecosystem that extends the core blockchain itself with features like expert system business rule management, extended metadata storage, and API connectivity for integration into 3rd party application layers.
While the underlying core is indeed a distributed blockchain framework providing the security and immutability of a distributed token ledger, XDEX is a complete technology stack that helps enforce business and regulatory rules — ensuring enterprise level needs are met.
Hashing records to the blockchain
XDEX records management capabilities include assigning unique identifier encrypted hashes to individual records, providing safeguards against unauthorized changes being made to those records, and creating an unbreakable audit trail for reasons of accountability and eDiscovery.
Once a document or information record has been committed to XDEX, it is hashed, encrypted, and written to the XDEX ledger. Unauthorized changes are prevented by implementing airtight permissions and workflow procedures to keep a document from being modified after it has been declared as a record.
Audit trails guarantee an enforceable chain of custody by making it possible to know what a record said at a particular point in time, how its content evolved to that point, and who was involved with it. This is key to preserving the link between the record and the process or event it describes, and for being able to demonstrate exactly who made what changes and when.
Every action taken with a specific record or document, down to the individual instance of viewing that record, is also logged across the XDEX network. That log entry is also hashed and written to the XDEX ledger, providing an immutable proof of every action taken as part of the permissioning and governance of the record.
More XDEX capabilities
As part of a full solution implementation, XDEX can ingest documents out of business workflows in multiple ways.