Ferrari Uses Cryptowerk for Blockchain Document Storage
Combining Next Generation Document Exchange with Blockchain technology for secure blockchain document storage.
Ferrari electronic, a specialist in Unified Communication and Cryptowerk, specialist in Blockchain Document Storage technology, have agreed to become technology partners. As part of the technology partnership, Cryptowerk will provide its Blockchain technology for the use in fax servers as well as in Ferrari electronic’s future document exchange process (Next Generation Document Exchange). This ensures that digital documents can no longer be manipulated unknowingly between the sending and receiving processes.
Contemporary document exchange systems, such as Next Generation Document Exchange (NGDX), handle the transmission of digital documents. However, the digitalization of processes requires a great deal of trust between both business parties while serving the compliance requirements. The Blockchain technology enhances the security of business communication and reinforces the trust between both business partners.
Digital Registration and Authenticity of Transmitted Data
Modern document processing systems not only capture and check documents autonomously, but they also extract information and ultimately supply these to the end user. Even more, these systems are capable of running and automatizing system-wide process tasks. As these features may seem beneficial in their own concept, they often lack an errorless, traceable and direct connection between one location and the other. Ferrari electronic’s document exchange system NGDX addresses this issue directly.
Once NGDX is combined with the Blockchain technology, it provides a proof of receipt for digitally transmitted and business critical documents. This is quite similar to the familiar “acknowledgement receipts” for letters, with the exception that Blockchain now also proves the authenticity of the transmitted data by assigning the respective hash values.
All data transactions, such as the exchange of documents, can be traced transparently and unchangeably when Blockchain is used. “When was what ordered and by whom?”, “What arrangements were made regarding the payment terms of the invoice and who made these arrangements?”, “Which contract draft is the latest version and by whom was it signed?”. All these questions can be answered by backtracking the data. Blockchain assigns a unique hash value to each examined business process.
Stephan Leschke, CEO of Ferrari electronic AG, remarks:
“The technology of NGDX forms the basis for an optimally working automation of business processes. Security and trust in the authenticity of documents are crucial. Blockchain provides entirely new possibilities and our endeavour is to fully exploit these possibilities for our customers. Our partnership with the experts at Cryptowerk brings us closer to this objective: Connecting NGDX and Blockchain provides a trustworthy encryption of all documents that have been digitally transmitted, without media discontinuity.“
Bernhard Hecker, Vice President Business Development Europe of Cryptowerk, adds:
“Blockchain technology provides digital trust. Integrating our Cryptowerk solution into Ferrari electronic’s fax server and their future document exchange procedure generates an unambiguous proof, stating that a document has not been tampered with during its transmission process. This will provide the necessary security when exchanging data between business partners, which in turn results in mutual trust.”
For more information please visit: https://www.ferrari-electronic.com/solutions/next-generation-document-exchange.html