Initially developed as the basis for cryptocurrencies like bitcoin, blockchain technology’s potential extends far beyond digital currencies. Its decentralized and secure nature makes it a transformative tool for preserving and managing data in a variety of fields, including healthcare, supply chain management, asset administration, banking, and financial markets.
Traditionally, eDiscovery has relied on centralized systems and methods to collect data. These systems often face challenges related to data security and integrity. However, blockchain technology will dramatically transform this landscape. Unlike centralized systems, blockchain provides a decentralized ledger that records all transactions from their origin in a secure and transparent manner. This ledger serves as an indisputable chain of custody, providing enhanced protection against data theft and ensuring that all changes are permanently recorded and traceable.
