Digital Vault: A Technological Breakthrough that Claims to Wipe Out the Threat of Illegal Use of Valuable Documents

Every organization is dependent on few important and valuable documents that must never be lost or revealed. The threat of misplacing or revealing these valuable documents is very common and can impact the organization’s business continuity and existence. In today’s highly digital business world, a huge proportion of these documents are stored in digital formats. However, there are many businesses in the market today that are still using physical vaults to secure and store copies of the important information or documents. Storing important documents in a physical vault is not viable when the data is required on a daily basis to analyze and modify the data, and at the same time keep it secure and aloof from those who are not permitted to view it. This is where a digital vault comes into the picture to resolve all these problems of storing critical documents and data.

So What Exactly are Digital Vaults?

Digital vaults are greatly secure, off-the-cloud platforms that are safe from fire and other natural calamities, and prevent everyday attacks on the private as well as personal confidential data. The term “vault” is used as it relates to the vault in the real world.

Digital vaults are a valuable platform that help in securely storing crucial information like the bank details, mortgage details, location of wills & trusts, and the investments a person owns. Users can store details of personal devices, memberships & subscriptions they have enrolled in, and safely store memories as well as traditional family food recipes. For any type of sensitive financial, legal, medical, and identification documents, digital vaults are a perfect option to keep them safe and sound, and off from the eyes of hackers or intruders.

In a nutshell, these online vaults are capable of holding all the confidential and important information—anything that your heirs might find valuable.

Innovations in the Digital Vault Sector

The notion of digital vault has surprisingly come into the limelight in the past few years and now numerous vendors are in a race to offer this technology under the umbrella of digital vaulting. Nowadays, various technology companies are offering secure and suitable solution for people who desire to offer their heirs a stress-free way to locate vital documents and financial records while they are alive—and making things simpler for the heirs after they are no more alive. In times of great uncertainties, such as the current COVID-19 pandemic, we shouldn’t panic, but invest in some thoughtful technologies such as digital vault.

Dive in to know some of the recent innovations in the digital vault arena.

• Guarantee Vault by Digital Vault Services GmbH

In January 2021, Digital Vault Services GmbH, a limited liability company, has launched a solution for digital guarantees. This novel digital vault can be used as a central register for the issuance and security of digital guarantees. It offers banks and sureties the opportunity to centrally issue and store documents and information including Surety Bonds, Bank Guarantees, and Standby Letters of Credit in a digital format. Guarantee Vault is an exclusive combination of central issuance with digital guarantees and offers considerable significance to all market players. It adds an extra layer of efficiency all through the guarantee life-cycle.

• Bailard Vault by FutureVault
  In April 2021, Bailard, a San wealth and investment management company based in Francisco, joined hands with FutureVault, an enterprise digital vault solutions providing firm, to launch Bailard Vault.

The Bailard vault comes with a custom white-label platform and native mobile app on iOS as well as Android that offers safe access to important documents for Bailard’s clients and the investment counselors of the company.

• Cloud Locker by Clocr

In April 2021, Clocr, a leading provider of digital estate planning tool for online accounts, launched a new tool to organize, manage and pass on digital legacy. It is a SaaS (Software as a Service) type of platform that helps in arranging and maintaining digital assets after a loved one’s death. This platform has been recently made available in the Indian market. It enables its users to competently arrange their digital property such as accounts (social media and others) and documents, classify their righteous heirs, and offer the heirs the access to the digital legacies of their loved ones.

The Future of Digital Vaults

Digital vaults for sensitive and valuable electronic documents are the safest storage box and will linger around even in the future years as the most secure option to maintain crucial documents. With time, many more innovations and advancements will take place in the digital vault technology, which will be beneficial for individuals as well as organizations in several ways.

About the Author(s)

   

Aishwarya Korgaonkar

Aishwarya Korgaonkar holds a bachelor’s degree in Information Technology from the esteemed Mumbai University. Being creative and artistic, she leaped into the field of digital marketing and content writing. Her love for words makes her write creative, and her spellbinding content adds colors to the world.