The management of master and reference data is a very important element of data management since it makes it possible for organizations to ensure their data is accurate ( Wang et al., 2018 ). It also helps an organization to maximize the efficiency of its processes of operation and generate a unified scope of the information they possess. It also includes the management of the data’s quality, correctness, validity, uniqueness, and completeness. Management of master and reference data helps organizations mitigate the risk of data inconsistency and increase the value of gathered information.

Blockchain is an example of a technology that can help organizations to effectively manage their master and reference data. Some other technologies and solutions are also applicable. Blockchain is simply a distributed ledger that stores data in a manner that is both secure and unchangeable ( Meunier , 2018 ). Blockchain provides a decentralized system of data storage that is very safe, making it reliable for the maintenance of both master and reference data. By keeping data across a variety of nodes, blockchain can permit organizations to verify that the data is correct and complete. Also, it can assist in mitigating the complexity of data management by decreasing the amount of time used on labor-intensive manual processes.