Per my experience about student portfolios, The paper-based is usually prepared for submission to the school. Also, with currently-available technology, the content of the paper-based portfolio is produced and saved on CD's. In my university, BOTH the paper-based portfolio and its CD are submitted - as requirements.
As for such portfolios, I know that they are collections of achievements that students made during their years of study. Each student prepares his/her portfolio according to an approved "rubric". The faculty member who oversees the student portfolios makes sure that each student follows the required items that would fit the components of the rubric. For each item, there is a specific statement that is written to explain why it was chosen, what was the benefit of having the assignment that the produced the item (artifact). Additionally, each student would write a "self-evaluation" statement. Naturally, each student has his/her own identity and writing style. There can never be identical or copied portfolios - and if there there would be close similarity(ies) - the portfolio advisor would be able to detect them during the "paper" phase of such. Usually, there are several sessions with students in the :gradual" building-up of their portfolios. Once done, with student individuality in mind, what has been created as a paper-based - it becomes an electronic portfolio.
Yes, indeed. This is the generation of electronics and all can be done with such modern technology. This is a lot easier than before and of utmost high quality.