Currently the most sought after technology, Blockchain is setting new records for its innovative purposes. Not only does Blockchain take cybersecurity to a whole new level, but it has also brought transparency to the industry.
Since you have clicked on the link to my article, I am going to assume you are someone who takes a very interest in technology, especially crypto technology like the Blockchain.
Blockchain is changing everything. It has already received immense support from the major business organizations, the healthcare industry, and, more importantly, the Government.
People who are associated with the crypto industry already know what blockchain technology is. But I want common people like you to realize the true potential that Blockchain possesses.
Blockchain is the prime technology on which cryptocurrencies work. To start trading in cryptos, you can visit the Bitcoin Era website to make your account.
Blockchain is a chain of networks through which users can store and record data in a distributed public ledger. Note that transactions and events can only be added in the Blockchain network; the data which is already added cannot be altered with or edited in any form or fashion.
Since it is one big fat public ledger, everyone on the blockchain technology will see the records, events, and transactions in the Blockchain network. This would allow data transparency and data accessibility.
How Is Blockchain Revamping Cybersecurity?
The features that Blockchain technology provides will take cybersecurity to the next and help businesses in a lot of ways.
- Use of Smart Contracts
The Blockchain has paved the way for Smart Contracts. Smart contacts enhance cybersecurity; when two business organizations are trading, smart contracts come in very handy. Smart Contracts prevent fraudulent activities.
For instance, suppose A is trading with B. The smart contract lets both parties set some pre-set conditions so that either of the parties cannot violate them later during or after trading.
- Add Only
Like I already mentioned previously, data can only be added to the Blockchain network; it cannot be edited or altered. And all the data that is there for everyone on the Blockchain network to see.
Also, all the events and transactions are recorded in a chronological fashion. This facility comes in very handy when two parties are conducting business for the first time. This feature can serve as a track record for both parties.
- Consensus-based verification
After a transaction takes place, it gets encrypted in a block after verification from a numerous number of people on the network.
Before any sort of transaction takes place in the Blockchain network, it is verified by everybody present on the network. And only then the transaction takes place. This is how Blockchain is revamping Cyber Security.
Can Blockchain Technology Really Help Businesses?
While Blockchain technology does take cybersecurity to the next level, there are a handful of things you need to be cautious of. Firstly you need to ensure that your business model is capable of supporting Blockchain technology.
Get in touch with the early adopters of blockchain technology to confirm. While implementing the Blockchain technology in your industry, you may not see returns on your investment for the first couple of years.
Therefore the best way to judge if your organization is capable of handling the Blockchain technology is to make a granular assessment.
Three Ways In Which Blockchain Can Revamp Business
So far, we have known how blockchain technology revamps cybersecurity. Now, let’s know how it will revamp the business.
- Secured Payments
All everything is recorded on a distributed public ledger; payments are also transparent.
- Secured Identity
Each and every owner of the business will have a unique identity number, which he has to verify with the census before conducting any business.
- Secured Registry
Whenever a transaction occurs, it is registered securely will all the members present on the Blockchain network. Furthermore, it is time-stamped, thus ensuring optimum security.
Final Take Away
There you go, now I am sure you must have a clear idea of how Blockchain is going to revamp cybersecurity and business organization. Rumors have it; many popular business organizations are about to implement Blockchain into their network by the end of 2021.