With the kind of record keeping businesses are required to maintain, and the degree of device proliferation within the corporate world, the battle for security-based technology solutions is becoming increasingly intense.
While “on-the-go” technology and “24/7” connectivity are a boon for businesses and consumers alike, it also makes them particularly vulnerable to hackers.
One of the largest expenditures for most businesses and corporations revolve around network security. A significant amount of computing resources are needed to secure business networks against hackers and potential security risks. A major concern for CTO’s is that technology solutions would need to be updated and monitored in an effort to deter hackers that routinely seek vulnerable areas to enter networks.
On the flip side, CTO’s in general are learning more about the benefits of blockchain technology.
Blockchain essentially functions as a distributed ledger system spread as a network of blocks where each block contains time-stamped data and information. This is what makes the entire network of blocks (or chain of transactions) secure against any kind of data tampering or corruption. There exists a general consensus among users (each user in the network is an equal stakeholder) in the way data is both recorded and stored, so the role of third-parties is rendered obsolete.
Furthermore, unlike most security-based business solutions available today which require multiple levels of authentication and verification, the decentralized nature of Blockchain technology solutions in addition to increasing accountability and transparency, eliminates the need for multiple levels of verification.
All actions require the participation of the majority of users within a network; no single central authority can control the entire network, which makes the network virtually hacker-proof.
Blockchain technology was initially limited to cryptocurrency usage, and today possesses far greater reaching capabilities. In addition to being used within the financial industry, Blockchain technology has extensive potential as a business solution for any industry type, ranging from healthcare, to wellness, to logistics intensive industries.
The amount of data transactional flow taking place over multiple networks across all industries is staggering. In such scenarios, the need for tracking and analyzing data is very critical. Through the use of Blockchain technology, this data can be easily tracked to the original transaction which again reduces space for duplication or tampering of data. Since all data and information is linked, the identification of errors is faster which means solutions to address those errors can be employed quickly and effortlessly.
Any error, or break in data within the network is restricted to just one node or connection. Even if there is a breach in one of the nodes, the data across the networks remains secure.
Another advantage for businesses (besides less regulations and tax cuts) is the reduced dependency on labor intensive processes, as seen in cases such as Envoy, which is an asset management platform and trade finance marketplace that is powered by blockchain technology.
Across industry types, most processes are built and managed over multiple networks. In addition to creating a needlessly complex structure of processes, this adds to the cost burden of the business. However, with Blockchain technology, the processes can be moved within one distributed ledger which builds on optimization while reducing business costs. These advantages essentially make Blockchain the new business solution for businesses.
This explains why there is a growing demand for professional Blockchain experts across multiple industries.
In another response to this demand, Finland based Payperblock is building a community of freelance Blockchain professionals who are specialists in various business fields and industries such as website developing, software engineering, and remote assistance.
Privacy and security are increasingly becoming areas of concern due to the relentless pursuit of criminal-minded hackers that are always on a mission to seek loopholes to enter to gain access to sensitive data. Thinking ahead and upping the game in both these areas is one of the best ways of dealing with any kind of security breach.
In an increasingly interconnected world where the proliferation of devices and data flow is only set to grow, the conditions for incorporating a secure and low-risk technology solution like Blockchain are ripe, and is quickly becoming a best practice for all business executives to explore and implement.