How is Blockchain a perfect choice for improving Business Security?

Let’s Begin!

Blockchain is disrupting the business world today! This powerful technology driving the future of the global economy has gained immense popularity across the world. Having spread to multiple industries already, the demand for Blockchain can be seen growing all the more.

The blockchain market is expected grow from $1.2 billion in 2018 to $23.3 billion by 2023, at an impressive Compound Annual Growth Rate (CAGR) of 80.2% during 2018–2023, says Statista. A clear evidence backing what Fred Ehesam said,

"Everything will be tokenized and connected by Blockchain one day."

According to Tapscott Group CEO Don Tapscott, Blockchain, the technology underpinning the cryptocurrency technology, could revolutionize the world economy!

With its widespread use all over the place, Blockchain is now ready to move out from the crypto sphere. It has offered solutions to different problems faced by the companies prevailing in the market space other than Bitcoin and Cryptocurrency technology. Business Security is one of these. Here we have discussed about the ways of using Blockchain for business security. Let’s see how Blockchain is changing business security these days.

How is Blockchain taking over the World?

Blockchain can be seen gaining huge popularity among enterprises these days. The benefits that Blockchain offers allures industries across the globe. Deloitte’s 2018 global Blockchain Survey stated that the number of industries exhibiting great interest in using Blockchain has been on the rise. Let’s see it’s contribution in various industries.

Automotive industry – 73 %

Energy sector – 72 %

Biotechnology, pharma, and medical devices – 72 %

Financial services – 64 %

Consumer goods & manufacturing – 56 %

Healthcare – 55 %

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Blockchain gets down to Business!

Financial services and financial technology (fintech) sectors are leading in blockchain development, according to Deloitte. Listed here are the primary reasons why companies are NOW choosing Blockchain more than ever before! Let’s have a quick look at these facts.

86% of senior executives interviewed believe that Blockchain technology is broadly scalable and will eventually achieve mainstream adoption.

83% of senior executives say their enterprises are seeing compelling use cases for Blockchain today.

53% of senior executives say Blockchain has become a critical priority for their organization this year, 10% higher than last year.

43% still see Blockchain as overhyped, up from 39% last year.

40% of enterprises are willing to invest $5M or more in new blockchain initiatives over the next 12 months.

Blockchain has come up with different innovative solutions for resolving the issues that enterprises are facing today. Other than Bitcoin and Cryptocurrency technology, Blockchain has other valuable use cases too. It provides high level data security solutions for improving business security. This is why Blockchain for business security has become the most preferred choice among companies. Here is how Blockchain improves business security through Smart Contract and Decentralized Cloud Storage solution.

Smart Contracts

Enterprises these days are looking for ways to secure data transactions. Smart Contracts offered by Blockchain proves to be an appropriate solution from which companies can benefit from. Blockchain for business security is used in industries by using a Smart Contract.

So, what is a Smart Contract? A smart contract is a code that is built into a blockchain network. It is primarily designed to cut the middleman in all data transactions. Using a smart contract helps to enable transparency. Smart contracts are,

Immutable - Yes that’s true! Smart Contracts are immutable. It means that once Smart Contract is created, then you cannot change it or terminate it. All the parties that are a part of the blockchain network are bound by this contract and they cannot change its terms.

Distributed - The output of a smart contract is validated by all the nodes that are present in the blockchain network. Because of its nature, a single node can never tamper with the smart contract without other nodes spotting this attempt. This feature makes Smart Contract a reliable source to depend on.

Decentralized Cloud Storage

Technologies powered by Blockchain such as Smart Contract not only enables transparency but also plays an important role in storing data and securing data from cyber attacks.However, there is another way by which Blockchain technology is revolutionizing business security these days. Blockchain offers high-level data-security through Decentralized Cloud Storage. Let’s see other benefits that businesses can avail using decentralized cloud storage,

Increased Privacy and Security

Decentralized cloud storage uses a unique process known as sharding to render data security to the users. Sharding is a process in which all the data is broken into sections known as Shards. Later, this data is distributed among all the nodes that are a part of the blockchain network. The shards are encrypted with a private key which makes it impossible to access the content without authorization.

Data Redundancy

Using Decentralized Cloud Storage prevents data loss. The technology creates extra copies so as to prevent errors that may arise while data transmission.

Reduced Expenses

I am sure this would be the best advantage of using decentralized cloud solution. This feature is the reason why blockchain is alluring industries these days. A data cloud solutions helps to reduce the expenses. It costs about 50% less than a centralized server.

For example, StorJ which is a decentralized cloud costs $0.015 GB/month, while its Microsoft Azure which its centralized server component costs $0.030 GB/month.

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The Bottomline

So, by now you have seen all the benefits that the Blockchain technology provides to the enterprises. That’s why businesses these data consider to implement blockchain-based security solution. For sure, blockchain-powered technologies such as Smart Contract and Data Centralized Storage offers better security solutions to enhance data security.

Decentralized cloud storage offering high-level data security while smart contracts rendering transparency and precise execution makes Blockchain out-and-out a perfect choice to improve business security. It wouldn’t be wrong to say that,

The Blockchain technology isn't just an efficient way to settle securities. In the coming days, it will change the market structures, and maybe even the architecture of the Internet itself, said Abigail Johnson.

Scarlett Rose is a software consultant. She loves to do blogging.