By Joey Ricard - July 1, 2020
The emergence of Blockchain technology is creating a lot of buzz in the global market today. And according to experts, by leveraging the power of this high-end tech to the fullest, industry-specific businesses can transform their traditional business models. For cybersecurity, even big names like Nasa is utilizing Blockchain! So, you can imagine what amazing things this futuristic technology can bring to the table.
This article is going to highlight some of the killer benefits businesses can enjoy from Blockchain applications. Also, you will find some promising use cases of Blockchain applications in the cybersecurity domain.
Be it the financial industry, healthcare industry, supply chain industry, or any government, many industry leaders and businesses have already embraced Blockchain and enjoying remarkable business benefits as follows.
When it comes to secure transactions, nothing really can beat Blockchain for now! Any government, or the healthcare sector, or the financial industry mostly deal with highly sensitive data and its sharing. Hence, especially, for these sectors, Blockchain applications are like a blessing!
In the Blockchain, once a transaction is agreed upon, encryption is done. And then it is linked to the transactions made before. Also, rather than relying upon a single server, all the encrypted sensitive data is stored across a network of devices. Undoubtedly, it gives a hard time for the hackers to get their filthy hands on it.
Keeping the proper track of the transaction history is crucial for most businesses out there. Blockchain technology, being a type of the distributed ledger helps in this process a lot. Unless all the participants agree on it, no change can be made on the transaction record. Thus, better transparency and consistency can be assured with Blockchain applications.
Every business looks for ways to diminish operational costs. In the case of using Blockchain technology, not many third parties are required as trusting the information on the Blockchain is enough. Also, you can finally say goodbye to reviewing excessive documentation before finalizing a trade. The Blockchain will allow every permissioned participants to access an immutable version of the document. Thus, business operational cost reduction is possible.
Businesses that deal with a complicated supply chain process, understand the pain of tracing a product back to its origin! Blockchain technology makes this product exchange process relatively easier and smooth by providing an audit trail. Tracing the transaction history of data helps in preventing any fraudulent activities.
And about speed and efficiency, we all know that paper-heavy processes are indeed very time-consuming. With Blockchain, you can make this process automated and faster.
Cybersecurity has always been a major issue for most companies out there. So, ensuring the best security is always one of the highest priorities for enterprises and business leaders. Here is a list of some best use cases of Blockchain technology in the cybersecurity domain.
As DNS is vastly centralized, cybercriminals can easily cause a massacre by breaking into the connection between the IP address and the site name. More terrifyingly, along with the DNS attacks, they can incorporate DDoS attacks as well causing massive trouble for the businesses!
With a Blockchain-powered system, this issue can be handled efficiently. And the main reason behind it is that the Blockchain is decentralized. So, cybercriminals will have a hard time to pinpoint any single points to cause anything serious.
Blockchain technology allows you to store the information about the domain immutably.
From being an emerging technology, IoT has almost become a mainstream technology today. We are seeing a lot of IoT applications these days. However, cybercriminals are expert enough to find weaknesses in these edge devices and using these devices to gain control over the system and hack it. So, devices like security cameras or thermostats are not safe at all!
However, with Blockchain, you can make all these systems “smart” enough so that these devices do not have to rely only on the central authority. Another advantage of the Blockchain in this aspect is that any information exchanged between these devices can be protected with this technology.
So, you can understand that the decentralized nature of the Blockchain is the main reason why it is the perfect choice for cybersecurity applications.
Well, other than this, implementing high-end security in private messaging is another case where Blockchain can be used.
If you can get the most out of Blockchain technology, the cybersecurity can reach next-level! As this technology is still emerging, we are not familiar with its full power yet. However, skilled and experienced Blockchain developers can make your applications safe and secure enough to combat potential cyber-attacks today.
At Klizo Solutions, we are already working with this futuristic technology and helping businesses to get security solutions they need and applications with unbreakable security. We are working on such Blockchain applications that can bring a revolution in people’s identity verification process!
If you have a great idea, reach our Blockchain experts. They will guide you through the way and assist you to turn your big idea into a successful reality.
Klizo Solutions was founded by Joseph Ricard, an American who has spent the past 10 years working in India, developing good teams and good processes. We have a team of over 40 people, and we develop high level technology in multiple frameworks.