Security is the prime concern and focus of enterprises doing business of any kind. By using blockchain technology, the business can expect a firm line of defence against hacking. The increased popularity of cryptocurrency and the growing demand for digital security blockchain technology has come to the forefront. Popularly seen as a distributed ledger technology, its distinct advantage of providing security can be found beyond cryptocurrency.
An important question that most of the business might ask - How does blockchain technology provide the best security to businesses?
Blockchain is a decentralised or distributed ledger connected to a host of independent systems popularly known as nodes. All the transactions that take place through this technology
are tracked, time-stamped and are unchangeable. The nodes that spread across the decentralised blockchain system organises new information or data into blocks and binds them together. The key highlight is that no one can alter or delete data on blocks created earlier as the network of blocks can only be added further to the chain.
This security feature of blockchain is further strengthened when more people join the blockchain network. Through increased participating nodes, people on the network can cross-check each other's activity within the network. Blockchain Community India supports this cause through its community of technologist and like-minded investors and partners who promote blockchain-based projects for 11+ traditional business.
In today’s time, there are various ways this technology offers benefits to the business in terms of security, such as:
Sequential Recording of the transaction
Providing both security and privacy is nearly not possible in any other information technology. However, in blockchain technology, one can get the advantage of both security and privacy. As the nodes in the blockchain network are distributed and making any modification or changes in the blocks is next to impossible. Furthermore, due to its unique encryptions and secure key infrastructure, the entire network becomes secure. Thus Blockchain provides confidentiality and trust of security.
The security provided by Blockchain is robust; this is because, in its network, the data blocks are encrypted that can successfully help fight against cybercrimes. Any attempt to modify the data can be easily noticed and pinpointed. It has all the critical elements of being safe as it has secure design, effective workflow design and a solid architectural design that makes it a strong network and platform.
All the business sectors, including traditional business and primarily the financial sector, look forward to technological innovation while ensuring that the security of their consumer data, business financial data would remain their top priority. Blockchain technology integrates the regulatory framework and design that can take care of this priority.
Blockchain technology is transforming the way businesses are done today by allowing decentralisation which further reduces costs and increases efficiency. It provides its users with a range of benefits in terms of security. For example, users can store their private keys and protect themselves from phishing emails, leading to a significant loss of personal information.
Blockchain community India (BCI), India’s leading blockchain community, has brought about the benefits of this new-age technology to its investors and partners. It's a community that leverages the advantages of blockchain technology and AI to support businesses to grow and become efficient through its strong network of investors, partners and blockchain technologists.