The blockchain architecture behind modern cryptocurrencies, NFTs, and decentralized applications has significant built-in security features.
Once data blocks have been added to the blockchain database, they are immutable. A hacker can’t change them to siphon off funds.
This makes blockchain security a technology that has peaked the interest of many organizations and agencies.
According to security professionals, businesses can more securely store and transfer records using blockchain networks with strong, built-in encryption. This can sometimes be a cheaper way to store data rather than renting space in a data center.
For example, blockchain can be used to securely share electronic health records. Since the data in blockchain is encrypted and private key codes are needed to access the data, these records would be shared among patients and providers safely.
Blockchain security has also proven to be useful in supply chain management. Supply chains are complex and managing them takes hours upon hours of time from businesses and their teams, especially when different links in the chain are in different states or countries.
A blockchain’s immutable record-holding technology solves many issues associated with supply chain management by eliminating the lack of transparency and inefficiencies in payment processes.
One example of this is Walmart using blockchain technology to trace their food sources. As blockchain technology becomes more accessible, more businesses will use it to trace products and keep a secure record of their supply chain.
We are also now seeing how smart contracts using blockchain technology to ease the headaches associated with managing contracts for businesses. A smart contract is an automated, self-fulfilling contract where payment is only released once it is confirmed that both parties have fulfilled their agreed-upon terms.
One thing for certain, as the blockchain becomes more widespread, businesses and consumers all around the world will interact in one way or another with it.
Want to know more? Tonex offers Blockchain Security Workshop, a 2-day course where participants learn how to use a comprehensive risk management framework and system applied to blockchain network.
For more information, questions, comments, contact us.