More and more companies are learning the value of leveraging blockchain technology to enhance their security in critical business areas. Blockchain’s decentralized nature, along with its immutability and cryptography, provides a robust foundation for creating more resilient security systems not just for trading platforms but for other applications, too. If you’re not too familiar with blockchain, here’s what you need to know about it, according to a top enterprise blockchain consulting firm.
Blockchain offers enhanced data integrity with tamper-proof records
- Blockchain creates an immutable record of all data entries and transactions. So, once information is recorded, it cannot be changed or deleted. This provides you with an audit trail that’s tamper-proof, making it invaluable for any financial record-keeping or tracking changes to important company data. This can serve you well during regulatory compliance audits since you have indisputable proof of the authenticity of your records.
- It also makes it extremely difficult for malicious elements to alter any historical company data since the network would not allow it and attempts to “override” old data with new information can easily be traced.
Blockchain offers decentralized identify and access management (IAM)
- This technology can empower your employees with self-sovereign identities where they would be able to control their digital credentials without relying on a central authority. This decreases the likelihood of identity theft and makes it easier for you to verify employee identities without having to store any sensitive personal data on your servers.
- Identity solutions that are based on blockchain can enable more efficient and secure authentication processes, which leads to a reduced reliance on the use of traditional passwords.
- Enterprise blockchain can strictly control access to data and functionalities so only participants with the right authorization can view or interact with specific data.
Blockchain offers secure supply chain management
- Blockchain can provide incredible transparency and end-to-end traceability even in the most complex supply chains. Your company would be able to easily track every single step of a product’s journey in a tamper-proof ledger.
- It can also protect any data transmissions with end-to-end encryption, so you can be sure that no unauthorized parties will be able to intercept sensitive communications or data.
Blockchain offers secure data-sharing and collaboration
- When you need to share sensitive information with your customers, partners, or suppliers, you can safely do so while ensuring that all parties have a shared, immutable view of the same data.
- Complex processes such as cross-border payments or inter-company settlements that involve multiple parties can be automated and secured through the use of smart contracts, which ensures that all entities adhere to the terms agreed upon.
Blockchain offers enhanced cyber security
- You can have decentralized storage so that important company data is distributed across a network of secure nodes. This makes sure that there’s no single failure point so even if one node gets compromised, the rest of the data across the network can remain safe.
- This technology can also be used to provide a decentralized framework for authenticating and managing your networked devices, such as computers and printers, so they would be more resistant to cyberattacks.
Learn more about how blockchain can help your business by contacting Labrys today!
Sharon Howe is a creative person with diverse talents. She writes engaging articles for WonderWorldSpace.com, where she works as a content writer. Writing allows Sharon to inform and captivate readers. Additionally, Sharon pursues music as a hobby, which allows her to showcase her artistic abilities in another creative area.