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September 18, 2021

3 proven ways you can protect your business by using Blockchain technology

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3 proven ways you can protect your business by using Blockchain technology.

These days, cybersecurity is one of the most pressing concerns for any business. Globally, 30,000 websites are hacked daily, making 64% of the world’s businesses victims of a cyber attack.

Online connectivity has become both a blessing and curse for businesses, but blockchain systems just might change all of that.

Blockchain technology is improving business security, creating new and powerful solutions in data protection. And the implications are revolutionizing the way we handle data.

But how is blockchain making this difference? And how are businesses applying blockchain towards a more secure information network?

By exploring these questions, you too can understand blockchain and its role in staying safe and relevant in business.

How Blockchain is revolutionizing cybersecurity

Blockchain systems are the next evolution of cloud data security. This is because blockchain offers new levels of protection, transparency, and privacy across data systems.

But what is blockchain and how is it producing enhanced security results?

Blockchain technology was created for and popularized by cryptocurrencies like Bitcoin. Blockchain systems are necessary for making cryptocurrencies work because they provide immutable data storage on a decentralized database, all linked together through cryptographic hash functions.

What this means is that there is no singular server system that stores information. Instead, the data is locked in a node behind personalized authorization keys that can then be used to access the data from anywhere.
This protects the integrity of information by keeping data separate, even though it’s linked together.

Then, the cryptographic hash functions make changing data all but impossible. To alter information on a blockchain, a hacker would have to alter the entire chain since changing one node interferes with the linked cryptography of other nodes. Dominating the chain takes computing power that not many hackers can manage.

The structure of a blockchain naturally gives businesses security advantages when it comes to protecting data. In securing Internet of Things (IoT) devices, for example, blockchain is especially useful because it can link and protect access points while tucking private data away in various locations. This safeguards systems against network crashes as well as expensive data breaches.

In the course of protecting data-driven business practices, blockchain stands to improve security across the board. This has countless practical applications for business owners looking to reduce risks while enhancing efficiency.

Practical applications of Blockchain for business owners

Blockchain equates to an all-new ability to innovate data security and transparency for business owners. The results often come in the form of efficiency and security upgrades that take business data from a place of vulnerability to one of safety. This is all possible through the ways blockchain can be applied to more efficient use of data.

Here are some of the practical ways in which business owners are already applying blockchain for enhanced business security:

1. Tracking changes — One of the key cybersecurity features of blockchain that makes it a revolutionary tool is its ability to immutably store all change information that occurs within a data set.
With blockchain, changes are time stamped and locked in forever. This includes everything from transactions to authorization data.

This is especially useful when it comes to the security of food products. In one instance, Golden State Foods partnered with IBM to implement a blockchain-based tracking system for food transit and IoT sensory data. This meant the path of food and its quality metrics were stored transparently across the chain.

From here, the company can ensure the quality of its products by tracking any updates to the information. This makes implementing a recall simple and more effective should it be necessary and keeps customers safe.

2. Preventing breaches — Blockchain also acts to protect against data breaches. This is especially important as businesses make greater use of IoT sensor networks to monitor and improve their own practices.

And companies are applying blockchain already to help ensure the safe transfer of information across IoT devices. For example, Hdac security technology creates quality records at each process stage on a private blockchain. Then, data is cross-checked and inspected for authorization and behavior, ensuring the quality and accuracy of data use.

In this fashion, companies can protect against IoT network breaches through comparative data solutions on the blockchain.

3. Backing up data — Last but not least, blockchain is instrumental in business security through its ability to back up data safely. Blockchain excels in this regard since it is incredibly difficult to alter blockchain data and the decentralized nature of these systems ensures that all data isn’t stored in a single place.

Many companies, resultingly, have had success adding blockchain to their data backup procedures. Acronis, for example, has applied blockchain file certification to all their storage systems and in doing so has secured millions of data files.

By integrating peer-to-peer computer networks for storing data over blockchain, companies all but guarantee that data will be safely backed up somewhere. This mitigates the threat of data breaches and ransomware attacks.

Securing your business future

These features of blockchain technology offer unprecedented security solutions.

This technology takes what can be an overwhelming job and reduces it to a system of checks and balances that can be simple on a blockchain platform.

Integrating blockchain in data security on the job can then make problem-solving easy for full-stack developers already attempting to juggle dozens of complicated security factors.

From there, your business security solutions can make the strides needed for protection in the modern world. No matter the path of your cybersecurity career or business endeavors, consider applying blockchain to give you the data tracking, safety, and backup options you’ll need.

— Jori Hamilton is an experienced writer residing in the Pacific Northwest U.S. She covers a wide range of topics but takes a particular interest in covering topics related to wellness and mental health. To learn more about Jori, you can follow her on Twitter and LinkedIn.

• Posted 9.18.21 at 06:59 am by Roy Osing
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