With the kind of record keeping businesses are required to maintain, and the degree of device proliferation within the corporate world, the battle for security-based technology solutions is becoming increasingly intense.
While “on-the-go” technology and “24/7” connectivity are a boon for businesses and consumers alike, it also makes them particularly vulnerable to hackers.
One of the largest expenditures for most businesses and corporations revolve around network security. A significant amount of computing resources are needed to secure business networks against hackers and potential security risks. A major concern for CTO’s is that technology solutions would need to be updated and monitored in an effort to deter hackers that routinely seek vulnerable areas to enter networks.
On the flip side, CTO’s in general are learning more about the benefits of blockchain technology.
Blockchain essentially functions as a distributed ledger system spread as a network of blocks where each block contains time-stamped data and information. This is what makes the entire network of blocks (or chain of transactions) secure against any kind of data tampering or corruption. There exists a general consensus among users (each user in the network is an equal stakeholder) in the way data is both recorded and stored, so the role of third-parties is rendered obsolete.
Furthermore, unlike most security-based business solutions available today which require multiple levels of authentication and verification, the decentralized nature of Blockchain technology solutions in addition to increasing accountability and transparency, eliminates the need for multiple levels of verification.
All actions require the participation of the majority of users within a network; no single central authority can control the entire network, which makes the network virtually hacker-proof.
Blockchain technology was initially limited to cryptocurrency usage, and today possesses far greater reaching capabilities. In addition to being used within the financial industry, Blockchain technology has extensive potential as a business solution for any industry type, ranging from healthcare, to wellness, to logistics intensive industries.