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September 15, 2022

Understanding the Value of Blockchain

By Rameshwar Singh
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In a world of constant change, companies always look for the newest and best technologies to accelerate their business practices. Some may seem obvious, others not, but one is emerging as an important choice for any industry. It's called blockchain and it has game-changing security features. 

A blockchain is a security product you can use from any linked device with any digital application. It's a shared, immutable system that records information in a way that makes it nearly impossible for hackers to access or alter your confidential data. Every block in the chain is encrypted with several transactions, and a record is automatically added to every participant's ledger with every new transaction. This process not only creates tighter security but is also vastly simpler to manage than popular alternatives. Only people in the chain can unlock it, so if someone abruptly tampered with any piece of the chain at all, it would immediately be apparent. If a hacker wanted to corrupt a blockchain system, they would need to change every block in the chain the same way across all distributed versions.  

So why should you use a blockchain? It gives you the best protection while needing the least amount of work put in – it automatically does so much, and each chain is encrypted with a hash code that further protects your data. A hashcode is a fixed-length, randomly generated password that only chain members can access; it could be any combination of numbers and letters.  

As blockchain is so diverse, it can be hard to pinpoint exactly where it fits into your company's ecosystem; some might still be scared to use this "new" technology. But blockchain has value in any company and every industry. So many companies use multiple stages of authentication services like Okta or Azure, which are easy to use and protect your data well. Still, they're not as secure and robust as a blockchain with multiple authors and channels protecting it.  

The primary industry that uses blockchain is banking/financial companies. Still, it's quickly trending for many industries and applications such as cryptocurrency, cybersecurity, accounting and record keeping, supply chain, and even healthcare. Another service built upon a blockchain is data connectivity, which links data from different identity spaces and allows for safe collaboration among the various parties involved. Another useful application is data decentralization, which transfers decision-making and control from a centralized entity to a distributed network. Those are just two examples of ways that many different companies could benefit from using blockchain.  

How will blockchain specifically benefit you? It's used to secure any transaction a business could make – financial or not – and to transfer highly confidential data through a decentralized channel independent of the industry/domain in which a companyoperates. In simple terms, you can transfer highly confidential data to anyone in the chain. Due to its flexibility, you can see how various industries could use blockchain.  

Now that we know blockchain is almost impossible to hack and is ready to be applied in more industries, it's time to look at the value it brings to a company – work put in vs value gained. For a large-scale, global implementation, you need to start the blockchain and pay the network fees – everything else is automatically done for you and added to the ledger. Another instance could be if you need to secure all the products from a specific line of business using blockchain to safeguard the transactions – this, however, would be more costly than some alternatives. Still, it is cheaper than paying the ransom price for stolen data. 

It seems like there's "the next big thing" in technology every year, but only time can tell what will become a trend. So, it's fair to wonder if blockchain will be a fad or not – but we certainly don't think so. Since blockchain is something that many people/industries are just starting to trust, it's only now beginning its evolutionary phase. As this technology continues to mature, we see its natural progression becoming blockchain as a service – like SAS (software as a service). We believe this is the direction blockchain is going, and it will soon be a standard business practice.  

Every modern technology needs time to settle down and be digested by the masses; then, more people are ready to use it. Blockchain’s time has come. It’s ready to break into mainstream use, and we're here to be trailblazers. Everyone wants to use the best security programs to ensure that their data is safe and secure, but they should also know how it works; for the longest time, people have used the cloud, but now that's seeing security gaps. We see the potential for blockchain to be the missing puzzle piece – this doesn't mean it will completely solve any security problem, but it will add a solid layer. As your Digital Acceleration Partner, we always strive to give our customers the best end-to-end solutions, and blockchain will soon be a massive part of that.

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