Practical Ways of Using Blockchain Technology to Boost your Business

Blockchain technology - cfamedia

A lot has been said, about blockchain technology and how it can be, effectively used, but somehow, some persons, still find it hard, to comprehend it.

Some focus on one part of the technology and abandon the other parts, while some do not, even, have a clue, as to how the technology operates.

Blockchain technology presents a lot of technological innovations and if it can be fully mined, it will do a lot of good, to humans, in terms of decentralization, immutability, security and transparency.

According to a recent report released by Deloitte, out of 1,300 senior executives, from around the world and 53% identified blockchain, as a critical priority for 2019.

Blockchain has come a long way and it is slowly evolving and disrupting a whole lot of things, in the technological sphere.

Although regulation and implementation, still pose problems, the benefit is enormous and it is, also, a good risk, worth taking.

The world is evolving, exponentially, so does technology, but the flip side is, cybercrime by hackers, which is, also, growing and the need for cybersecurity is, on an all-time high.

Hackers now have more tools at their disposal, (provided by technology), to carry out lots of damages, to any online business.

The good thing, however, is that blockchain technology provides us, with a means, to effectively, protect our business and combat cyber-crime that seeks, to do serious damages.

If, as a small business owner, you still think that, you are immune to hackers, think again because, you are not.

According to Verizon 2019 Data Breach Investigations Report, “43% of cyber-attacks, still target small business”.

The report, also, states that. 69% of the attacks, proved to be work of outsiders, 39% originated from organized criminal groups and 34% of the incidents are committed internally.

Other tactics employed, include social attacks, 33%, malware, 28%, events caused by errors, 21%, misuse of authorised users, 15% and physical actions, 4%.

Now, how do you protect your small business and at the same time, boost your business growth?

Below are 3 ways of using Blockchain Technology, to protect and boost your business:

Records Protection

Does your business rely on record sharing? You need to be careful that you do not have a data breach.

This is because your data can be breached when you least expect it, so, it is, highly, imperative that, it is protected and one technological innovation that, can do that, effectively is blockchain.

Due to the decentralized nature of blockchain, data are better protected.

In the health sector, data sharing is, very high and highly susceptible, to breach, but the application of blockchain technology will ensure that data are water-tight locked, leaving no room for stealing data.

Blockchain eliminates risks, by creating secured blocks of data that can only be accessed, or, changed, with a key code and patients will only have to share their information, with any provider of their choice and add records to their health history.

Real-Time Tracking

All over the world, organisations, especially, supply chains, are having a tough time, tracking the origin of some products because, the component of the product, was not manufactured in one place.

Record maintenance becomes a worrisome issue, as companies have a tough time, maintaining a record of products and locating those that get lost, along the way.

With blockchain, individuals can, easily, access and source the needed information from the supplier records, thus, effectively, tracking and keeping all records, in a safe receptacle.

Fraud Prevention

According to the Juniper Research, it has been estimated that fraud will hit, approximately, $42 billion from advertisers, before the year runs out.

To reduce the risk of being defrauded, blockchain technology should be employed, as the technology is, basically, impossible to crack, due to its open and distributed ledger.

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