Enterprises Should Take Seriously Capabilities of Blockchain

Posted by Juned Ahmed on May 23rd, 2018

The blockchain is already the buzzword for some time now thanks to the overwhelming popularity of the cryptocurrencies like Bitcoin and Ethereum that are powered by Blockchain. But the revolutionary role of Blockchain in creating value for human lives is not limited to these new currencies and the financial transactions. Blockchain as a technology has been looked upon positively by most enterprises and professionals because of the huge value addition it can make by conclusively handling the concern of data security.

Enterprise Blockchain is already flourishing. For any Blockchain development company, it is time to focus on these key capabilities that they can boast about.

Network effect

For an enterprise that is looking to switch to the Blockchain powered system, the interoperability of various network systems comes as a huge boost. This allows extending the network platform along with the solutions. When it comes to the question of integrating Blockchain solution with other existing technologies, Blockchain shows no resistance. This interoperability gives Blockchain an unprecedented edge when it is about securing network data through Blockchain.

Many experts are of the opinion that visualising Blockchain as a secluded and standalone technology is akin to missing its real potential in delivering comprehensive enterprise solution. Any Blockchain development company wanting to stay ahead must address the need of extending of network capacity to make it available for broader audience. The capability of Blockchain network to work in sync and collaboration with other technologies is a promising aspect of offering multifaceted solutions in complex and large organisations dealing with a multitude of data sources.

Blockchain solution for file transfer

Many enterprises still could not get the actual message when facing the difficulty of file transfer with Blockchain. Instead of replacing traditional file transfer solution at the place, enterprises can deploy Blockchain HLF ledger to work in collaboration with the traditional system of file transfer guard. Blockchain adoption does not need changing the entire file transfer system. In fact, the Blockchain ledger can boost the security and make the controls of a traditional file transfer guard better. Both can work side by side in the multifaceted flow of data across domains.

This benefits the enterprises in an unprecedented way. They can pair the Blockchain ledger system with the already existing file transfer guard. This uplifts the accountability and security of the file-based data transfer and relieves enterprises of the concerns over data security in instances of cross-domain file transfer.

When it comes to bettering the controls of the traditional file system the Blockchain ledger also offers auditable control to the traditional file guard system. The contents of the files handled by the traditional file guard receive digital signature which is registered in the Blockchain ledger. Thus Blockchain completely augments the security protocols and controls of the traditional file transfer guard when working in collaboration.

How Could Blockchain prevent the financial crisis in 2008?

Blockchain could prevent the global financial crisis in 2008 which forced many banks, financial institutions and companies to become bankrupt leading all-time high unemployment and meltdown of currencies and wealth value. The probability of such a financial loss still makes us shudder. Thankfully, the years to come will have a far equipped technology at their command to prevent such crisis. Yes, we have Blockchain now which according to many experts could really prevent the massive global financial crisis of 2008.

Thanks to the distributed ledger system that can hold trading portfolios of various parties together and can make them accessible for far informed judgment, Blockchain based ledger system can help investors balancing their risks and making the right investment decision. This clearly indicates, what happened with Lehman Brothers and the way it sparked panic across the institutions and banks could easily be prevented with the real-time access to portfolio information for all parties.

Blockchain-based financial solutions can resolve and minimise financial disputes to a minimum level as the participants in a transaction registered by Blockchain share a single ledger system with secure access protocols regulating permissions at different levels and full access to the transaction process and history for the parties involved in a transaction. This explicit transparency and ease of access make Blockchain transaction readily available for verification and authentication.

Managing digital identity through Blockchain

Finally, one of the most significant security concerns is concerning the theft and hijacking of digital identity. As the personal data shared over online platforms do not always enjoy the autonomy and control of the real person, such data is often subjected to hacking and theft. According to the Identity Theft Resource Center, there have been 1,339 cases of identity data theft in the last year, and it impacted a whopping 170 million population. Such impact clearly states the gravity of the risk of identity theft.

Identity theft mostly happens because of the absence of a trusted way to identify people. There are also serious shortcomings in exchanging information about people’s identity. This is why a decentralised database of identities comes as an effective way to ensure transparency and thereby prevent identity data theft. Blockchain-based decentralised ledger system can prove to be tremendously effective in securing personal data as Blockchain doesn't allow tampering, alteration and deleting of any data.  For instance, Blockchain wallet apps can replace the majority of digital wallets as the most secure option for processing payment.

Blockchain facilitates a trusted and secure data exchange among various parties that are not related or unknown to one another. While security is optimised through advanced cryptographic technology, through the time-stamped registry of data that prevents any alteration or tampering it validates the data. Blockchain equally boosts credibility and security of personal data and thus prevents theft or manipulation.

Blockchain has come with a bounty of promises to make enterprise solutions better, secure, reliable and credible. Blockchain has just taken off, and in the coming years, we can expect it to penetrate every enterprise niche applications.

Like it? Share it!

Juned Ahmed

About the Author

Juned Ahmed
Joined: July 26th, 2017
Articles Posted: 9

More by this author