Blockchain technology underpins digital currency payments and so can be understood to be truly powerful and remarkable. There are other compelling applications of the technology that could aid your business and we would love to discuss it with you. Contact us now.
Our area of focus on the potential of blockchain is within the cybersecurity space. The Blockchain purpose is absolute security and trust, while preserving anonymity.
This purpose has engendered great possibilities for encryption and authentication, while providing unparalleled transparency on transactional history all of which are data and time stamped, to those with encryption keys, creating the digital ‘blocks’ for which the technology is named.
Using distributed ledger processes, where only a single version of the blockchain available, Blockchain creates transaction histories where committing new transactions do not overwrite prior transactions and so is a full record of all transactions by any and all transactees, which obviously is counter to other database methodologies. To change or update a block, all parties to a transaction must ‘co-sign’ to render rights revocation, record tampering or deletion subject to agreement or otherwise as impossible as can be. Data is fully and powerful encrypted but with right credentials and key,transactions can be verified while anonymity is preserved and not requisite because the transactions not the players are trusted.
The collective advent of digital technologies mean that adopting technology on the digital capacity spectrum, may open up risks in another area (more on Digital Risks Management here) and Blockchain may go someway to prevent attacks, using IoT.
The advantages and therefore the applications for security is that there is a golden source of data.
This golden source has potentialities for preventing fraud and non-repudiation as well as possibilities for the integration of third party systems.
Vibrancy, relevance, reliability for your business will come through the adoption of platforms and digital transformation that enable your business to take advantage of technology that’s already here, whilst positioning you to take advantage of imminent technologies. Through our Innovation and Transformation practices, we help clients foster and facilitate a mindset that is open, ready and willing to change in all functional areas. We also actively seek opportunities to create, automate, integrate and innovate –to help your business create, change and respond at pace.