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Revolutionizing Business Communication Networks with Blockchain Technology

By CIOReview | Friday, November 6, 2020

FREMONT, CA: Blockchain technology was first launched in 2009, and it consists of records of transactions arranged in blocks and chained together. Blockchain offers traceability of records and also backs cryptocurrencies and is used to validate the transfer and receipt of these assets.

In today's competitive digital age, having an active communication network in place is mandatory, and blockchain technology is revolutionizing the way businesses function with its wide range of benefits. The adoption of blockchain technology has become a critical priority across industries such as finance, healthcare, manufacturing, education, and telecommunications. A recent study by Deloitte revealed that 53 percent of fintech companies believe blockchain has become a vital part of their organization. Industry leaders like Amazon and Facebook have increasingly begun adopting Blockchain technology, and it is only expected to spread even further.

Blockchain technology was first launched in 2009, and it consists of records of transactions arranged in blocks and chained together. Blockchain offers traceability of records and also backs cryptocurrencies and is used to validate the transfer and receipt of these assets. Apart from providing traceable open-source storage, blockchain technology also offers benefits such as decentralization, security, and immutability. As a result, the technology has surpassed its use for only cryptocurrencies, enabling businesses to transact and communicate seamlessly over the internet.

Decentralization

It is not possible to control blockchain from a single node. Therefore, it has a decentralized ledger where blocks of information can be stored across a network. This means, even if one node goes down, other nodes can catch transactions that were missed. Besides, every node process transaction takes away the possibility of a single node taking down the entire system. In addition, there is no central control of the blockchain, making it difficult for both governments and central banks or any higher authority to influence its use.

Data Security

Data security is essential to every business as it ensures that the company's records are not prone to an attack. Businesses that rely on traditional methods for storage have been vulnerable to attacks from time to time. On the other hand, blockchain offers a secure platform for storing information. By using cryptographic techniques, Merkle trees, hash functions, and public and private keys, blockchain makes it difficult for a hacker to alter its content. The immutable nature of this technology ensures that stored content cannot be changed. Its high level of security also makes it less susceptible to cyberattacks.