Regardless of whether it attracts more customers or makes your processes more efficient, integrating the right technologies can help your business succeed. One such technology is blockchain. According to Yahoo, the global blockchain market is expected to grow to $ 39.7 billion in 2025. That’s at least 13 times last year’s blockchain revenue ($ 3 billion). If you want to keep up with the competition, incorporate blockchain into your business.
Before doing this, however, there are a few things you need to consider. Here are some of them:
Uses
The first thing to consider is what you are going to use blockchain for. The most widespread use is in cryptocurrency, a payment method distributed over blockchain. Bitcoin and Ethereum are a few examples. There are many advantages to using crypto. For example, since the services of a payment provider are not used, lower fees apply. This is also the reason why money flows much faster. Some of the largest companies in the world like Microsoft, Subway and Newegg have already started accepting crypto as a means of payment.
However, crypto isn’t the only thing blockchain offers. In our previous article, How Startups and SMBs Can Benefit from Blockchain, we mentioned a few other uses of blockchain, such as: B. Distributed Applications (Dapps) and Smart Contracts. Dapps work like normal apps, except that they run on a blockchain. This means that no entity completely controls it (including you), which increases its security. There’s also little to no downtime as it again doesn’t rely on third-party technology.
Meanwhile, smart contracts are self-executing programs where the terms between all parties involved are written directly to the blockchain. It signs itself automatically if the specified conditions are met and cannot be manipulated.
Other blockchain features you might want to consider include: cloud storage, decentralized voting, and patent filing. Amazon is even working on a new electronic tracking system that works on the blockchain. From the customer to the retailer, it will give each party real-time visibility of the package as it moves to its destination. Any software that needs additional security, speed and transparency can be built on a blockchain.
security
Regardless of what industry you are in, your company’s security is a top priority. From customer information to business transactions, hackers have made businesses their primary targets. And as blockchain and cryptocurrency become the next frontier in finance, cybercrime is increasingly targeting businesses in this space. According to a report by the Information Systems Security Association, the world needs at least 4 million better trained cyber security professionals to protect organizations from attack.
This has led college schools to take the initiative to develop safety programs both on campus and online that encourage graduates to get into the field. Many of these institutions offer work experience in their courses. Students enrolling in Maryville University’s online cybersecurity program are trained at the institution’s Cyber Fusion Center. Through the Cyber Fusion Center, they develop technical hacking and analysis skills in a protected environment and then apply them to real situations through partnerships with a company. Students can even specialize in defense techniques to help organizations remediate vulnerabilities and maintain data integrity. Other institutions like Purdue University Global and the University of Kent offer similar programs.
Every transaction on the blockchain is secured with a private key. Also, blockchain uses a consensus model to validate every transaction. Each new block is stamped by multiple computers around the world. This ensures that any information that goes through the ledger cannot be tampered with. However, the security of the blockchain is not perfect. For example, hackers can take nodes offline in order to damage the security structure of the blockchain. You can also steal keys to gain access to the files. Because of this, blockchain is now an important part of modern cybersecurity courses and training programs, with specialists in this field being in great demand.
Types
Any software created on the blockchain falls under two types – public and private – and you need to choose which one best suits the software you create. A public blockchain is the common definition of technology. The data is validated by global systems and cannot be edited. Crypto and most smart contract apps are good examples of this. On the other hand, a private blockchain is only used and managed by a single entity. Those who want to join the network need your permission. Authorizations can also be changed according to the employee’s access level.
Both have their advantages and disadvantages. For example, software on public blockchains is more expensive because it takes more time to review transactions. However, it’s also more transparent. In the meantime, software on the private blockchain is losing one of the most important characteristics of technology: decentralization. Because you manage the network, the data is more private but less transparent. Fortunately, it’s also easier to scale, which makes it ideal for enterprise solutions. Sectors dealing with really sensitive information, such as the financial industry and government, can also benefit from private blockchain software.
Recently, however, people have started developing a hybrid blockchain solution for those who want to take advantage of the main advantages of both (security and transparency). Hackernoon’s experts, known as “co-chains”, explain that in this environment both types of blockchain can communicate under one roof. Technically, the software still works on the public blockchain, but the owner can choose their own validators. The program also runs its own consensus algorithm. Companies like Algorand, Polkadot and Kadena are already working to refine the process.
Started
Here are some questions you might want to ask yourself before adding blockchain to your business:
• • Who do you want to be under control? This affects how transparent and fast the system will be.
• • How secure should the software be? This affects the cost of the software.
• • What is your budget for the blockchain integrated software? The lower your budget, the more you have to rely on the public ledger.
• • Who needs access to the blockchain data? For example, if your customers don’t need to see the information, private blockchain software can better meet your needs.
Blockchain is a multi-faceted system with many uses, considerations, and costs to think about. So never skip the research. Blockchain has many advantages, but its solutions are not a one-size-fits-all solution.
Piece specially prepared for primafelicitas.com
Prepared by: JBranen
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