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How Does Blockchain Provide Security for Your Business?

04 February 2021

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If you have followed the technology trends of the past few years, especially regarding finance, banking, investment, and cryptocurrency, maybe you have also heard the term Blockchain. Technology experts continue to provide developments in data and information security in today's digital era, one of which is the development of the Blockchain. Blockchain is known as one of the best ways to secure the transactions we make.

What is Blockchain?

Blockchain is one type of database. A database is a collection of information stored electronically on a computer system. Information or data in databases is usually arranged in a table format to facilitate searching and filtering of certain information. Large databases usually accommodate data on servers that are made of systems and lots of computing power and storage to be accessed simultaneously. Then the difference between a database and a blockchain is in the way the data is structured. Blockchains collect information together in groups and are known as blocks that store various collections of information. The block has a certain storage capacity and when it is filled into a blockchain that has previously been filled and will form a data chain known as the blockchain. So all blockchains are databases but not all databases are blockchains.

Blockchain Security is a comprehensive risk management system for blockchain networks using cybersecurity frameworks, security services, and best practices to reduce the risk of attacks and fraud.

Is Blockchain Secure?

Blockchain technology takes into account security and trust issues in many ways. First, new blocks are always stored linearly and chronologically meaning that once a block has been added, it is very difficult to go back and change the block content. That's because each block has its own code with a math function that converts digital information into a series of numbers and letters. Editing the information will also change the code. So it is important for security. If there were hackers, they would have to change the entire block copy which would require a large amount of money and resources because they would need to repeat all the blocks with different codes.

What are the advantages of blockchain?

1. Accurate
Transactions using the blockchain network can reduce human involvement in the verification process thereby reducing human error and also recording more accurate information. If a computer on the network makes a mistake, then the error will only occur on one copy of the blockchain because the error that spreads across the blockchain has to be done by at least 51% of the network computers and that is impossible.

2. Cost-Effective
The company does not need to pay a third party to verify the transaction so it can save a lot of costs.

3. More Efficient Transactions
Transactions carried out through a central authority can take up to several days and hours to complete, whereas the blockchain works 24/7 so transactions can be completed within a few minutes making transactions much more efficient.

4. Secure Transactions
After the transaction is recorded, its authenticity must be verified by the blockchain network. Thousands of computers on the blockchain rush to confirm that the purchase details are correct. After the computer validates the transaction, it is added to the blockchain. Each block on the blockchain contains its own unique code, along with the unique code from the previous block. When the information in a block is edited in any way, the block code is changed - however, the code in the block that follows is not. This difference makes it very difficult to change information on the blockchain without notification, so the transactions are very secure.

Blockchain-based technology is becoming increasingly popular and is used in solving a wide variety of tasks. Blockchain technology can be leveraged in IoT networks, enterprise workflow management systems, cryptocurrencies, as well as many other fields. One example of using blockchain is being used to authenticate user data. Blockchain authentication allows companies to verify customer identities online. Entire networks supported by blockchain are capable of verifying the integrity of their own data so there is absolutely no need for a third party to authenticate data.

In Indonesia, VADS Indonesia is one of the service providers for authentication using blockchain, namely Blockchain Secure Authentication which is the world's first passwordless authentication using blockchain technology. Blockchain Secure Authentication helps companies prevent fraud in customer data information. This solution provides a strong and trusted authentication service for websites, mobile logins, and secure access to be performed online.

The various advantages of using Blockchain Secure Authentication technology are:

  • Secure authentication with hack prevention
  • Only use One Time Security Key (OTSK) based on some information from the device we are using and then enter without a password
  • There are authentication options such as using an icon and using a fingerprint.
  • Reduce costs by managing security programs
  • Convenience and fast with easy login
  • Optimal reliability for cost savings

Get free open POC to simplify transactions and protect your business transaction data with VADS Indonesia. You can also save your company operating costs. For further information,  contact marketing@vads.co.id

 

 

Source:
Investopedia.com
Theblockbox.io



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