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Blockchain technology has a myriad of possibilities for enterprises across industries. The use cases of blockchain technology are innumerable as it offers a secure, transparent, and reliable platform. Many companies have been incorporating the blockchain technology in their business processes to strengthen their security.
The advent of bitcoin technology paved the way for the introduction of blockchain technology. The cryptocurrency enabled monetary transactions over a decentralized network. Blockchain technology provided a secure platform for financial transactions, which garnered the attention of many other companies.
Cybercriminals are always on a look-out for finding loopholes in a network to design malware. Many technologies that are in their infancy are the prime target for the hackers as these technologies have room for improvement. Blockchain technology can offer an immutable and tamper-proof network, which can be integrated with the platform of these technologies. Technologies like artificial intelligence (AI) and the Internet of Things(IoT) can leverage blockchain technology for secure and incorruptible services.
IoT device connects hardware with software and relays valuable information to the centralized network. The centralized system makes IoT platform vulnerable to attacks as there is no entity to keep its validity in check. Blockchain provides a decentralized platform where all the nodes in a network can be viewed. The transparency of blockchain technology eliminates the threat of corrupting systems.
According to a report published by Gerald, only 48 percent of the businesses which uses IoT platform have the ability to perceive an attack. Most of the enterprises store data using centralized systems, which can be exposed with one attack, whereas each node in a decentralized network holds its own private key. Decentralized systems don’t have a single point from where the data reserve can be exploited. Blockchain offers one of the most secure platforms, which can make a network untouchable.