4 Ways Blockchain Can Improve Your Business Data
With technological progress changes the way we treat our personal information. We used to provide it only when creating a bank account, getting a mobile plan or creating an account on Facebook. Today we have to provide personal information almost anywhere on the Internet due to the technology needed to collect this information for different services to operate better through programmatic marketing. Internet users have their privacy taken away from them, and always by choice. Gladly, there is a way to protect personal data and use the best of technology the world has to offer so far.
Blockchain technology has won the hearts of billions, and it keeps finding new admirers. It is a fresh start for those who don’t want to go too “personal” online and seek to sleep tight at night knowing that information is stored on a secured and tamperproof platform. Apart from data protection, the blockchain technology suggests a better payment system for business owners. Blockchain transactions imply reduced costs, increased speed, transparency and efficiency.
How secure is blockchain technology?
Blockchain owns its security to its decentralized structure. Central institutions are no longer to verify transactions as all record keeping is distributed across the whole network and differs in sizes, roles, participants and the way transactions are conducted. Apart from decentralization, blockchain has some other prominent security features, such as cryptographic encryption, smart contracts, identity protocols and other. The crypto holder's funds are scored with a private key known only to them with no intermediary involved.
So, to answer the question above, the blockchain technology is a benchmark of data security and privacy. A distributed ledger system guarantees a secure network based on integrity, traceability and encryption making it almost invulnerable to malicious attacks or human factors. The decentralized technology of blockchain is evolving and gaining popularity not only as a payment method for private persons, but also as a great alternative to keep track of finances on a global scale.
Apart from benefiting from the most secure payment system, even business owners can accept cryptocurrency and remain fully anonymous. The Plisio crypto payment gateway has no KYC procedures and helps grow business of any kind. The platform focus is on the clients’ anonymity and service convenience, so there you will find a wide range of useful tools and integrations for your business.
Let’s find out 4 ways blockchain can enhance your business data security.
1. Decentralization means security
If you conduct your business transactions on blockchain, you don’t just upload sensitive data on one server, but dispense it all over the network of nodes (computers). Those nodes copy your ledger information and spread it between each other, eliminating any data loss. Such an incorruptible method of storing the data makes it secure even in case of one of the nodes malfunctioning.
Besides, decentralization implies there are no middlemen – you don’t have to wait while a bank will approve the transaction and gather all your and your client’s sensitive data. It also means that your clients do not rely solely on your service when paying for it, as the blockchain processes the transaction, which can be traced at any stage.
2. Encryption and validation are guaranteed
The blockchain network guarantees your data encryption and all its alterations or modifications are traceable. If the data has indeed been altered, the node signature will be considered invalid, which means that the transaction will not be confirmed and funds will not be sent.
This feature is good for your business information verification as it is always up-to-date. Your client can see all the transaction flow in your corporate wallet, while the vendors who rely on third parties have their info unchanged for weeks or even months. No payment gateway offers such self-sufficient data verification as the blockchain network.
3. Blockchain is unhackable
As the data is fully encrypted and distributed across the peer-to-peer network, it makes it almost impossible to hack. With no single point of failure, the data cannot be altered from a single computer, but from thousands of computers. In the traditional network case, all the information is stored in one single place that can lead to data corruption at some point in the future. Of course, it might not happen at all, but the chances are high.
If some cybercriminal decides to hack the blockchain after all, they will have to hack all the nodes at the same time, which requires no less than a supercomputer that has not been invented yet.
4. Traceability of business data
The best financial use case of the blockchain transparency and traceability is that it eliminates the need for a broker from a centralized facility because both sender and payer can view the payment history. This gets rid of all cross-border payments complications as well as people feel more confident when sending money abroad with all the merchant’s transactions being traceable and transparent. Tamper-proof nature of the transactions data records reduces counterfeit risks for both parties. Blockchain is the perfect example of the community of people working together to secure their data and create a more independent financial environment.
The blockchain decentralized structure provides anonymity and data security that can be applied in the most various cases. This technological breakthrough helps us confront the data management and security issues we could never have thought we could oppose. Blockchain development has brought us the completely new scale of the payment system that cannot be manipulated or tampered and which can be used by goods and services providers on the global level with no risks for consumers.
The best way for your business to benefit from blockchain technology is to integrate a cryptocurrency payment gateway. The anonymous Plisio crypto payment gateway is there to help you to set up crypto payments with no code crypto sphere knowledge needed. On Plisio, you will find all the tools to improve your business cryptocurrency bookkeeping and automate your mass payouts with the lowest fees on the market. Taking care of your anonymity while growing your business is now possible. Get started now!