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The Impact of Blockchain For Businesses

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Blockchain

Throughout the years, the concept of blockchain technology has gradually overtaken the business world. But no longer is it only being associated with cryptocurrency. Now it’s finding its way into other industries such as eCommerce and logistics management. 

Helping to digitize businesses, it’s a popular technology due to its ability to solve challenges such as security breaches. But that’s not the only benefit that comes with investing in blockchain technology. If your business is interested in investing in enterprise software development and in blockchain in particular, then the following information can prove to be invaluable. 

What is it?

Before getting into the advantages, it’s important to first understand exactly what blockchain is. Arguably one of the most disruptive technologies, it’s something that should no longer be ignored. To put it simply, blockchain is a collection of digital technology information which is stored within a database.  This will typically include:

  • Information about certain customer transactions including key data such as the time, monetary amount, date and more. 
  • Information about exactly who is buying your products or services. Revealing shopping behaviors, it’s stored with a digital signature rather than a specific name. 
  • Unique blocks of information – which can easily be distinguished from one another. For example, if one customer buys one item and then in the future buys a different one, they will be in different blocks.

What Are The Benefits?

  1. An Increased Level of Efficiency

One of the most important benefits that come with implementing blockchain technology within your business is the elevated level of efficiency it can provide. Removing the need for a third-party due to its more decentralized design, it will make your operating processes far more streamlined. 

With blockchain technology, you can step away from the more traditional, time-consuming processes that were rife with human error and automate them. Ensuring that they are completed more quickly and accurately, you can spend the time that you saved on other areas of your business. 

As well as making the overall process more streamlined and convenient, it allows for everyone to access the same information at one time – making financial record-keeping more trustworthy in the long term. 

One industry that could particularly benefit from faster payments and transactions is the real estate market. With a simpler system of ownership records, it will make the process of selling properties far easier. It will also open up the possibility of automating agreements between tenants and landlords, which will similarly speed up the process. 

  1. Greater Transparency Overall

A notable characteristic that blockchain has is its ability to be transparent. As the technology is a type of a transaction or distributed ledger, it allows those within a network to share all of the same documentation instead of individual copies. 

By making this open to viewing, it directly adds a remarkable layer of accountability, giving each sector within the business the responsibility to act correctly towards the company’s growth and its customers. The fact that each document can only be updated through the agreement of all participants also ensures that no illegitimate changes can be made. More consistent, transparent and accurate, the staff will perform better together in the long run.

  1. An Increased Level of Security 

As aforementioned, an increased level of security is one of the key benefits that come with blockchain technology. Far more secure than the more traditional record-keeping systems, it will ensure that each transaction that’s made is heavily encrypted and linked to the last transaction. But how does it do this?

Without getting too technical, blockchain technology is created with several ‘blocks’ which are formed by a computer network. Once created, they are added to a ledger which fuses a chain of information. As it is such a complex technology that exists across several serves rather than one (as most traditional technologies are), it’s one of the most protected from breaches. 

This level of security is particularly important for businesses that store sensitive customer data such as – healthcare, within the government and in financial services. 

  1. Reduced Costs

For many businesses, it’s important to cut costs where you can. And with blockchain technology, you can do exactly that. Although the initial investment might seem expensive, the benefits that come with it make it more than worth it for many businesses. As mentioned above, it removes the need for third parties. And because of this, you can work directly with your clients and customers.

This will, in turn, help to reduce your overall costs. With this new automated technology, you also no longer have to review information separately. Helping to save time and therefore save money. You can then reinvest the money that you’ve saved by not having to deal with third parties in other aspects of your business – such as marketing or IT.

  1. Enhanced Traceability 

Traceability is key within many businesses – as without it, you can’t identify transactions. With blockchain technology, you can reap the benefits that come with an enhanced level of traceability. For example, every time that someone purchases a product from your business, it will create a digital audit trail which is recorded within the blockchain. Showcasing who and when they were bought, it can easily be traced if need be.

Helping to prevent fraud (if you have a business that’s involved in exchange), verify the authenticity and improve security, it’s an essential addition for many. In particular, this heightened level of traceability can be ideal if your business traditionally deals with products which are traded through a very complex supply chain – such as within medicine. Tracking exactly who manufactured and distributed each item, it will be easier to recall products if need be.

Final Thoughts

The impact that blockchain technology can have within a business is clear. A type of technology that is ever-developing and growing in popularity, it’s something that’s here to stay. Of course, before you invest in the technology, it’s vital that you thoroughly research the pros and cons and how it could directly affect your business’ operations.

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Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

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Are You Aware Of Your Children’s Online Activity?

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There’s a big, wide, scary, often strange world out there, and it’s the task of any individual to grow into an adult and begin to contend with it. However, most responsible parents understand that showing the raw facts of life, or being introduced to bad influences is simply not suitable for a young child. They must learn slowly, with care, and appropriately to the degree we’re able to foster that environment. Parents cater to this by controlling what friends their children make, or what hours they may be allowed to spend time with them.

However, a growing cause for concern is the fact that many parents fail to keep their children safe online. The internet may as well be its own world, and it reflects our reality, both the good and the bad, the trustworthy and the terrible. This means that as a parent, it’s important to stay aware of your child’s online activity. If you can do that, you can better control the content they see, what they’re allowed to access, and the influences they are moved by.

Use Worthwhile Content Filters

It’s important to use the best content filters and parental controls you can. Some offer you access to limit internet time, while others help you block certain websites or content from being seen. With the best cyberbullying safety services, you can also ensure that your children are equipped to handle the unfortunate likelihood of encountering abuse online. The more you can engage in good habits now, and regulate their usage, the less likely they are to come to harm within the wild west that is the online world.

Understand The Trends

Understand the trends that occur and know how to deal with them. For instance, you might block access to certain apps or sites, but your child’s friend’s parents may not have the same philosophy. If you know the trends through paying attention to what they’re saying, you will be able to assess if they’re healthy or not. For instance, TikTok is now seen as a negative influence on many young children due to how poorly they moderate their content, and how limited content filters are in place. When you make decisions to help them stay secure, you are in effect limiting the vulnerable pathways in which they could become less safe.

Stay Alert

It’s important to say, but stay alert. If you notice your child is finding it hard to engage with social media, or they follow a risky YouTuber, you are within your right to restrict access or to observe more closely. It’s a tough job, but ultimately you cannot completely banish your child from the internet for the entirety of their childhood. It’s best to help them build healthy habits now and also know how to stay safe online than to pretend it doesn’t exist. To that end, you’ll be making the right choices.

With this advice, we hope you can better stay aware of your children’s online activity, and manage it as appropriately.

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How does Technology Affect the Working Environment?

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Throughout history, machines and technology have changed the way that we work across nearly every industry. From the industrial era, all the way through to the modern age, it would seem that technology has improved working conditions significantly. The impact that it has had is immense. Some of the main changes can be found below.

Speed and Efficiency

Workers in this day and age are far more productive than they have ever been. The impact that technology has had on work, both in communication and manufacturing has increased the rate of production and the speed at which business can occur. Tech in the workplace has also helped workers to become far more efficient. What once took hours can now take minutes. Messages can be sent to clients across the world and proposals and payments can also be transferred instantly. Support for workers can also be found online.  For example, personal injury claim legal help can be obtained online and you can file a claim within minutes.

Working Together as One

Team coordination really has never been easier. When you look at online communication tools and technology you will soon see that people can now work together much more closely. Collaboration is also much simpler to achieve. Even when colleagues are not able to be in the same workplace physically, teams can hold meetings through video technology. They are also able to work on the same documents through file-sharing platforms such as Google Drive and this is fantastic to say the least.

Technology and Office Culture

Everyone knows that tech in the workplace is changing. Beer is available on tap in some workplaces and others are offering video games as a means for their team to relax at the end of a hard day. Open offices are also a trend. The mere idea of creating a better company culture can now be used to lure workers who are in-demand and this doesn’t look to be going away anytime soon. Technology in the workplace has also made it much more possible to work remotely. Companies need to create incentives to try and keep their workers happy and to also keep them drawn into the office.

Live where You Work

One of the biggest impacts of tech in the workplace is the workplace itself. Most jobs require you to clock in and work on-site but there really are so many open positions for those who telecommunicate, and people can now work from home more than ever before. Of course, with so many changes being made it’s not hard to see that so much is being done to try and help support this movement and some companies have even put in the effort to try and make sure that they give their teams the chance to work from home permanently. Only time will tell what the future holds, but right now it looks like tech has had a huge impact on the workplace and the effects are going to be felt for years to come.

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Quotes To Get Your Boss To Take Cyber Security Seriously

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There is no denying that data security is something that all businesses need to take seriously today. Unfortunately, there are many companies out there who are failing to do so. This is because they have the “it won’t happen to me attitude.” However, many companies have closed after a data breach. Therefore, to save the future of your business and your job, try to convince your boss with these quotes…

We are going to start with a quote from the founder and CEO of Blue Lava, Inc, Demitrios ‘Laz’ Lazarikos, who talks about implementing a modern program on cyber risk. From privileged access management services to network segregation, we need to stay ahead of the times with our strategy.

“A modern cybersecurity program must have Board and Executive level visibility, funding, and support. The modern cybersecurity program also includes reporting on multiple topics: understanding how threats impact revenues and the company brand, sales enablement, brand protection, IP protection, and understanding cyber risk.”

If your boss thinks he or she is above the law, William Malik, VP and Research Area Director for Information Security at Gartner has a great quote on the matter…

“A business will have good security if its corporate culture is correct. That depends on one thing: tone at the top. There will be no grassroots effort to overwhelm corporate neglect.”

Chairman of the Ponemon Institute, Dr. Larry Ponemon, has spoken about insider attacks. Insider attacks – whether malicious or accidental – are the most common. However, they’re not being taken as seriously as they should…

“We discovered in our research that insider threats are not viewed as seriously as external threats, like a cyberattack. But when companies had an insider threat, in general, they were much more costly than external incidents. This was largely because the insider that is smart has the skills to hide the crime, for months, for years, sometimes forever.”

While some business owners do implement cyber security controls, there seems to be a lack of thought behind the strategy that is implemented, and this is what Dr. Chris Pierson, CEO at Binary Sun Cyber Risk Advisors has said on the matter…

“What we should actually be doing is thinking about what are our key controls that will mitigate the risks. How do we have those funneled and controlled through the team that we have, how do we work through that in a well-formatted, formulated process and pay attention to those controls we have chosen? Not a continual, add more, add more, add more.”

One of the biggest problems with data security is that a lot of business owners believe it is nothing more than an IT issue. Steven Chabinsky, Global Chair of Data, Privacy & Cybersecurity at White & Case LLP, has put this into perspective…

“Thinking of cybersecurity solely as an IT issue is like believing that a company’s entire workforce, from the CEO down, is just one big HR issue.”

So there you have it: some of the most compelling quotes out there regarding cyber security today. We hope these will help you to convince your boss that it’s critical!

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