Blockchain To Revolutionize Business Communication Networks
In the modern era, several technologies are working and also developing to armour against cyber attacks. Amongst them, the latest blockchain technology or distributed ledger technology is reviving in a way that the cybercrime won’t even take place. So, let us start exploring the methods, applications, services, products and apps based on blockchain to revolutionize business communication networks.
Brief Overview Of Blockchain Technology
If you are a budding entrepreneur or you already have a multi-million company, then you must know about the latest technology of blockchain (which is considered to be associated with cryptocurrency only!). Blockchain or distributed ledger technology was launched in 2009. Ledgers are “blocks chained together” to record the transactions in a decentralized and secured manner. Blockchain maintains track of records along with anonymity (verifying the transfer and receipt of transactions). This modern innovative technology has not only facilitated crypto assets but aided business for seamless interaction. Thus, blockchain is revolutionizing business communication networks.
Blockchain And Business Communication Networks
As the blood circulates through all the organs of the body through arteries and veins, similarly, messages, instructions, announcements, proposals, orders related to demand and supply etc. are circulated among different persons associated with different tasks through business communication networks. The communication network act as he thread to connect the people of association which must be secured in any way. Cybersecurity is the foremost concern to ensure that the interconnected world is functioning efficiently.
According to the latest survey from one of the “big four” organizations Deloitte, 53% of the fintech organizations acknowledge the blockchain as the mandatory technology for their company. In another global blockchain survey conducted by Price Waterhouse (another giant) in 2018, it was disclosed that 84 per cent of companies, which includes Amazon and Facebook, are also deploying the blockchain technology in communication networks.
Blockchain To Revolutionize Business Communication Networks
Decentralization, privacy, security, traceability and transparency are the striking features of blockchain to revolutionize business communication networks.
Decentralization (dispersing away intermediary)
When information is directly passed, or communication is directly established (online), without an intermediary, there are fewer chances of the “man-in-the-middle attacks”(MITM) on the network of business communication. Businesses deploy instant messaging software to collaborate and exchange ideas along with dissemination of various information , thereby reducing the role of middlemen. The network can be further protected by utilizing the blockchain technology in the systems.
Blockchain communication protocol has the feature of decentralization that can protect the communication network of the business by reducing the interference of the middleman. For instance, the IM communications and payments app allows the companies to communicate directly over a public network of blockchain. The network is authenticated and verified with specific passwords which prevent MITM attacks. Applications like Sense, Crypviser, Sylo etc. also allow users to operate on decentralized business networks based on blockchain technology.
An app like KYC-Chain is used extensively by businesses to verify customer identities and establish communication between customers and the company, eliminating the need for any intermediary.
Data Privacy (accessibility after permission)
Business houses need to protect sensitive data such as corporate strategies or proprietary information while establishing business communication among the associated members of the company. In 2016, Hackers hit the Democratic National Committee (US) and released its internal e-mail communications which led to undermining the credibility of several candidates. Undoubtedly, hacking of the primary communication network (e-mails) can be hazardous for the company, so technology is needed, which allows the accessibility of information after permission is granted.
Blockchain technology can give the power to users to decide which data needs to be shared and with whom. The accessibility of content on the blockchain is free, but some are based on permissions(to guarantee the privacy of information), and others are permissionless. Bulletin boards, document hosting suites, procedural information remains private to the management and the public circulars can be accessible by everyone.
Data Security (protection by encryption)
Yahoo search engine in 2013 suffered from the data breach where billions of records were affected. Also, Capital One Card was attacked by cybercriminals in 2019. Data security is one of the crucial issues that need to be assured at every point of time in the business.
In business communication networks, facilities like video conferencing are easing out the way business meetings take place. But sometimes there are chances that the network got hacked and the sensitive information got leaked. So, the data must be secured while establishing communication during any discussion related to the company.
Blockchain technology creates a platform which deploys cryptographic techniques, Merkle trees, hash keys and public and private keys to make it difficult for hackers to steal or modify the data of the company, thereby securing the information. The high level of security provided by blockchain makes the data less sensitive to cyberattacks.
Applications like Mainframe, SuchApp, ONEm, Blockmesh, Kin etc. deploys blockchain to build a secure business communication infrastructure. Also, Reno-based company Filament designs products to encrypt ledger data, distribute real-time information to other blockchain connected machines on the business communication network.
Traceability (tracking from start to endpoint)
Online services and mobile apps help the businesses to track the maintenance activities and plan for future events, after establishing contact with the concerned person of the organization.But one app never remains sufficient to precisely track every record and adequately establish the communication.
Blockchain technology eases out the process of tracing and tracking in real-time while maintaining the business communication network efficiently. Technology acts as the enabler for business people to coordinate appropriately with supply chain managers and other associated people in a seamless manner.
For instance, Distributed Ledger Technologies, Singapore includes blockchain dApp, which helps in supply chain management by enabling the tracking of end-to-end products while establishing the communication between the companies personnel and supply chain managers.
Companies like Provenance, SkuChain etc. are attempting to provide digitally permanent, auditable records while managing the supply chain management by establishing the contact between the hierarchy of the people.
Transparency ( view every transaction)
Business communication network must provide real-time transparency amongst the various people associated with the company while ensuring the safety of the network. Sometimes, some processes or strategies are mistakenly hidden or intentionally kept secretive from other individuals on the business communication network. This attitude results in weakening the health of business houses. Technology intervention is needed so that the strategies, processes or procedures are visible to every associated person.
Blockchain technology can foster trust amongst the participants of the network while keeping the information encrypted and accessible to various business people only. Technology assures the accountability of the people associated and ensures the legitimacy of transfers.
Unilever, one of the largest consumer goods advertisers, partnered with IBM (renowned computer hardware company) to launch a blockchain project which can maintain transparency between the customers and the associated company.
The continuous efforts of blockchain to revolutionize business communication networks is progressing since the time organizations craved for a transparent, secured and decentralized network. Along with establishing a direct business communication network, blockchain communication protocol also utilizes the striking features to develop a better communication network indirectly. For instance.
Smart Contracts
The smart contract has become the buzzword after the release of the Ethereum project. The project aims to establish an indirect communication network based on blockchain technology. A smart contract is self-automated financial security held in escrow by the blockchain network. It will be routed to users based on future conditions, thereby establishing an indirect business communication network between the company and its customers.
Companies like Slock based on Ethereum enabled Internet of Things to use Smart Contracts to allow customers to rent bicycles once the terms get agreed by both parties, reducing the cumbersome process of communication and negotiation.
Payment To Employees
The salary time!! The best time for the employees if the salary is credited correctly; otherwise, the communication needs to be established between the higher authorities and banking institutions. And if the international transfers need to be done, then it adds more burden to the company. To ease out the process, blockchain can be utilized to see the travel journey of the money. A public ledger of all transactions in chronological order can be provided by using blockchain technology without actually troubling any authority or institution.
Blockchain technology is least explored to date so as its applications. But, its features cannot be ignored, which must be utilized in future to its fullest in every possible sector. One can think of blockchain to revolutionize business communication networks along with changing the way of working of every other likely industry.
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