How Blockchain Security helps in Digitization?
Let’s start by understanding about blockchain before we move ahead. It is a security feature for online transactions and it manages stable and tamper-proof records of transactional data. A blockchain works as a decentralized database maintained by computers in a peer-to-peer (P2P) network. It is also known as distributed type of ledger and each computer in the single network manages a ledger copy to avoid a single point of failure (SPOF). Being a cost-effective and protected technology to preserve records of all type of digital transactions, blockchain is popular for making authenticate transactions without the presence of the third party like banks.
Blockchain – the soul of digital transformation
Digital transformation is a very common conversion where organizations or businesses revamp themselves from existing process and activities to fully changed opportunities with modern digital technologies. Such adoption helps the organizations to accelerate their impact on the society in a prioritized way. Digital transformations boost innovation and creativity in a specific field. A paperless office environment is the dream result of any digital transformation.
This is a crucial and critical process as it completely changes the existing environment. During the time of digital transformation, transferring data is a demanding procedure and it has really become a sensitive issue with the presence of community-based application where you are not the only player. Data security is a primary concern where multiple players can change them and thus authentication of the same becomes a daunting task.
In this background, blockchain has become a prime component of digital transformation in the cloud, mobile devices, and IoT interactions. To gain benefit in blockchain-based digital transformation, you must know its foundation, strength, and limitations. The blockchain technology helps you to trust bilateral interactions including bills and payment where the content can be changed by all parties. Traditionally, a trusted intermediary or third party was employed to keep the authoritative copies but blockchain has eliminated the role of the third party in the digital transformation process.
How blockchain secures transaction?
The parties in a blockchain use strong keys to authenticate their transactions with two strong hash codes. One hash code is added to offer temper protection and another is used to provide security to the previous transaction. Such hash code combination forbids other parties to change the respective transaction.
Adoption of blockchain in mobile security
Adoption of blockchain is imperial in mobile security during digital transformation. As a first step, you should identify the community-based elements of your mobile application. The blockchain technology is very good at authenticating the involvement of the players and with more number of players, blockchain ensures more authenticity.
Look for a community platform
The blockchain technology is a community-driven knowhow of modern times. Many leading companies have developed community proof-of-concept in IoT and mobile platforms. It offers trust, transparency, and decentralization which is the most important factor for a community-based platform. The growth model of any community and blockchain is quite similar; the participants within the network devote time, capital, and resource. Eventually, the network becomes more valuable and trustworthy for all the participants.
Accept Blockchain-as-a-Service Model
Accept blockchain as a security part in the digital transformation process. You should acknowledge blockchain-as-a-service model and theoretically, you can deploy a single blockchain in multiple IT platforms. The blockchain-as-a-service model is an excellent opportunity to explore in a community-based platform.
The blockchain is not only fully driving the process of digital transformation, it also offers complete freedom to your transaction system to run on its own. It minimizes your cost as you don’t need a third party to authenticate the transactions. The wide scope of blockchain crossing all the platforms like the cloud, mobile, and IoT devices makes it an indispensable part of the digital transformation process.