These days there are so many companies that now use blockchain technology. We live in a very digital world and it has never been more important to protect your business’s data from online hackers. The online world brings so many benefits but also a few risks for businesses, and one of them is the notion of their data being stolen.

Online hacks are becoming more and more common, not only are hackers stealing business data, but could also steal customer data, including details like credit card information. Businesses obviously want to do all they can to protect all their data, and this is where blockchain technology comes in.

Blockchain technology is a way of recording details that makes it impossible to hack, change or even cheat the system. It is basically a digital ledger of transactions, which is duplicated and dispersed throughout the whole network of computer systems in what is called the blockchain.

So, what are the main benefits of blockchain technology? Well, have a read on below to find out:

Improved Security

Blockchain technology concept on virtual screen.

One of the most common benefits of blockchain technology is the improved security for your business. Blockchain development in Sydney is known to offer a more advanced security option then a lot of other platforms on the market. All the transactions within the business need to be agreed upon by all those involved, then it is recorded and cannot be changed.

As well as this, every transaction is encrypted and is linked to the old transaction, making it easier to find it if a problem with the transaction arises. Every transaction is included on the network, so if someone tries to change something or hack the data, they will be rejected because the other “links” won’t let them.

The networks within blockchain are absolute so once the data is written or inputted into the network it cannot be changed. Attacks are known to come either within the business or external to the business, so it is important to protect yourself on every front, and this is certainly something that blockchain development technology can do.

Increased Transparency

This is especially an issue in bigger companies where the water can get murky and you aren’t sure where the issue originated from, so you are unable to resolve the problem completely. There are many different paths that big companies take to try to improve transparency, but if you are looking for 100% transparency, blockchain technology is probably going to be your best bet.

This is because it is a decentralised network, meaning the business doesn’t need a centralised authority, which is known to decrease transparency. With blockchain there is a group of people who claim responsibility for organising the transactions and making sure they are correct. This isn’t open to everyone, but those who are more senior within the business should use it.

Reduced Costs

While there is an initial and potentially ongoing fee for blockchain development, in the long run, the costs you will save by utilising this technology will out weigh the cost of the technology in the first place. This is mainly because the business will no longer need to deal with 3rd party vendors, and all the costs associated with that.

As well as this, there will need to be less time spent on validating every single transaction that comes in. This means that employees within the business can safe their time here, and they can focus on other important tasks, which can make their time more productive as they are spending a chunk of their time doing something really basic. So it’s really a win, win!