Blockchain – The new technology buzz word is expected to change the world in terms of how businesses will run their operations, making it secure to conduct transactions, address electronic fraud and build trust to utilize electronic channels with better audibility of every transaction.
Blockchain technology will ensure that transactions are not controlled by single entity or at a single location. Without this technology, organizations spend millions of dollars on data access and data security even year. It still required to trust and rely on few individuals to manage and audit data breaches, putting lot of controls adversely effected the productivity of the employees or increase the cost of data management. Controls minimized but never eliminated the possibility of data breach or data manipulation. Blockchain will help in addressing many of the current risks while significantly minimizing the costs on data security and simplifying data audit.