Transactions will be traceable and cyber crime will be controlled

Blockchain will keep our transactions secure

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.

With blockchain technology, data gets stored in multiple locations instead of one server, it makes it almost makes it impossible to tamper data as every transaction is stored as a block of information in multiple locations, each block followed by another block of information that is unique to a transaction. To alter a saved a data element, it requires the data to be modified at all locations and the follow-up blocks of information as well, making it almost impossible to manipulate any committed transactions.

There are still billions of people who don’t use digital products due to lack of trust, their reasoning seems to be around the fear of not knowing who has access to their data and how it could be compromised. Blockchain started addressing their concerns, once people are educated, it could exponentially increase the usage of technology to conduct transactions through digital channels.

Blockchain is expected to dramatically change how business operations are performed, eliminating the need to build multiple processes that provide oversight.

Vaayu Technology Solutions