7 Sep 2022

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How to Use Blockchain in Your Business Strategy

Format: APA

Academic level: College

Paper type: Essay (Any Type)

Words: 290

Pages: 1

Downloads: 0

The emergence of the blockchain technology and its reliability has led to the development of numerous applications based on the technology. In the present paper, a description of how organizations can use blockchain technology to safeguard the personal data of their clients is offered. 

An organization can use blockchain technology to protect the personal information of its clients, which is particularly vital for companies that handle online transactions. Today, passwords and other cryptographic techniques are used to safeguard client data. Many companies, however, have been breached many times, which compromised the personal data of their clients. Blockchain technology can be used to preserve this data. For example, an organization can structure blockchain technology to be consistent with existing data protection techniques, to enhance safety. The technology can be used to record client personal data and define it such that only customers or authorized people can use or access the information. 

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An organization can achieve this by adopting an information validation technique based on the technology, which is inbuilt in blockchain. For example, the hash of each transaction block is connected to the next block, which forms a chain. It is impossible to change a transaction in a specific block. In turn, this places limitations that define the correct state of the system holding the data, which ensures automated safety against malicious use. Client identification and authentication features can be added into the blockchain through its architecture, such as permissioned blockchain, or through coloring techniques on the technology. Before accessing the website, every client will be identified first before being authenticated. Block chain can also be used to authorize access to specific information, which will protect data from unauthorized modification or disclosure. In a blockchain, relevant authorizations may entail who can view the stored data, who can access a specific account, and who can change or delete data. 

In conclusion, blockchain technology can be used as a reliable method to protect the personal data of clients against unauthorized users. 

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StudyBounty. (2023, September 16). How to Use Blockchain in Your Business Strategy.
https://studybounty.com/how-to-use-blockchain-in-your-business-strategy-essay

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