What is the Blockchain?
Blockchain is a technology that through its disintermediation and decentralization features, incorporates the immense promise of revolutionizing various sectors.
It is a DLT (Distributed Ledger Technology), which are systems that are based on a "distributed register". It can be read and written by multiple nodes in a network.
There is no central body, therefore to validate a record on this register, the nodes must reach consensus. The ways in which consensus is reached and the structure of the register are some of the characteristics that distinguish the different DLT technologies.
Why using the Blockchain?
Why would you use a distributed ledger over a normal database or legacy system? The answer is simple and it will be enough to quickly analyze some of the advantages offered by the Blockchain to be clear to everyone.
Blockchain technology is definitely more secure than centralized databases. This means that it is far less likely to be the target of a hack as there is no single point of failure or SPOF. If a block is hacked it will be rejected by the system before damage occurs. The more nodes and hash power the network has, the more secure it is, which means for example that the Bitcoin Blockchain is generally considered the safest public Blockchain today.
Blockchains can offer immutable transactions. When decentralized data is checked on a Blockchain it is impossible to modify and tamper with it. This provides Blockchain technology with an important use case in areas where records need to be precise and verified (e.g. medical records, property deeds, birth certificates or social security numbers).
By its very nature, the public Blockchain it's transparent. In our society, it is useful both for private and public environments. Companies can use it to ensure that the end-user can operate with total or partial transparency.
Using distributed Blockchain technology, you have the same set of data distributed in multiple places in the world, which means that the data is extremely secure and it is practically impossible to lose it. This type of advantage is particularly appreciable for companies of any size who will be able to avoid suffering data loss and hacks.
Is Blockchain secure?
The Blockchain uses encryption to add an additional level of security to the data stored on the network. The decentralization feature allows the Blockchain to guarantee better security than other systems.
Blockchain is much more secure than other systems since transactions are encrypted, which many network users can validate transactions and have an identical copy of the registry.
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Blockchain uses complex mathematical algorithms to protect data and systems on the network. Each block/transaction on the network is characterized by a unique hash.
Removing third-party risks
The Blockchain allows users to make an exchange without the intermediation of third parties, thus eliminating the risks deriving from third parties.
Each user can independently and randomly generate the account through which he intends to interact with the Blockchain; in this way the address used does not reveal the real identity of the user, but only a pseudo-identity.
Harder to hack
Since the Blockchain does not have a central control point and is able to resist a malicious attack, it is much more difficult and expensive to attack, destroy or manipulate its decentralized system.
SIM swap fraud
SIM swapping is a technique that allows the attacker to have access to the phone number of another person. By doing so, the attacker can access online services that use the phone number as an authentication system, including software wallets. This kind of fraud is impossible with a SIM Wallet!
Hardware wallet usability
Hardware wallets are additional hardware devices that usually are hard to use. They store the secrets of their blockchain account more securely than a sw wallet. The weak point of these devices is certainly the usability, which is why they are not that "popular". The SIM Wallet has a user interface like the apps we are used to being therefore more user-friendly.
Standard IOT security
Internet of things (IoT) or the internet of things or rather it would be better to say data. Until this day, there is no standard for the management of data security that goes around this world. A SIM or eSIM wallet can solve this problem brilliantly, giving space to very safe scenarios.
Access to the Movenda Crypto Wallet is also protected by MFA that uses biometric factors according to the FIDO Alliance standards. Inside the Wallet, it will be possible to create your own address and store your Private Key securely, which will never and for no reason leave the associated SIM / eSIM.
A horizon of new possibilities
These are some use cases to which the blockchain can be applied
Each access, by stamping the badge at the entrance and exit turnstiles, represents a transaction that maintains inside information useful for the HR department and for employees.
Food & Beverage
It is possible to use the blockchain for the purchase of the meal at the company canteen or at the company bar, avoiding to issue and use the classic meal vouchers.
The blockchain can be used in a scenario to verify the origin of documents or news by demonstrating, in real-time, the authenticity of the content transmitted. Protect your intellectual property with certi.press.
Do you think this is the right path for your business? Request a demo