Cybersecurity in communications for corporations
Technology has become an important part of businesses. From email correspondence and financial transactions, to professional networking and collaborative work documents, businesses rely on technology to be connected at all times and conduct work effectively.
However, when these lines of communication are compromised, they can have a disastrous effect on businesses. Data can be stolen, documents can be deleted or tampered, corporate data can be sold, and they can also be monitored illegally. This is why corporations need highly secured email and communications systems to avoid data leaks and fraud. This makes blockchain on communications cybersecurity the next big thing for both individuals and corporations.
According to Investopedia, blockchain is a distributed, decentralised, public ledger. At its most basic level, blockchain is literally just a chain of blocks. In this context, it is digital information stored in a public database. Blocks store information about transactions like the date, time, and dollar amount. They store information about who is participating in transactions. They also store information that distinguishes them from other blocks. When a block stores new data, it is added to the blockchain. Four things must happen: a transaction must occur, that transaction must be verified, that transaction must be stored in a block, and that block must be given a hash, which is a unique identifying code.
There are several advantages for businesses to use blockchain, such as cost reductions, efficient transactions, secure transactions, and transparency. Blockchain eliminates the need for third-party verification and their associated costs. Unlike financial institutions that operate during business hours, five days a week, blockchain works 24 hours a day, seven days a week. Transactions can be completed in about ten minutes and can be considered secure after just a few hours. Once a transaction is recorded, its authenticity must be verified by the blockchain network. Furthermore, even though personal information on the blockchain is kept private, the technology itself is almost always open source.
Saving business costs and gaining benefits through blockchain
While blockchain has several advantages, adopting blockchain is not merely a technological decision, but also a business decision. Good use cases must solve real problems for organisations. Great use cases solve real problems at a cost that is significantly lower than the benefits the adoption brings. As with any technology deployment, the business need itself is the place to start. Blockchain’s unique properties mean that a new analytical framework is useful, in part because of the fact that blockchain has emerged at a unique point in society’s technological development.
According to World Economic Forum’s Blockchain beyond the hype – a practical framework for business leaders’ white paper, the ICT revolution has placed cheap and powerful computational capacity in the hands of many people around the globe. As a result, the physical capital for creation and production is now broadly distributed throughout society – and in control of individuals, rather than under the control of large-scale entities such as corporations, governments and research institutions.
Addressing communications cybersecurity challenges
To enhance cybersecurity systems in business communications, corporations should consider solutions, such as PunkPanda, which adopt blockchain technology in their solutions. Such solutions incorporate strong encryption, anti-fraud, and anti-cybertheft technology, while complying with internationally recognised government and certification standards. When information is stored securely in a decentralised manner, it becomes close to impossible to hide fraudulent actions in businesses.
By adopting stronger secure communications cybersecurity solutions, businesses would not only save on costs and gain benefits from better technology. They would also reduce inherent and system risks that would compromise the sustainability of their operations and existence.