Blockchain in Business: A Technology for Success

Blockchain_in_Business

Blockchain technology has the potential to transform the way businessesoperate.As a result, it has gained tremendous momentum and is no longer the utopian dream of a few crypto enthusiasts. According to a Deloitte report that surveyed more than 1300 senior executives worldwide, 53% said blockchainin businessis a priority. Also, PwC highlights thatblockchain alone can add $407 billion to the GDP of the USA by 2030.


Blockchain is cementing its position in the market and is expected to be worth $163 billion by 2027, according to Statista. The time has come for digital businesses to harness the power of decentralization and incorporate it into their everyday processes.

You simplycan’t lose out on the business opportunities that this technology has tooffer simply because you are living under a rock. In this article, we will discuss how using blockchain for business can make a huge difference in your business process. Let’s first begin by looking at the challenges faced by traditional business models.


Challenges Traditional Business Models Face

A growing business encounters several challenges, and different problems demand different solutions. Mentioned below are some of the challenges that traditional business models often encounter.


Time-Consuming Processes

In a business operation, all processes function as separate entities. Teams often find themselves looking for, gathering, and analyzing the same data to make decisions.

As a result, the teams must rely on a lot of third-party intermediaries to runtheir business processes smoothly. This adds to the time and complexity of the processes.Use of blockchain technology can help to effectively do away with this challenge.


Lack of Security

Data security is another area of concern that can be taken care ofby storing data on the blockchain. Data that is storedin the cloud or a centralized storage facility, is vulnerable to security breaches. The traditional business ecosystem, data, and stakeholders are unprepared for the considerably more intelligent and ever-changing hackingtechniques. As a result, important and confidential data can get breached and compromised.


Payment Barriers

Payment transactions are often more complicated, time-consuming, and costly due to the diversity of currencies and parties involved. Blockchain technology promises to make processing payments and other transactions around the world faster, safer, and cheaper by getting rid of the need for mediators like correspondent banks and clearing institutions.

Payment barriers are another problem that the adoption of blockchain business models can ease.


Shoot-up Your Business Growth with Blockchain Technology

Blockchain in business is aiding the transformation of business across industries all around the globe. Blockchain is transforming supply chains, banking and financial services, healthcare, government, retail, and other industries.

Here are some statistics that demonstrate blockchain's significance in strengthening industries:

  • The financial sector contributes to around 30% of the market value of blockchain. (Statista)
  • By 2028, the value of blockchain in healthcare will be $1189.8 million. (Vantage Market Research)
  • By 2026, the value of blockchain in agriculture and food will be $1.48 billion. (BIS Research)
  • In 2022, the blockchain market in the manufacturing industry will be worth $85.64 billion. (Globe Newswire)


Accelerates Your Business Processes

Blockchain is taking a central role in the ongoing digital transformation process. In digital transformation, time is one of the most critical factors that keeps you ahead of the curve. Moreover, business operations that use a blockchain to store and transfer data provide high levels of security.

On this basis, you can create completely automated transactions in various business domains. This method is not only dependable and safe, but it is also exceedingly fast.


Improves Your Online Security

Encryption and validation are two significant advantages of mainstreaming blockchain technology. Every operation and communication that happens online will be encrypted. It protects against data alteration. Due to its distributed nature, you can verify that no one has altered even a bit by checking signatures across all nodes.

Blockchain in business will be helpful for storage, private messaging (between companies/clients or friends on social media), safer DNS, and IoT security. Blockchain use in business will enhance cybersecurity, but this transformation won’t happen overnight, it will take years before it impacts the ways in which we use the internet.


Eases Online Payments

While online transactions are safer than ever, users' data is still at risk. However, this decentralized platform can make payments transparent and tamper-proof in the financial ecosystem.

Decentralized blockchain technology protects data. Simply put, it allows you to make payments without a payment processor.

Blockchain technology protects financial transactions by removing central points of failure and minimizing errors. This helps in saving time and money. In addition, blockchain technology ensures that transactions remain unaltered and only those involvedcan see the history.


A Game-Changer in the Supply Chain & Logistics


Anything that can conceive of as a supply chain, blockchain can vastly improve its efficiency - it doesn’t matter if it’s people, numbers, data, money.”

- GinniRometty, CEO of IBM.


The integration of blockchain simplifies supply chain and logistics work. The blockchain's decentralized nature ensures maximum transparency in every transaction in the supply chain, from raw material purchase and manufacture to distribution and sale of the finished product. At a minimal cost, each transaction can be promptly and readily documented on the blockchain. There are very few risks this way, because the final buyer can track a product's origin along the whole supply chain.


Reduces Operational Cost

Blockchain-based smart contracts are a boon. Businesses can make and receive online payments through some set guidelines. Brokers, escrow agents, and other intermediaries are excluded through smart contracts. Smart contracts are self-executing programs that safeguard the interests ofall parties. These contracts use unbreakable cryptographic code and automatically implement contract terms.

Lastly, smart contracts keep track of all consumer, worker, and stakeholder activities. Many global corporations use smart contracts to perform essential HR and administrative tasks.


What Does Blockchain Mean for Entrepreneurs?

Blockchain technology is so much more than just a technology used for cryptocurrencies. For a commoner, whenever we talk about blockchain, the first thing they think of is bitcoin or cryptocurrency. However, for businesses and entrepreneurs, blockchain is more than just a cryptocurrency. Let's take a look at the ways in which blockchain technology can empower business leaders.

 


Case Study

Blockchaintechnology is being rapidly usedin the logistics industry.The main advantages include higher confidence in the system due to greater transparency, improved product traceability, and cost savings by eliminating manual and paper-based administration.

One such example Tradelens, a blockchain-powered open and neutral supply chain network, is one example. It was founded by IBM and Maersk and has expanded to 150 members, including some of the world's largest logistics companies, including CMA CGM, MSC, ONE, and Hapag-Lloyd. In 2020, it claims to have made businesses 15% more efficient by letting them get rid of legacy data systems, manual document processing, and limited visibility. By 2050, it claims to have made them 15% more efficient.


Final Thought

Blockchain technology is theinevitable future, and its use is no longer restricted to crypto transactions. In the coming years, blockchain development solutions will be used ineCommerce marketplace, peer-to-peer financial transactions, content distribution, healthcare data exchanges, supply chain, and customer services.

Blockchain applications are no more the pie-in-the-sky dreams of early adopters. This technology has the potential to revolutionize practically every sector and solve your company's greatest challenges. Smart and strategic use of new technologies, can make your company more secure, transparent, and ready for whatever comes next.


FAQ


What Is the Impact of BlockchainTechnology on Business Models?

Blockchain implementations can minimize transaction costs such as negotiation and search expenses and eliminate intermediary costs. This means that by 2022, blockchain technology is expectedto cut costs in the financial sector by$15–$20.


What Is the Size of theBlockchainMarket?

The global blockchain market was valued at $1.57 billion in 2018 and is expected to more than triple to 163 billion USD by 2027.


What Does BlockchainMean for Business?

A blockchain is a digital record of who owns what, and it is constantly updated. The time, date, dollar amount, and participants in a transaction are encrypted into a "block" that is connected to other blocks to create a chain.

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Private 5G gives enterprises access to high-speed, massively scalable, and ultra-reliable wireless connectivity, allowing them to implement innovative IoT and mobile solutions that enhance productivity, drive automation and improve customer engagement. The security of these networks will be paramount as they will support safety-critical infrastructure and carry highly sensitive data. But like any new technology, 5G comes with potential new threats and security risks including the threat from quantum computing. The project finished in December 2023 and customer engagement has already begun. David Williams, Arqit Founder, Chairman and CEO said: “Enterprises want to deploy Private 5G networks with complete confidence that they will be safe from both current and future cyber threats including from quantum computers. Working alongside Ampliphae, we have shown that a quantum-safe Private 5G network is deliverable using Arqit’s unique encryption technology.” Trevor Graham, Ampliphae CEO said: “Private 5G can be hosted partly or completely in the Cloud, giving enterprises the opportunity to rapidly set up their own cellular networks customised to support their operations. With Ampliphae and Arqit they can now be certain that those Private 5G networks are monitored and secure against eavesdropping and disruption.” Nanda Menon, Senior Advisor Hewlett Packard Enterprise said: “In an era where security is paramount, the completion of the SEViN-5G project is a significant milestone. The delivery of a quantum-secure Private 5G testbed, achieved where Athonet have combined the Athonet core with CableFree radios, underscores the commitment to innovation and reinforces the confidence enterprises can have in deploying networks that are both cutting-edge and secure from both present and future threats.” About Arqit Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW) (Arqit) supplies a unique encryption Platform as a Service which makes the communications links of any networked device, cloud machine or data at rest secure against both current and future forms of attack on encryption – even from a quantum computer. Compliant with NSA standards, Arqit’s Symmetric Key Agreement Platform delivers a lightweight software agent that allows devices to create encryption keys locally in partnership with any number of other devices. The keys are computationally secure and operate over zero trust networks. It can create limitless volumes of keys with any group size and refresh rate and can regulate the secure entrance and exit of a device in a group. The agent is lightweight and will thus run on the smallest of end point devices. The Product sits within a growing portfolio of granted patents. It also works in a standards compliant manner which does not oblige customers to make a disruptive rip and replace of their technology. Recognised for groundbreaking innovation at the Institution of Engineering and Technology awards in 2023, Arqit has also won the Innovation in Cyber Award at the National Cyber Awards and Cyber Security Software Company of the Year Award at the Cyber Security Awards. Arqit is ISO 27001 Standard certified. www.arqit.uk About Ampliphae Ampliphae’s distributed network analytics technology provides insight into how networks are used to support enterprise operations at every level. A graduate of the prestigious LORCA cyber accelerator in London, and the AWS European Defence Accelerator, Ampliphae’s technology is already used by enterprises across multiple verticals to discover, analyse and secure the network traffic that supports their key applications and business processes. Ampliphae’s Encryption Intelligence product operates at enterprise scale to discover devices and applications that use cryptography, analysing their encryption capabilities to detect risks, including assets that are vulnerable to future quantum computer attack. Using Encryption Intelligence, the organisation can gather effective operational intelligence about their encryption landscape, both within and outside the organisation, and build an effective mitigation program to address current and future vulnerabilities.

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Cato Networks, the leader in SASE, announced the expansion of the Cato SASE Cloud platform into threat detection and incident response with Cato XDR, the world's first SASE-based, extended detection and response (XDR) solution. Available immediately, Cato XDR utilizes the functional and operational capabilities of the Cato SASE Cloud to overcome the protracted deployment times, limited data quality, and inadequate investigation and response experience too often associated with legacy XDR solutions. Cato also introduced Cato EPP, the first SASE-managed endpoint protection platform (EPP/EDR). Together, Cato XDR and Cato EPP mark the first expansion beyond the original SASE scope pioneered by Cato in 2016 and defined by industry analysts in 2019. SASE's security capabilities encompassed threat prevention and data protection in a common, easy-to-manage, and easy-to-adopt global platform. With today's announcement, Cato is expanding SASE into threat detection, incident response, and endpoint protection without compromising on the architectural elegance captured by the original SASE definition. "Cato SASE continues to be the antidote to security complexity," says Shlomo Kramer, CEO and co-founder of Cato Networks. "Today, we extend our one-of-a-kind SASE platform beyond threat prevention and into threat detection and response. Only Cato and our simple, automated, and elegant platform can streamline security this way." An early adopter of Cato XDR is Redner's Markets, an employee-owned supermarket chain headquartered in Reading, Pennsylvania, with 75 locations. Redner's Markets' vice president of IT and Infrastructure, Nick Hidalgo, said, "The Cato platform gave us better visibility, saved time on incident response, resolved application issues, and improved network performance ten-fold." (Read more about Redner's Markets and Cato in this blog. "The convergence of XDR and EPP into SASE is not just another product; it's a game-changer for the industry," said Art Nichols, CTO of Windstream Enterprise, a Cato partner. "The innovative integration of these capabilities brings together advanced threat detection, response capabilities, and endpoint security within a unified, cloud-native architecture—revolutionizing the way enterprises protect their networks and data against increasingly sophisticated cyber threats." (Read more about what Cato partners are saying about today's news in this blog.) Platform vs. Product: The Difference Matters Cato XDR takes full advantage of the enormous benefits of the Cato SASE Cloud platform, the first platform built from the ground up to enable enterprises to connect, secure, and manage sites, users, and cloud resources anywhere in the world. Unlike disjointed point solutions and security appliances, Cato capabilities are instantly on, always available at scale, and fully converged, giving IT teams a single, shared context worldwide to understand their networks, prevent threats, and resolve problems. As an autonomous platform, Cato SASE Cloud sustains its evolution, resiliency, optimal performance, and security posture, saving enterprises the operational overhead of maintaining enterprise infrastructure. Enterprises simply subscribe to Cato to meet their business needs. Cato's cloud-native model revolutionized security and networking operations when it was introduced in 2016, a fact validated three years later in 2019 when the Cato approach was formally recognized by the industry as SASE. Breach Times Still Too Long; Limitations of Legacy XDR Cato is again revolutionizing cybersecurity with the first SASE platform to expand into threat detection, empowering security teams to become smarter and remediate incidents faster. The flood of security alerts triggered by network sensors, such as firewalls and IPS, complicates threat identification. In 2023, enterprises required 204 days on average to identify breaches.1 XDR tools help security analysts close this gap by ingesting, correlating, and contextualizing threat intelligence information with the data from native and third-party sensors. However, legacy XDR tools suffer from numerous problems relating to data quality. Sensor deployment extends the time-to-value as IT must not only install the sensors but also develop a baseline of specific organizational activity for accurate assessments. Data quality is also compromised when importing and normalizing third-party sensor data, complicating threat identification and incident response. Security analysts waste time sorting through incident stories to identify the ones most critical for immediate remediation. Once determined, incident remediation is often hampered by missing information, requiring analysts to master and switch between disparate tools. No wonder in 2023, average breach containment required more than two months.1 Cato XDR and Cato EPP Expands the Meaning of SASE Cato XDR addresses legacy XDR's limitations. Instantly activated globally, Cato XDR provides enterprises with immediate insights into threats on their networks. Incident detection is accurate due to Cato's many native sensors – NGFW, advanced threat prevention (IPS, NGAM, and DNS Security), SWG, CASB, DLP, ZTNA, RBI, and now EPP/EDR. Powered by Bitdefender's world-leading malware prevention technology, Cato EPP protects endpoints from attack – in the Cato way. Endpoint threat and user data are stored in the same converged Cato data lake as the rest of the customer's network data, simplifying cross-domain event correlation. The result is incredibly high-quality data that improves the incident identification and remediation process. Cato AI uses the data to accurately identify and rank incidents, empowering analysts to focus critical resources on an organization's most important remediation cases. Cato AI is battle-tested and proven across years of threat hunting and remediation handling by Cato MDR service agents. Remediation times reduce as detected incident stories contain the relevant information for in-depth investigation. Cato's tools sit in the same console as the native engines, enabling security analysts to view everything in one place -- the current security policy and the reviewed story. Finally, incident reporting is simplified with generative AI. Purpose-built for investigations, this natural language engine provides human-readable explanations of incident stories. Analysts save time sharing incident information with other teams and reporting to their managers.

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Network Infrastructure

DISH Wireless Awarded $50 Million NTIA Grant for 5G Open RAN Integration and Deployment Center

PR Newswire | January 16, 2024

DISH Wireless, a subsidiary of EchoStar, was awarded a historic $50 million grant from the U.S. Department of Commerce's National Telecommunications and Information Administration (NTIA) to establish the Open RAN Center for Integration & Deployment (ORCID). ORCID will allow participants to test and validate their hardware and software solutions (RU, DU and CU) against a complete commercial-grade Open RAN network deployed by DISH. "The Open RAN Center for Integration and Deployment (ORCID) will serve a critical role in strengthening the global Open RAN ecosystem and building the next generation of wireless networks," said Charlie Ergen, co-founder and chairman, EchoStar. "By leveraging DISH's experience deploying the world's first standalone Open RAN 5G network, ORCID will be uniquely positioned to test and evaluate Open RAN interoperability, performance and security from domestic and international vendors. We appreciate NTIA's recognition of DISH and ORCID's role in driving Open RAN innovation and the Administration's ongoing commitment to U.S. leadership in wireless connectivity." To date, this grant represents NTIA's largest award under the Public Wireless Supply Chain Innovation Fund (Innovation Fund). ORCID will be housed in DISH's secure Cheyenne, Wyoming campus and will be supported by consortium partners Fujitsu, Mavenir and VMware by Broadcom and technology partners Analog Devices, ARM, Cisco, Dell Technologies, Intel, JMA Wireless, NVIDIA, Qualcomm and Samsung. NTIA Administrator Alan Davidson and Innovation Fund Director Amanda Toman will join EchoStar Co-Founder and Chairman Charlie Ergen, EchoStar CEO Hamid Akhavan, EVP and Chief Network Officer Marc Rouanne and other stakeholders to announce the grant and tour a DISH 5G Open RAN cell site later today in Las Vegas. During this event, DISH will outline ORCID's unique advantages, including that it will leverage DISH's experience as the only operator in the United States to commercially deploy a standalone Open RAN 5G network. DISH and its industry partners have validated Open RAN technology at scale across the country; today DISH's network covers over 246 million Americans nationwide. At ORCID, participants will be able to test and evaluate individual or multiple network elements to ensure Open RAN interoperability, performance and security, and contribute to the development, deployment and adoption of open and interoperable standards-based radio access networks. ORCID's "living laboratory" will drive the Open RAN ecosystem — from lab testing to commercial deployment. Below are highlights of ORCID: ORCID will combine both lab and field testing and evaluation activities. ORCID will be able to test elements brought by any qualified vendor against DISH's live, complete and commercial-grade Open RAN stack. ORCID will use DISH's spectrum holdings, a combination of low-, mid- and high-band frequencies, enabling field testing and evaluation. ORCID will evaluate Open RAN elements through mixing and matching with those of other vendors, rather than validating a single vendor's stack. DISH's experience in a multi-vendor environment will give ORCID unique insights about the integration of Open RAN into brownfield networks. ORCID's multi-tenant lab and field testing will occur in DISH's secure Cheyenne, Wyoming facility, which is already compliant with stringent security protocols in light of its satellite functions. About DISH Wireless DISH Wireless, a subsidiary of EchoStar Corporation (NASDAQ: SATS), is changing the way the world communicates with the Boost Wireless Network. In 2020, the company became a nationwide U.S. wireless carrier through the acquisition of Boost Mobile. The company continues to innovate in wireless, building the nation's first virtualized, Open RAN 5G broadband network, and is inclusive of the Boost Infinite, Boost Mobile and Gen Mobile wireless brands.

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Events