Enterprise Mobility, Mobile Infrastructure
Article | June 16, 2023
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.
Read More
Unified Communications, Network Security
Article | July 10, 2023
There is a fundamental shift in demand for core network services from enterprise customers, away from MPLS and private leased circuits to fixed broadband, Ethernet VPN, and DIA. Omdia forecasts that through 2026, the increase in revenue from fixed broadband, Ethernet VPN and DIA will be insufficient to make up for the decline in revenue from MPLS and private leased circuits.
Read More
Network Management, Network Security
Article | July 17, 2023
The increasing use of mobile applications and digital payment services has not only paved the way for new banking models, but also highlighted the importance of user experience in digital banking. Banking applications are now developed completely on cloud, support multiple platforms, and use AI/ML extensively. Security, a critical aspect of digital banking, has transformed with innovative capabilities like self-service identity verification, passwordless access, risk-based multi-factor authentication (MFA), behavioral analytics, and encryption capabilities.
The underlying reason for developing the above-mentioned capabilities is to provide consumers with a secure banking experience, where they can access their financial data without fear and conduct transactions with ease. For the bank employee, it is all about working with the latest digital services and securely accessing them from anywhere. It is important to understand that user experience, be it consumer or workforce, is all about providing convenience and establishing trust. Only then can a financial institution remain ahead of the competition.
Read More
Network Security
Article | October 27, 2021
Digital liberation has opened up several avenues for businesses. The current scenario is a bright example of how a remote or hybrid work model seamlessly became a norm, establishing digital workspaces, including laptops and PCs.
But this has also led companies to deal with a lot of challenges in managing their enterprise mobility.
Whether it is the security or Bring Your Own Device (BYOD) to the user experience or migration, Mobile Device Management (MDM) plays a significant role in digital transformation.
PROTECTION VS. PRIVACY: THE PROBLEM WITH (MDM) – INTRODUCTION
Mobile device management pertains to software solutions and reliable practices that enable companies to easily manage and obtain wide-ranging mobile devices in compliance with corporate guidelines.
In addition, the MDM functionality addresses the security of devices and data, management of devices, and configurations.
Essentially, MDM as security is an element of an enterprise mobility management solution that integrates a clustered set of tools to secure and manage mobile apps, BYOD devices, content data and access, configurations, risk management, software updates, and application management.
MDM allows a single-interface control over all connecting devices, enabling each device registered for corporate use through the MDM software to be easily monitored, managed, and controlled as per organizational policies.
“It’s clear that our network is better protected. We have solved our BYOD issues and can rely on great support via e-mail, phone, or Skype.”
- Raymond Bernaert, IT Administrator at ROC Kop van Noord, the Netherlands
However, when it comes to an understanding, this technology is of utmost importance to consider the key challenges that companies face regarding protection vs. privacy of mobile device management.
Key Challenges
MDM solutions are built to improve visibility and secure better control into an end user’s mobile device activity. However, unrestrained tracking of the device’s activities poses a huge threat to the end user’s privacy.
For instance, the mobile device management solution may track real-time location and browsing detail. The information exposes employees’ data and usage habits beyond the employer’s device management and security needs.
Moreover, as the mobile device market expands, employees choose devices from various brands and platforms, which companies extend support and manage; nevertheless, unanticipated security issues with a specific platform and software version could emerge at any point. Thus, executing the entire process without compromising the end-user convenience.
Now, let’s check out some of the most common mobile device management challenges.
Security
Using numerous devices and endpoints could potentially increase the risk of hacking. This is because, for hackers, it would be a lot easier to exploit the endpoints.
And, no wonder mobile device security is one of the fastest-growing concepts in the cybersecurity landscape today.
Incorporating mobile devices under the umbrella of mobile device management would be helpful to bridge the vulnerable gaps and prove to firmly manage the entire digital fleet, including mobile phones and PCs. In addition, this will increase up-time significantly and containerize the personal data from corporate data.
The Privacy Issue
Though MDM solution helps organizations obviate data breaches, they also open up doubt and questions regarding employee privacy. This is because various MDM tools allow employers to monitor the entire device’s activities, including personal phone calls and web activity, at any point.
Subsequently, this empowers the IT team to command control in corporate security, whereby they perform many such remote actions, which harm the employees’ privacy.
Organizations over the years have used mobile device management solutions with the intent to put BYOD in place. When an enterprise enables BYOD, employees use their devices to access data to help achieve the tasks.
With the intent to secure the endpoints, companies choose MDM as their key solution and take control over the entire mobile device, but with that comes the potential for abuse. So, naturally, there is an unwillingness among employees to get MDM installed on their devices.
Network Access Control (NAC)
The sudden surge in digital workspace culture has also brought in additional complications with varied mobile devices.
It is crucial to ensure the team has access to all the apps and corporate data they need. However, it is also important to note that there should be a check on direct access to the data center.
One of the core elements for enterprise mobility is network access control (NAC). NAC scrutinizes devices wanting to access your network and it carefully enables and disables native device capabilities distinctly.
With designated devices getting connected to the network as per resource, role, and location, it is relatively easy for NAC to ascertain their access level based upon the pre-configured concepts.
User Experience
It is essential to consider the end-user experience while managing mobility as it often becomes a big challenge. Therefore, a successful mobile device management structure lies mainly in creating a satisfying user experience.
A company that uses various devices and has extensive BYOD users may find VMware Workspace ONE or MobileIron effective.
However, if the enterprise is all Apple iPhones, the ideal enterprise mobility management would be Jamf Pro, an Apple-only EMM.
A single sign would be a perfect method to get into the virtual desktop to ensure efficiency for the remote workers. Moreover, it won’t ask you to sign into different applications separately.
Sturdy enterprise mobile device management is an absolute necessity to have a hassle-free experience.
Let’s cite the example of this case study, where ‘The Department of Homeland Security (DHS) Science and Technology Directorate’ (S&T) initiated the Next Generation First Responder (NGFR) Apex program to assist tomorrow’s first responder in becoming protected, connected and aware.
DHS S&T held a series of NGFR Integration Demonstrations to incrementally test and assess interoperable technologies presently at the development stage.
These demonstrations have changed from tabletop integration to field exercises with partner public safety agencies incorporating increasingly complex technology.
The NGFR- Harris County OpEx included 23 varied DHS and industry-provided technologies involving six Internet of Things (IoT) sensors, five situational awareness applications and platforms and live-stream video feeds.
Additionally, Opex technologies also integrated body-worn cameras and real-time data aggregation and access across numerous agencies.
In a nutshell, this case study identifies and explains the mobile device management (MDM) solutions that provided an application-level cybersecurity evaluation and remote device management. The Opex addresses how nationwide public safety agencies could utilize MDM to enhance the operational deployment of new devices and applications.
Final Words
There are surely both pros and cons involved in mobile device management.
Over the years, the BYOD program has turned out to become a norm in corporate culture. In addition, the use of personal devices has significantly surged due to the gradual increase in remote and hybrid work models. Thus, many believe that the MDM solution is naturally aligned with BYOD.
However, the fact is, a perfectly planned BYOD policy is the only way to ensure clarity. Having no policy in place will expose a firm to the so-called ‘Shadow IT’ as users will circumvent the IT infrastructure working from their mobile devices.
Though the breach of privacy is likely, the policy can be tailored based on the company’s needs. The IT security is adequately maintained and protected and strikes a balance between protections vs. privacy in mobile device management.
Frequently Asked Questions
What can mobile device management do?
Mobile device management keeps business data safe and protected and secures control over confidential information. MDM also exercises its power to lock and remove all data. This is the capability that sustains the device’s security.
What are different mobile management tools?
With the introduction of Bring Your Own Device (BYOD), several enterprise mobility management tools have also been inducted into MDM.
To name a few, some of the prominent MDM tools are Miradore, Citrix Endpoint Management, and SOTI Mobicontrol.
{
"@context": "https://schema.org",
"@type": "FAQPage",
"mainEntity": [{
"@type": "Question",
"name": "What can mobile device management do?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Mobile device management keeps business data safe and protected and secures control over confidential information. MDM also exercises its power to lock and remove all data. This is the capability that sustains the device’s security."
}
},{
"@type": "Question",
"name": "What are different mobile management tools?",
"acceptedAnswer": {
"@type": "Answer",
"text": "With the introduction of Bring Your Own Device (BYOD), several enterprise mobility management tools have also been inducted into MDM.
To name a few, some of the prominent MDM tools are Miradore, Citrix Endpoint Management, and SOTI Mobicontrol."
}
}]
}
Read More