Preventing A Cyber Breach of Your Customers’ Information
Does the possibility of a cyber breach change the way you do business?
An cyber breach hurts business. For example, lawyers must take steps to prevent cyber breaches. Lawyers take classes to learn how to avoid cyber breaches. See an example from the Florida Bar here.
In addition, insurance companies now offer special liability insurance to lawyers. This insurance protects a lawyer in the event of a cyber breach.
The news often reports about cyber breaches. Hackers also attack banks, retail stores, and the government. Your business must protect against cyber breaches.
Blockchain offers your customers greater on-line protection. Blockchain enables your customers to more securely do business with you. One way blockchain does this is by removing trusted third parties.
Thus, blockchain makes your business both more secure and more efficient.
Your customer’s private information is not secure
Blockchain promises increased cyber security. It also promises protections against a cyber breach. We need the internet to conduct business today. Yet, the threat of falling victim to a cyber breach chills on-line business.
We should not accept the potential of a cyber breach as a cost of doing business. We must find ways to protect our private information.
Large third party databases are targets for being hacked. We need to find ways to avoid the storage of our personal data in large third party databases. Blockchain solves this problem.
Imagine loans without banks, contracts without lawyers, and stocks without brokers. All of this is possible with blockchain.
What if your business could offer your customers a more secure platform on which to do business with you?
Blockchain is an alternative to large databases maintained by trusted third parties.
Blockchain provides greater cyber security than the trusted third party system because it is a decentralized public ledger. Information stored on the blockchain resides in more than one location.
In contrast, trusted third parties store their information on a central database. This format removes the need for a trusted third party.
Blockchain encrypts the information stored on it. Encrypting the data in this way makes the blockchain much harder to hack.
Blockchain stores the data in a public ledger. No, the general computing public cannot access the blockchain! Only those who have express permission access the blockchain. Thus, the blockchain remains private.
As a result, blockchain does not rely on trusted third parties to verify and store data. The blockchain users perform the tasks formerly performed by trusted third parties. This reduces the costs of doing business.
Blockchain creates an immutable record. Once the users vet the data, the blockchain stores the data. This sets the record. As a result, the act of recording an entry on the blockchain verifies its authenticity.
Blockchain changes how private information will be stored on the Internet
Thus, blockchain allows your customer to send their private information securely over the internet.
However, your customers can securely send more than private information over the internet securely if your business uses blockchain technology.
Your customers can send anything of value over the internet instantly, securely, and without the need (and cost) of the third party intermediary. Therefore, the process is efficient.
Blockchain is an emerging technology that is going to change the way business is done. Future blog posts will discuss regulatory issues.