With the recent dramatic rise in the value of cryptocurrencies such as
Bitcoin, the concept of blockchain technology has come to the fore of
the public imagination. A blockchain, in basic terms, is a continuously
updated, decentralised ledger, where each entry is encrypted, and tied
to previous entries by a timestamp and transaction information. The
principal security benefit is that no entry can be altered
retroactively, without also affecting every previous record.
Cryptocurrencies rely on this method to ensure that there are accurate
and updated records of every transaction made, without the need for a
central bank or administrator. But less talked about are the many other
uses of blockchains, which could have a significant effect in a wide
range of industries over the coming years.
Transferring money between bank accounts, especially when there are
large sums involved can be a slow and laborious process. If the
accounts are in different nations or held at separate institutions, it
is even more drawn-out. Security checks are carried out to prevent fraud
or money laundering, and accountants must be sure the amounts
transferred are correct, and free of error or duplication.
Blockchain removes the need for most of these lengthy checks and
balances by providing an encrypted record that even the account holders
themselves cannot alter. Significantly reducing the amount of time taken
for money to be transferred internationally.
One of the most significant overheads in the insurance industry is
checking for fraudulent or inaccurate claims. Unscrupulous actors will
often try to make multiple claims for the same incident or request
compensation for items that they were never in possession of in the
first place. This malpractice drives up insurance premiums for
By making retroactive alterations impossible, blockchain provides
insurance companies with a low-cost and efficient method of preventing
fraud by keeping track of claimant inventory and contracts, bringing
down premiums for all consumers.
Managing the flow of products as they move through a supply chain from
manufacturing to consumption is vital for quality control and business
planning. Elimination of bottlenecks, inefficiencies and safety concerns
is impossible unless there is a clear picture of the entire process.
Blockchain potentially provides a clear, unalterable record of every
event in a supply chain. Reducing malpractice and corner-cutting,
through preventing modification of safety records at a later date, and
cross-referencing every part of the process with earlier stages. This
transparency allows for future workflow improvements to drive
productivity and efficiency.
Encryption is a standard practice for anyone serious about keeping their
information safe from cyber-criminals. But aside from encoding your
data, one integral feature of blockchain technology provides an
additional level of security.
The decentralised nature of blockchain makes it ideal for data security
purposes. Distributing information between multiple computers means that
hackers have a much harder time than if they were targeting just one
Using blockchain security in collaboration with other methods such as
SSL certification and two-factor authentication is a wise choice in an
IT world plagued with hacking attacks and ransomware that could
potentially disrupt, or even destroy your business.
SwiftCase is a secure, cloud-based, business process management platform
configured to your organisations specific needs, whatever your industry.
If you’re interested in a free, no-obligation demonstration, get in touch today.