As blockchain evolves as a technology; companies are looking to implement it to create a safer environment
At a time when cyber security is a growing concern, it is believed that blockchain can help solve the problems through a transparent and secure peer-to-peer (P2P) network that records transactions. “Blockchain combines permanent and tamper-proof record-keeping with real-time transparency and accountability, as well as automated smart contract functionality, which can play an ideal role in governments trying to fight corruption,” Vijay Pravin Mahajan, founder and CEO, bitsCrunch told FE Blockchain.
According to a recent report by the World Economic Forum (WEF), public procurement (or public contracts) is the single largest market for public spending and the largest source of official corruption worldwide. According to Mahajan, blockchain now supplements and improves the current legal framework. Also, banking is another sector that is expected to benefit from this.
Source: Statista
According to a report by Statista, in 2020, the banking sector, which has a market share of approximately 30%, received a significant share of the revenue from the global blockchain market. Global spending on blockchain solutions is expected to continue to increase in the coming years.
Meanwhile, according to Dileep Seinberg, founder and CEO, MuffinPay, a payments and utility crypto company, blockchain has grown out of its infancy and businesses have now been able to use it, in its mature form – beyond its obvious applications for financial institutions.
Furthermore, many countries have begun to develop central registers of beneficial corporate ownership, in order to better track conflicts of interest and criminal activity.
It is believed that blockchain can prevent cybercrime by making it harder for hackers to tamper with data. “Blockchain is a distributed ledger, it is much more challenging to change data without the approval of the network. This helps the network remain secure and can prevent hackers from committing cybercrimes,” added Shrikant Bhalerao, co-founder of Seracle.
In the case of blockchain-based land registries, the technology is expected to provide an unambiguous, secure, decentralized, publicly verifiable and immutable record system. “These characteristics typically increase the stability of land ownership and reduce the likelihood of self-interested manipulation of property rights,” Seinberg said.
According to industry experts, the development of blockchain reliability is essential for protection. “Blockchain helps ensure that data is accurately and securely stored on the blockchain. Users can rest assured that their data will not be lost or tampered with by having a trusted and secure blockchain,” Bhalerao added.
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