How useful is Blockchain Technology In 2024?

Last updated: January 19, 2024 Reading time: 4 minutes
Blockchain Technology In 2023?

The increasing dangers of cyber-attacks can now bring your entire network to a halt. Therefore, it is necessary to develop a practical solution to protect user data instead of tampering and any illegal access.

Luckily, blockchain technology provides an advanced tactic for data security. This security has survived brutal and aggressive cyber-attacks for over nine years.

Let’s find out more about this technology.

What is Blockchain Technology?

The blockchain is a devolved archive or journal which contains data regarding all transactions performed within a peer-to-peer network.

The decentralized ledger is a dispersed network that involves billions of users worldwide. Every user can add information to the blockchain while all the data remains safe and secured via cryptography.

Every member within the network is responsible for proving that whatever data they add to a blockchain is genuine and authentic.

It uses a system of three keys, i.e., public, private, and the receiver’s key. All these keys allow the members to check the reliability of the data and confirm where it comes from.

How Blockchain gets shaped?

A substantiated piece of data forms a blockchain. The proven data piece forms a block that must be added to the chain.

All the users use their specific keys and powerful computing system. Along with computing systems, the keys run algorithms to solve complicated mathematical problems.

As soon as the problem is fixed, the block receives to add up in the chain. Also, the data the block has survived on the network everlastingly. In other words, it means the data is irremovable or unconfigurable.

Five Useful Benefits of Blockchain Technology

Undoubtedly, blockchain technology greatly influences cybersecurity. Blockchain technology results from many years of research and advancement in security and cryptography. Continuous research has made this technology a valuable and operative tool in protecting confidential information.

Let’s learn more about the benefits of blockchain technology which would be very helpful against cyber-attacks and threats.

1. Better Comprehensibility

Due to blockchain technology, transaction histories are becoming better with greater comprehensibility. The reason is simple; blockchain is a kind of dispersed network in which all the users share the same documents, contrasting to individual copies — the shared version updates only through mutual consensus.

Changing transaction records needs modification of all following documents and consent of the entire network. Therefore, data on the blockchain is more exact, reliable, and accurate than when it is present on a heavy-paper process.

2. Improved Security

Blockchain technology is much safer and more secure than many other record-keeping systems. Transactions should agree upon before recording.

After acceptance, the transaction is often encrypted and connected to the previous transaction. Instead of a single server, information is kept across a network of computers. Thus, making it difficult for hackers to compromise the transaction data.

Blockchain technology is an innovative opportunity to change how sensitive or confidential information is protected from scams or illegal activity.

3. Upgraded Traceability

If you’re an owner of a firm that deals with stuff that involves trading via a complex supply chain. Then you must know how difficult it can be to trace an item back to its origin.

You merely end up with an audit trail when trades of goods and products get logged on a blockchain. The trail shows where an asset comes from and its entire journey.

This transaction data helps validate the validity of assets and sidestep any scam or fraud.

4. Competitive Contracts

The software programs are typically based on the decentralized ledger. All these programs confirm the implementations of contract terms and later verify parties.

Blockchain technology can considerably enhance the security standards for competitive contracts. It is because it reduces the dangers of cyber-attacks and bugs too.

5. Secured and Protected Communications

All business communications have some sensitive data, which might be the target of many snooping eyes. However, blockchain technology is beneficial to secure and protect all such data.

Several methods encrypt business communications. For instance, Obsidian efficiently uses blockchain networks to erase vulnerabilities in end-to-end encryption. A dispersed ledger for messages lessens the possibility of surveillance.


Blockchain technology emerges as an innovation in the cyber security age. It guarantees a top-notch level of data protection, privacy, and availability.

The technology hugely depends on the most recent cryptographic achievements and an inclusive network management capability to combat cyber-attacks.


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About the Author

Rebecca James is an IT consultant with forward thinking approach toward developing IT infrastructures of SMEs. She writes to engage with individuals and raise awareness of digital security, privacy, and better IT infrastructure.

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