Blockchain And Business Communication Networks

Clickjacking, Spyware, Trojan Horse, Man-in-the-middle attacks (hackers, phishers, spammers), Zombie Computers- are the dreadful terms associated with the cybercrimes. At the organizational level, cybercriminals have the potential to disrupt a complete system of networks within a few hours, especially “business communication networks”. In the modern era, Blockchain technology is working to armour against cyber attacks. So, let us explore the methods, applications, services, products and apps based on blockchain to revolutionize business communication networks.

Blockchain And Business Communication Networks

As the blood circulates through all the organs of the body via arteries and veins, similarly, messages, instructions, announcements, proposals, orders related to demand and supply etc. are circulated among distinct persons connected through business communication networks. The communication network acts as a secured thread to connect the people inside and outside of the association. In global blockchain survey conducted by Price Waterhouse (another giant), they disclosed that 84 percent of companies, which include Amazon and Facebook, are utilising the blockchain technology in communication networks.

Blockchain To Revolutionize Business Communication Networks

Some features of Blockchain which can take the Business communication network of an organisation to another level are:

• Decentralization (dispersing away intermediary)

There are fewer chances of the “man-in-the-middle attacks” (MITM) on the network of business communication when information passed directly, or communication establishes directly (online), without an intermediary. Businesses deploy instant messaging software to collaborate and exchange ideas along with dissemination of various information, reducing the role of middlemen. We can add a layer of blockchain technology to further protect the network of communication.

Blockchain communication protocol has the feature of decentralization that can protect business’ network by reducing the interference of the middleman. For instance, the IM communications and payments app allows the companies to communicate directly over a public network of blockchain. The network is authenticated and verified with specific passwords which prevent MITM attacks. Applications like Sense, Crypviser, Sylo etc. also allow users to operate on decentralized business networks based on blockchain technology.

• Data Privacy (accessibility after permission)

Business houses need to protect sensitive data such as corporate strategies or proprietary information while establishing business communication among the associated members of the company. In 2016, hackers hit the Democratic National Committee (US) and released their internal e-mail communications, which led to undermining the credibility of several candidates. Undoubtedly, hacking of the primary communication network (e-mails) can be hazardous for the company, so we need technology, which can allow the accessibility of information after permission is granted.

Blockchain technology can give the power to users to decide which data needs to be shared and with whom. The accessibility of content on the blockchain is free, but some are based on permissions (to guarantee the privacy of information), and others are permissionless. Bulletin boards, document hosting suites, procedural information can remain private to the management and the public circulars can be accessible to everyone.

• Data Security (protection by encryption)

Yahoo search engine in 2013 suffered from the data breach where billions of records were affected. Also, Capital One Card was attacked by cybercriminals in 2019. Data security is one of the crucial issues that need to be assured at every point. In business communication networks, facilities like video conferencing are easing out the way meetings take place. But there are chances of the network getting hacked and leaking of sensitive information.

Blockchain technology creates a platform which deploys cryptographic techniques, include public and public keys, Merkle trees, hash keys, etc to make stealing or modifying of data difficult for hackers, thereby securing the information. The high level of protocols makes the data less sensitive to cyberattacks.

Applications like Mainframe, SuchApp, ONEm, Blockmesh, Kin etc. deploys blockchain to build a secure business communication infrastructure. Also, Reno-based company Filament designs have products to encrypt ledger data, distribute real-time information to other blockchain connected machines on the business communication network.

• Traceability (tracking from start to endpoint)

Online services and mobile apps help the businesses to track the maintenance activities and plan for future events, after establishing contact with the concerned person of the organization. We have noticed it that a single app never remains sufficient to track every record and adequately establish communication.

Blockchain technology can ease out real-time tracing and tracking while maintaining the business communication network efficiently. Technology acts as the enabler for business people to coordinate appropriately with supply chain managers and other associated people seamlessly.

For instance, Distributed Ledger Technologies, Singapore includes blockchain dApp, which helps in supply chain management by enabling the track of end-to-end products by establishing the secured communication network between the company's personnel and supply chain managers.

Companies like Provenance, SkuChain etc. are attempting to provide digitally permanent, auditable records along with managing the supply chain by establishing the contact between the hierarchy of the people.

• Transparency (view every transaction)

Business communication network must provide real-time transparency amongst the various people associated with the company. Sometimes, processes or strategies got hidden by mistake from other individuals on the network. Technology intervention is needed so that strategies, processes or procedures are visible to every associated person.

Blockchain technology can foster trust amongst the participants of the network while keeping the information encrypted and accessible to various business people only. Technology assures the accountability of the people associated and ensures the legitimacy of transfers, thereby assuring the trust.

Unilever, one of the largest consumer goods advertisers, partnered with IBM (renowned computer hardware company) to launch a blockchain project which can maintain transparency between the customers and the associated company.

• Smooth Payment System

The salary time!! The best time for the employees if the salary is credited correctly on time; otherwise, the communication needs to be established between the higher authorities and banking institutions. And if the international transfers need to be done, then it adds more burden to the company. To ease out the process, we can utilize the blockchain technology for quicker and traceable transactions. A public ledger of all transactions in chronological order is provided by blockchain technology without troubling any authority or institution.

• Indirect Communication

Smart contract has become the buzzword after the launch of the Ethereum project, aiming to establish an indirect communication network based on blockchain technology. A smart contract is self-automated financial security held in escrow by the blockchain network. We can transfer digital currency to users based on mentioned future conditions, establishing an indirect business communication network between the company and its customers/employees.

Companies like Slock based on Ethereum enabled Internet of Things to use Smart Contracts to allow customers to rent bicycles once the terms are agreed by both parties, reducing the cumbersome process of communication and negotiation.

There is progress in continuous efforts of blockchain to revolutionize business communication networks since the time organizations craved for a transparent, secured and decentralized network. Blockchain communication protocol establishes both direct and indirect contact.