Response to "How Blockchain Is Helping E-Commerce Businesses Protect Their Data"
In today's society, cyber crimes can be as effective, if not more, than an actual crime. If a cyber criminal gains access to your companies data, it could seriously hurt your company and result in large losses.
According to Forbes, companies like Equifax and Target had reported breaches earlier this year that affected 143 million Equifax consumers and 41 million Target customers. The breach for both companies can negatively effect their customer retention rate and sheds a negative light on both companies.These companies are now looking to invest in encryption technologies to prevent these breaches in the future.
Through the use of blockchain technology, these companies can store information with confidence knowing that the encryption software being used will protect private information from hackers. According to Forbes, Blockchain "...enables a new class of services, with smart contract technology enabling businesses to focus on commerce and protect themselves."
Ultimately, the goal of utilizing this blockchain technology for these companies is to regain the trust of lost customers and help prepare for the future. If more companies utilize blockchain technology, then the fear of company and consumer data being hacked into will diminish.
Personally, I believe that this should be utilized more being that this will soon be the future of our economy as a whole. Each day, crypto currencies such as Bitcoin become increasingly more valuable and replace actual money for safe and secure transactions.
