The financial technology industry has greatly boomed as of late and its unparalleled success remains recognized by some of the most notable institutions around the globe. This includes Forbes, who recently released the top 50 fintech companies today. Among this list, six are blockchain companies, proving that the sector’s reach and services continue to break barriers with its capability to protect investments, intellectual property, innovation, and many more.

Speaking of blockchain, three prominent industry partners and companies have joined the Blockchain Education Alliance last February 11, 2020. According to Cointelegraph, these new members include Ripple’s Xpring, multinational processing giant Mastercard, as well as Binance development arm called Binance X. Apart from these major players, other key companies also entered the game: Constellation blockchain company, IoTeX Internet of Things platform, NEO smart contract project, KuCoin crypto exchange from Singapore, and Quanstamp security.

The groundbreaking memberships of these established and emerging companies in the field exemplify how the sector seeks to impart more knowledge about the industry. At the same time, the alliance meets the demands of students who yearn for education as well as continued research in blockchain protection and innovation.

Importance of Using Blockchain Protection

These aforementioned firms come together in support of education, business, and research in the field. More than what is being said, this technology allows exceptional security for just about any type of business. Here’s why this approach is worth considering.

  • Prevents Unauthorized Use

The great thing about this forward-thinking technology is its ability to record traces. Whether it’s a commercial transaction or other exchange-related transactions, blockchain ledgers have the capacity to track possible fraudulent actions. This allows businesses to determine where and how far their products have reached, making investigations of this scale much more attainable within a short span of time.

With recording features and capabilities of logs and transactions, this particular technology has the ability to provide stable records of all happenings that take place within the business. This alone makes it hard for insiders and hackers alike to enact unauthorized actions on their end.

  • SafeguardsIntellectual Property

Considered as one of the most secure systems in the world, blockchain technology is virtually fool-proof. Utilizing a series of computers and partnered with a chain of numbers, this technology moves to block unwanted users out by providing a trusted ledger. Through its incorruptible digital ledger, even intangible assets such as intellectual property can be protected by storing these data on a decentralized ledger. Armed with the ability to record date and time of creation, individuals and businesses keen to secure their rights may prove their ownership in court by showing ledgers as proof of ownership.

  • Defends AgainstTheft of Digital Assets

The very nature of this technology prevents it from being accessed by unauthorized users and hackers, primarily because the system works with thousands of devices across networks. This ensures that the data stored within is not prone nor accessible to malicious attacks or even technical failures. At the same time, dubbed as a ‘trustless’ system, organizations free themselves from trusting one entity to protect their assets while veering away from mining personal information.

The Bottom Line

Now that you know the role this technology plays, you might have a deeper appreciation for what this innovation affords your business or organization. With the right legal advice and blockchain protection, you can help secure your creations from possible theft and misuse.

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https://www.forbes.com/fintech/2020/#3d68e79c4acd

https://www.coinspeaker.com/xpring-mastercard-binance-x-alliance/

https://cointelegraph.com/news/mastercard-binance-x-and-ripples-xpring-join-the-blockchain-education-alliance

https://www.forbes.com/sites/ilkerkoksal/2019/10/23/the-benefits-of-applying-blockchain-technology-in-any-industry/

https://www.forbes.com/sites/jesscollen/2019/02/21/does-blockchain-matter-yet-in-intellectual-property-for-business/#6ce452591c21