We’re all moving to an entirely digitised world. We’re constantly connected to our phones and other devices - the bridges between online and offline worlds are increasingly tight. We can sign documents electronically. Thanks to Covid-19, we’re now working, learning, celebrating, and even mourning - in a virtual, digital world. If we’re going digital, then that means our online security needs to be top-of-mind. And, that’s where blockchain comes in.
In most basic terms - blockchain is a method of recording information in a way that makes it almost impossible to change, hack, or cheat a system. This means more security, less risk of cyber attacks, and increased levels of trust. If we’re going digital - trust is critical. And trust needs to come from the top, down.
When many people think about blockchain, they might think about it in terms of finance and bitcoin (i.e. digital currency). But as we move ahead in a digital world, blockchain has a more significant role to play across companies, and corporate boards can integrate blockchain into their systems to increase internal - and external - trust.
Blockchain and the board
At the board level, blockchain can change the way meetings are conducted. For boards that have gone digital, blockchain will revolutionise everything from storage, voting, document signing, and more. As digital meetings and digital governance become the norm, blockchain will keep essential documents safe and secure, minimising fraud and increasing shareholder trust.
Beyond the boardroom, companies are increasing their digital capabilities. Employees are doing more work on their phones, and have to send secure documents over VPN, the cloud, and other systems that are currently working overtime to meet the demands of an entirely remote workforce. The possibility of cyberattacks from malicious actors increases exponentially not when we go digital - but when we go digital and don’t have the proper security measures in place. Blockchain technology can make IoT (The internet of things: phones, computers, fitness bands, etc.) more secure and less vulnerable to cyber attacks, and it can be used to securely send documents over networks that may not be prepared to handle the traffic of a fully remote workforce.
Most importantly, when a company demonstrates that security is a priority, the company gains trust - internally and externally. Boards that invest in blockchain technology may find that their brand and reputation value increase - that’s because employees, shareholders, and consumers will have more faith in the company, knowing that their data is secure. Boards may also find that other companies are more willing to explore new ventures and opportunities for collaboration because working with a company that prioritises security is going to be more appealing than working with a company where that may not be the case.
When boards are open to new technologies, they open themselves up to new opportunities, increased trust, and possible new revenue streams. As companies move to an increasingly digital model, blockchain will no longer require a lot of explanation - it will be commonplace and essential for any responsibly run business.