{"id":47825,"date":"2023-04-12T06:54:38","date_gmt":"2023-04-12T10:54:38","guid":{"rendered":"https:\/\/www.kaspersky.com\/blog\/?post_type=emagazine&#038;p=47825"},"modified":"2023-04-12T06:54:38","modified_gmt":"2023-04-12T10:54:38","slug":"insight-story-blockchain","status":"publish","type":"emagazine","link":"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-blockchain\/47825\/","title":{"rendered":"Blockchain&#8217;s amazing versatility promises world-changing uses"},"content":{"rendered":"<p>New blockchain applications are spreading fast in every type of business. It can do things once hard to do reliably, like validating supply chain sustainability, giving consumers more trustworthy information and even rewarding people for getting exercise.<\/p>\n<p>Does your business need to get to grips with blockchain, and how could you use it to transform your business for the better?<\/p>\n<p><a href=\"https:\/\/insight-story.podbean.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Kaspersky\u2019s new podcast, Insight Story<\/a>, unpacks emerging tech trends with global specialists and businesses successfully using the tech. Episode 3 looks at blockchain. I speak with UK-based Helen Disney, Director of <a href=\"https:\/\/www.therealizationgroup.com\/\" target=\"_blank\" rel=\"noopener nofollow\">The Realization Group<\/a> and Founder of <a href=\"https:\/\/un-blocked.co.uk\/\" target=\"_blank\" rel=\"noopener nofollow\">Unblocked<\/a>. Germany-based Abhi Sharma, Global Lead of Mobility Platform, Blockchain and Partner Universe at <a href=\"https:\/\/www.basf.com\/\" target=\"_blank\" rel=\"noopener nofollow\">BASF<\/a> also joins us.<\/p>\n<p><iframe style=\"border: none;min-width: min(100%, 430px)\" height=\"300\" scrolling=\"no\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=mm9d3-13d61d4-pb&amp;from=pb6admin&amp;pbad=0&amp;square=1&amp;share=1&amp;download=1&amp;rtl=0&amp;fonts=Arial&amp;skin=1b1b1b&amp;font-color=auto&amp;logo_link=episode_page&amp;btn-skin=2baf9e&amp;size=300\" width=\"100%\"><\/iframe><\/p>\n<h2>A simple way to understand blockchain<\/h2>\n<p>Helen likens blockchain to an old idea everyone recognizes. \u201cWe\u2019ve had ledgers for a long time \u2013 someone sends you an invoice, you write down when someone pays and match the two. Blockchain is a digital, distributed ledger. It provides an audit trail for all transactions and activities on a shared network. \u2018Distributed\u2019 means everyone in that network has a copy, so you can\u2019t go back in time and change things.\u201d<\/p>\n<p>Businesses see that a reliable, shared ledger that\u2019s hard to change makes more things possible. Helen says, \u201cThere are examples of using blockchain in business and for social impact, like in healthcare and supply chains, in creative industries, the energy sector and environmental initiatives. In financial services, blockchain can create efficiencies, speed up settlement times and let people transact with assets not currently tradable.\u201d<\/p>\n<div id=\"attachment_47830\" style=\"width: 301px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-47830\" class=\"wp-image-47830 size-medium\" src=\"https:\/\/media.kasperskydaily.com\/wp-content\/uploads\/sites\/92\/2023\/04\/12065153\/helen_disney-2-291x300.jpg\" alt=\"Helen Disney, Director, The Realization Group and Founder, Unblocked\" width=\"291\" height=\"300\"><p id=\"caption-attachment-47830\" class=\"wp-caption-text\">Helen Disney, Director, The Realization Group and Founder, Unblocked<\/p><\/div>\n<blockquote><p>Blockchain brings a community together, whether for business or social goals \u2013 you can incentivize people and let them collaborate in new ways.<\/p>\n<cite><p>Helen Disney, Director, The Realization Group and Founder, Unblocked<\/p><\/cite><\/blockquote>\n<p>Blockchain Research Institute continually examines the many <a href=\"https:\/\/www.blockchainresearchinstitute.org\/research-library\/\" target=\"_blank\" rel=\"noopener nofollow\">applications of blockchain, from ocean health to medical research to border security<\/a>. Grand View Research estimates the global <a href=\"https:\/\/www.grandviewresearch.com\/industry-analysis\/blockchain-technology-market\" target=\"_blank\" rel=\"noopener nofollow\">blockchain market is worth 10 billion US dollars today and will grow 88 percent each year<\/a>.<\/p>\n<h2>Cottoning on to value in supply chain sustainability<\/h2>\n<p>Abhi Sharma explains a BASF blockchain initiative that capitalizes on the premium consumers are willing to pay for sustainable products to incentivize sustainable cotton production. The largely undifferentiated nature of the commodity market has made this challenging in the past.<\/p>\n<p>Abhi says, \u201cFarmers have had no incentive to use better practices to protect the environment because that information doesn\u2019t flow to the consumer.\u201d<\/p>\n<p><a href=\"https:\/\/agriculture.basf.com\/global\/en\/media\/press-releases\/2022\/AP_221005.html\" target=\"_blank\" rel=\"noopener nofollow\">Seed 2 Sew<\/a> aims to change that. \u201cFarmers enter information in a mobile application at every stage of their season, harvest and delivery of goods. When they use sustainable practices like natural irrigation, they can enter the practice in the application and take photos for proof, creating extra value.\u201d<\/p>\n<p>It\u2019s not just farmers who could claim credit for doing the right thing. \u201cOther players in the market could be motivated to install solar panels, use sustainable electricity and so forth.\u201d<\/p>\n<div id=\"attachment_47829\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-47829\" class=\"wp-image-47829 size-medium\" src=\"https:\/\/media.kasperskydaily.com\/wp-content\/uploads\/sites\/92\/2023\/04\/12065052\/abhi_sharma-290x300.jpg\" alt=\"Abhi Sharma, Global Lead of Mobility Platform, Blockchain and Partner Universe, BASF\" width=\"290\" height=\"300\"><p id=\"caption-attachment-47829\" class=\"wp-caption-text\">Abhi Sharma, Global Lead of Mobility Platform, Blockchain and Partner Universe, BASF<\/p><\/div>\n<blockquote><p>Blockchain collapses the whole value chain into a single point where everyone can see and influence it.<\/p>\n<cite><p>Abhi Sharma, Global Lead of Mobility Platform, Blockchain and Partner Universe, BASF<\/p><\/cite><\/blockquote>\n<p>Seed 2 Sew is designed to fit naturally with how farmers already work. \u201cThey\u2019re not sitting at a computer filling in spreadsheets \u2013 they\u2019re taking photos in the field and feeding that data into the blockchain. Their motivation is high, because there\u2019s high demand on the retail side for more sustainable products.\u201d<\/p>\n<p>And on the retail side, consumers need confidence in sustainability claims. \u201cConsumers are becoming more conscious. They want to buy less, but buy more meaningful, story-driven products. We\u2019re creating that traceability and transparency that prevents <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/blockchain-ethical-claims-validation\/37127\/\" target=\"_blank\" rel=\"noopener nofollow\">greenwashing<\/a>.\u201d<\/p>\n<h2>Where to start with blockchain<\/h2>\n<p>But where should a business leader start? Helen thinks it\u2019s down to understanding your business as much as blockchain. \u201cThink about, in my business, where could this be beneficial? Do I want to offer some reward points or incentives to customers, change the business\u2019s financial infrastructure, or do something with my supply chain? Start with what\u2019s important to you, and look for real-world examples of what\u2019s been done.\u201d<\/p>\n<p>Many early-adopter projects haven\u2019t continued, and Abhi sees lessons in that. \u201cOrganizations need a <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/tech-entrepreneur-attributes\/35922\/\" target=\"_blank\" rel=\"noopener nofollow\">start-up culture<\/a>. You need <a href=\"https:\/\/www.ibm.com\/garage\/method\/practices\/culture\/failing-fast\/\" target=\"_blank\" rel=\"noopener nofollow\">fail fast, learn fast<\/a> models. But it\u2019s more about the people than the investment \u2013 whether they can drive a project, whether they can scale it. Your people will drive your idea into the marketplace.\u201d<\/p>\n<p>He thinks exploring blockchain is worth it regardless of whether you ultimately use it. \u201cFor those who\u2019ve dived into it, it shifts their mindset. Thinking about the possibilities gives them different ideas. Once you realize you can do something in a decentralized or distributed way, it changes how you think.\u201d<\/p>\n<h2>Blockchain and cybersecurity<\/h2>\n<p>Head of Kaspersky Global Research and Analysis Team (GReAT) for Latin America, Fabio Assolini, thinks businesses should note risks associated with blockchain, whether you use it in your business or not.<\/p>\n<p>\u201cBlockchain isn\u2019t immutable. Attacks on these systems have happened, like <a href=\"https:\/\/www.kaspersky.com\/blog\/crypto-actually-non-fungible-tokens\/45597\/\" target=\"_blank\" rel=\"noopener nofollow\">51 percent attacks<\/a>.\u201d That\u2019s when a group of cryptocurrency miners achieves control of more than half of a network\u2019s computational power, allowing them to alter the blockchain.<\/p>\n<p>\u201cAnother problem with blockchain is double-spending \u2013 under certain conditions, <a href=\"https:\/\/www.investopedia.com\/terms\/d\/doublespending.asp\" target=\"_blank\" rel=\"noopener nofollow\">miners can modify blocks to spend cryptocurrency twice<\/a>. For small companies, that can be a real problem.\u201d<\/p>\n<p>But cybercriminals using blockchain is behind a fast growing number of attacks. \u201cCryptojacking is one of the most common attacks. Cybercriminals hijack the power of processing on your servers by programming your device to mine cryptocurrency for them. When they invade a system, they will also sell the access to other cybercriminals.\u201d<\/p>\n<p><a href=\"https:\/\/securelist.com\/cryptojacking-report-2022\/107898\/\" target=\"_blank\" rel=\"noopener\">Cryptojacking is rising dramatically<\/a> \u2013 Kaspersky research showed a 230 percent increase in 2022.<\/p>\n<p>It can slow systems and <a href=\"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-smart-energy\/47732\/\" target=\"_blank\" rel=\"noopener nofollow\">ramp up your energy bills<\/a>, but Fabio warns there aren\u2019t always obvious signs. \u201cMore professional fraudsters prepare crypto mining software that runs smoothly. The administrator may not realize there\u2019s something going on.\u201d<\/p>\n<p>Businesses can prevent cryptojacking by adopting cybersecurity best practice. \u201cThere\u2019s no single action, but a set of good practices to protect against remote access. For example, you need firewalls, access control to all systems and logging of all user activity,\u201d says Fabio. \u201cAttacks that install crypto mining software will also be detected by a good endpoint security solution.\u201d<\/p>\n<h2>Where will blockchain go next?<\/h2>\n<p>Blockchain will be as common as smartphones, according to Helen. \u201cIn the future, we\u2019ll all have a web wallet and assets and tokens sitting on blockchains.\u201d<\/p>\n<p>She believes the incentives and benefits will compel consumers to adopt blockchain-based products fast. \u201cWe\u2019re already seeing examples, like <a href=\"https:\/\/www.gobankingrates.com\/investing\/crypto\/play-to-earn-games\/\" target=\"_blank\" rel=\"noopener nofollow\">play-to-earn games<\/a>, where you can earn cryptocurrency playing computer games and then trade it for other things. <a href=\"https:\/\/sweatco.in\/\" target=\"_blank\" rel=\"noopener nofollow\">Sweatcoin<\/a> lets you earn money for walking. These apps also generate data business or research organizations could use to understand our lives better.\u201d<\/p>\n<p>Our experts have a few thoughts for those considering or starting to use blockchain. Abhi says, \u201cBusiness leaders should think more about how to maintain it. I see many sustainability-related blockchain initiatives, but few survive.\u201d<\/p>\n<p>Helen thinks we need a more widespread understanding of blockchain to unleash its true potential. \u201cWe can solve big global problems by building communities of interest and incentivizing change. Blockchain is for everybody. You needn\u2019t be technical to understand it. Make time to learn, and you\u2019ll find it fascinating.\u201d<\/p>\n<p>Listen to the <a href=\"https:\/\/insight-story.podbean.com\/\" target=\"_blank\" rel=\"noopener nofollow\">full Insight Story audio series on Podbean or your usual podcast provider<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Say \u2018blockchain\u2019 and most think of cryptocurrencies like Bitcoin, but these experts foresee how it will change the world for the better.<\/p>\n","protected":false},"author":2521,"featured_media":47826,"template":"","coauthors":[3452],"class_list":{"0":"post-47825","1":"emagazine","2":"type-emagazine","3":"status-publish","4":"has-post-thumbnail","6":"emagazine-category-digital-transformation","7":"emagazine-category-emerging-tech","8":"emagazine-category-tech-for-business","9":"emagazine-tag-blockchain","10":"emagazine-tag-insight-story","11":"emagazine-tag-sustainability"},"hreflang":[{"hreflang":"x-default","url":"https:\/\/www.kaspersky.com\/blog\/secure-futures-magazine\/insight-story-blockchain\/47825\/"}],"acf":[],"_links":{"self":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/emagazine\/47825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/emagazine"}],"about":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/types\/emagazine"}],"author":[{"embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/users\/2521"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/media\/47826"}],"wp:attachment":[{"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/media?parent=47825"}],"wp:term":[{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.kaspersky.com\/blog\/wp-json\/wp\/v2\/coauthors?post=47825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}