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Leveraging Blockchain and Cryptocurrency for Enhanced Security and Transparency Online

Attention to Blockchain technology is growing.

The Security and Exchange Commission’s decision to legalize Bitcoin ETFs in January has been a boon for the entire crypto industry. Most cryptocurrencies have gained tremendous value in the last couple of months.

What’s more, attention to Blockchain technology is growing. Digital businesses that want to transform their operations are exploring how they could use the Blockchain to their benefit.

Indeed, the Blockchain offers countless benefits to online businesses, government agencies, and retail investors. In this article, we’ll explore Blockchain’s security and transparency benefits. Let’s get started.

Decentralized and Permissionless

The most important benefit of blockchain is that it is decentralized. Unlike banks, blockchain’s power is distributed globally through sophisticated computer nodes. Decentralization means it is also permissionless.

Anyone can use blockchain for business, development, entertainment, or investing. The permissionless nature of blockchain also means people can verify transactions made on the platform.

If you dislike banks because they have total control over your money, crypto is an excellent option. With Bitcoin, you have control over how to spend and use your money. You don’t need to ask for permission to spend it.

Another benefit of crypto is that it is less prone to criminal attacks. It has distributed power, meaning hackers would need to take down more than half of this power to take down a blockchain.  

Network Security

If you want to move money online, there are few payment methods safer than Bitcoin. Blockchain encrypts all transactions through cryptography. Each payment is recorded on blocks that can’t be altered.

People can view you made a transaction. But since crypto doesn’t ask for your name or address, there’s no easy way to reveal your identity. For clarity, a determined security expert could trace back a crypto payment to you.

That said, Bitcoin is excellent for crypto betting, buying video games online, shopping, or making any transactions that need enhanced security. The only catch you should be aware of is that blockchain doesn’t offer reversals.

Once you send Bitcoin to someone, you can’t reverse the payment. This is an advantage to businesses. But it is a drawback to people unfortunate enough to transact with fraudsters. 

Total Transparency

As mentioned, every piece of information recorded on a blockchain is open to the public. This particular business is the reason why businesses around the world are embracing the technology.

Take the supply chain sector as an example. A business located in New York can conduct business with a supplier based in Shanghai, China. The supplier will list all the products and their qualities on the blockchain before dispatch.

Next, the New Yorker can appoint partners at different shipping locations to view the products and provide updates on their qualities. Anyone with access to the network can track the products and any changes made in real-time.

By the time the shipment arrives in New York, the buyer will have an idea of what to expect. She can also know when a product is damaged and who’s responsible. If an item is lost, she can track it accurately.


Although Bitcoin doesn’t offer total anonymity, it provides a fair degree of confidentiality. As mentioned, you don’t need to offer your name or address when making a transaction. 

Bitcoin separates your identity from your transaction. Each payment comes with two keys that prove ownership. This ensures people transacting through crypto stay anonymous without compromising the blockchain’s security. 

If you like to stay anonymous when making certain payments online, Bitcoin offers an excellent way to move your money. We live in an age of stalkers, hackers, and phishing scams, after all.

Although Bitcoin is fairly private, there are cryptocurrencies created specifically designed to provide anonymity. ZCash and Monero are excellent examples. These two coins offer a way to move money online with total anonymity. 

Trust-Free Transactions

If you’re like many people, you only buy products from online businesses you trust. There are too many scammers on the Internet. Then there are security threats.

With crypto, trust doesn’t have to be a problem when making online payments. This is all thanks to smart contracts. What are smart contracts? They’re blockchain-based contracts that self-execute when certain conditions are met.

Let’s say you want to buy a video game skin worth $10,000. You can enter into a smart contract with the seller. Your crypto will be held on the blockchain until you receive the skin you’re buying.

Smart contracts have zero risks. That’s because they have no intermediary that could compromise the payment. They also don’t need permission. They act on provided instructions.

Speed and Reliability

Because the blockchain lacks an intermediary, it processes payments incredibly fast. Truth be told, crypto’s speed varies from one blockchain to another. For example, Bitcoin processes payments within 10 minutes. Solana can process a transaction within seconds. 

The blockchain is particularly faster than cards and wire payments. This is why some major banks are leveraging Blockchain for international payments. For example, Ripple Labs is a blockchain company that helps banks send large transactions globally.

Blockchains generally process payments quickly and reliably. You may experience issues sending money if you lack enough fees. But once you top up your fees, you can be assured your payment will be processed. 

Speaking of which, moving money through crypto is cheap. You can send millions of dollars through Bitcoin and only have to pay cents in fees. Some blockchains are particularly affordable. Solana and Ripple are excellent examples.

General Efficiency

Many of the companies adopting blockchain for business say it is highly efficient. Not only is it secure, but also it is transparent. Businesses can use it to store sensitive data. 

Some people can be authorized to view the data. But they can’t alter it. Where a transaction is required, crypto offers fast payments. It is also relatively cheaper than banks and cards. 

What’s more, it can handle both large and small payments. This makes it ideal for all kinds of businesses. Small businesses can use it to sell low-cost items. Large businesses can transact billions of dollars fast and securely.