Cybersecurity and Blockchain Usage in Contemporary Business

1. Introduction

As businesses begin to reshape their futures, they may investigate how blockchain technology can help them grow. While blockchain has the potential to benefit every sector, there are some misconceptions about the technology that could hinder businesses from implementing it. Blockchain database technology is known for supporting and securing Bitcoin transactions, but its applicability to more considerable cybersecurity challenges is just beginning. The genius of blockchain technology lies in its ability to verify transactions between parties and then keep a permanent record of those transactions on a decentralized network. Due to its nature, falsifying records in a blockchain ledger is extremely difficult at best. The technological world is accelerating. Technology has exploded, enabling companies to reach new heights of profitability and survival Nguyen, D. C, (2020). Artificial intelligence and machine learning have revolutionized the business environment, not just in terms of innovative commodities and technologies. Blockchain technology is disrupting banking procedures and allowing business leaders to elevate lawyers to do more for corporate goals Hassan, M. U (2019). While technological advancements, especially blockchain technology, have allowed the accounting profession to advance and establish itself, we also expressed concerns about the general cybersecurity of various businesses. When a new technology is implemented within a company or department, it affects most different levels of accounting. Relatively successful technology is being implemented in the accounting industry and cybersecurity Siegfried, N. (2020), Michelin, R. A. (2018), Yu, Y (2018). This study aims to fill in gaps in the literature and contribute to previous research that provides a broad perspective on the impact of blockchain technology on accounting Huang, J 2019. From a local or centralized accounting system, the software gradually evolved to a decentralized system using the Internet in the early stages of its use Ray, B. C. (2019), De Filippi (2020) This also reduces errors in the middle, the number of middlemen, and the need to pay royalties and other secondary activities to others. Everyone can see what action is happening; thousands of computers are entirely transparent and constantly verified Uddin, Ozyılmaz, K. R. (2017), Uddin, M. A. (2019). Financial service companies and technology-based organizations are essential contributors to the explosive growth of blockchain technology Dhar Dwivedi, A (2019). The company's cybersecurity has always been an issue due to hacking. Many large corporations' future success and wealth now depend on their ability to withstand this external risk Fujimura, S., (2015). Most of these attacks have always been aimed at obtaining sensitive information about transactions and financial resources held by businesses, basic blockchain mechanisms in fig 1.

Figure 1.

Overview of basic blockchain mechanisms

ResearchGate, 2022

The following points have been discussed in this chapter:

• 1.

  We focused on the blockchain and its role in business activities.

• 2.

  We focused on security issues and challenges in the business environment.

• 3.

  We focused on business applications in the context of past research articles and book chapters in the last ten years.

• 4.

  We provided recommendations and solutions to issues and challenges.