Technium Business and Management (TBM)

Vol. 10, pp.109-122 (2024)

The Intersection of Blockchain Technology and Data Security in e-Business

Nikos Kostopoulos
Department of Management Science and Technology
University of Patras, Greece
[email protected]

Hera Antonopoulou*
Department of Management Science and Technology
University of Patras, Greece
[email protected]

*Corresponding Author: E-mail: [email protected]

Abstract

This paper investigates the integration of blockchain technology and data security within an e-business
context, articulating the transformative potential of this integration across various key sectors: financial
transactions, supply chain operations, digital healthcare, and product authenticity verification. Other important
attributes of blockchain, such as decentralization, immutability, and transparency, coupled with powerful
security measures, are explored. This indicates the importance of ensuring data security in e-business,
especially against cyber threats and insider threats. This paper therefore will explore specific blockchain
applications in e-business, focusing especially on smart contracts, supply chain management, and data security.
It also accepts challenges, including high development costs and integration problems, but it highlights
opportunities according to potential operational efficiencies and overall improvement in transparency.
Convergence of blockchain with AI and machine learning is discussed as part of future trends, which sets
higher demand for continued research and development to maximize the benefits while at the same time
mitigating the risks linked to blockchain technology in e-business. The references cited provide an essential
overview of the current research landscape, which spans various digital technologies and their implications in
multiple domains.

Keywords: Blockchain Technology, Data Security, E-business, Decentralization, Immutability, Transparency,

1. Introduction

Background Blockchain technology has not only reshaped the global IT landscape but also changed the
operational methods of economies, social systems, and civilizations worldwide. The Internet began to develop
rapidly in the 1990s and gradually integrated with various areas of society, and a great deal of data began to
accumulate as well. It was soon discovered, however, that although the Internet could circulate and issue a
great variety of resources, it could not solve the transaction problem caused by different types of irreparable
property. Hence, double spending threats derived from currency transactions emerged. Blockchain technology
originated to solve these problems. A blockchain is a continuously growing list of records (called blocks),

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which are linked and secured using cryptography. It is an open, distributed ledger that can record transactions
between two parties efficiently and in a verifiable and permanent way [1-6]. Economically speaking, the
function of blockchain technology is to use a new conception created by the Internet to design an online
currency system. Bitcoin was the first decentralized digital currency system founded based on blockchain
technology, which was officially launched in January 2009. Blockchain technology is very important in the
transaction process. Its basic operation consists of four processes—issuing, transmitting, handling, and trading.
This technology benefits many parties since everyone has a ledger to check [7-10].

Definition and Basic Concepts

A blockchain is a data structure that allows the creation of a "digital ledger" to encode financial and non-
financial transactions, mainly web based. The blockchain is a distributed ledger consisting of a chain of blocks.
As in any ledger, a block contains a list of transactions, each signed by the party that wants to execute it. The
structure of the block also allows the computerized nodes on the network to agree on the order of the
transactions, collecting them in groups that are unchangeable. A hash function, which is extremely fast to
compute, is a mathematical function that receives as input a set of data of any size and produces its "hash" -
typically a string of characters that represents the cryptographic footprint of the original data. Any change in
the data (even minimal) will cause a significant change in the output hash. This idea can be applied recursively
on the blocks themselves to create a secure block sequence [11-14]. A node is network-aware and can be an
individual computer, device, or cloud-based system that participates in the blockchain process. A block is a
data structure that houses the data about transactions. The term "hash" comes from the physical action of
chopping up a bunch of data, turning everything into a few points of data, but it's more about the function of
simplification. One main activity within blockchains is the maintenance of the integrity between computers
present in the network through the consensus mechanism. There are many consensus methods, such as proof
of work, proof of stake, Byzantine fault tolerance, and delegated proof of stake, among others. The type and
method of implementing the consensus mechanism can generate very different results and can reveal a
blockchain that is maintained through a public management of its details. In this case, the term public
blockchain is used. Instead, in a private blockchain, every node can be managed and controlled by the owner
of it [15-19].

Key Features and Components

Blockchain's architecture design and important application of decentralized features are described in the
key features of blockchain. Decentralization not only makes electronic transactions in financial information
processes realize peer-to-peer without intermediate links, but also can effectively decentralize management
and reduce the space of a central platform as a single point of failure, to support the sustainable development
of the relevant ecosystem. Immutability, which discovers the value of historical data, does not rely on any
special means of trust or a single center to ensure the authenticity of electronic transaction behavior data. Once
written, a kind of electronic transaction behavior record is unable to be modified or reversed. After the
transaction data is affirmed, the two entities involved in the transaction must reach a consensus through a
special mechanism of verification and ensure that the data cannot be tampered with. It has strong traceability
and can lay the foundation for the identification and always tracking of the source of the goods. Transparency
refers to the openness of electronic transaction behavior data, which can be checked and traced by any online
nodes through the network. Each node holds a full copy of the transaction behavior data and concurrently
updates it in real time, ensuring the consistency and transparency of the data. In addition, the system must
implement better security and protection, certificate and key technology, to effectively support the trusted
identification and confirmation of the information and transaction characteristics of the relevant personnel in
the electronic transaction process. It effectively prevents denial of service attacks and protects electronic
transaction information systems. The components of a blockchain include block, chain, and node.
Cryptographic techniques are essential in the field of blockchain. The digital signature algorithm allows users
in the blockchain to verify the transaction characteristics and safety, effectively supporting asymmetric
encryption, hash algorithms, certificate technology, and digital signatures to further enhance the protection of
transaction characteristics and promote information security. Public Key Infrastructure allows users
participating in electronic transactions to more effectively promote the secure identification and legal value of

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transaction data. This trust model based on cryptographic techniques helps nodes of the entire transaction
network verify that they are indeed interacting with the correct party to prevent the occurrence of
counterfeiting. Thus, the implementation of these features ensures the trustworthiness of the business to a very
large extent [20-27].

2. Data Security in e-Business

Data security is of paramount importance in e-business. As businesses are increasingly becoming digitized,
data will be touched almost every time a customer or a client buys, or end-users engage with businesses. In
view of this, the protection of sensitive data is important and essential. However, data security for e-business
should make use of the data security controls that can protect the data from unauthorized access and loss. This
also means that a framework is required to be in place to ensure that the rules and regulations related to data
protection and organization, which includes data handling and its governance, are respected and maintained.
Data security should focus on the strength of the security culture, which can be a deciding factor for business
success. The measures that the organization takes to protect sensitive data are also a suitable test for their
efficient system administration. In the case of any kind of data breach or loss, the decline of this company's
credibility is faster, which depends on the interval and the severity of the loss. The various declared data
security breaches due to threats like application intrusion, configuration errors, and authentication breaches
show that large enterprises consist of several threads tied together by backend data. Companies these days not
only want to conduct digital transactions over the Internet, but they also want to secure them from threats. This
could be possible only by integrating security capabilities into the transactions. There are certain inherent
vulnerabilities present in various digital transactions, and it becomes hard to trace the threats present in every
digital transaction and to counteract them. So, it should lie in the best interest of customers or clients to tailor
the security risk according to the needs of the business. This can be achieved by proactively securing the
networks and systems to counter the attacks and threats before they pose their danger [28-36].

Importance of Data Security in e-Business

e-Business is the pivot of commercial activities wherein the data of users or customers is a core asset. It is
therefore necessary to ensure that the data assets are well secured to gain confidence and encourage
transactions between the concerned parties. There are various types of commercially sensitive information that
e-Businesses often deal with, such as personal user data, business strategy data, customer databases, payment
details, etc. Sharing any sensitive data with anyone who does not need it can possibly cause severe damage to
the e-Business. A loss of credit card details would cause a considerable reputational loss and probably a
financial loss to the company responsible for the data. With the increasing complexities of systems and data,
it becomes more important not just to find out who accessed the data, but what the intended use was [37-44].
The risk of a data breach entails several serious consequences for any business, not just from a financial
viewpoint. There is a huge reputational impact when personal or financial information is disclosed, which can
discourage users from engaging with the e-Business. The public loss of confidence in fully digital systems can
have cascading effects that can trigger regulation, which comes with considerable cost and inconvenience.
Costs could range from system upgrades due to changes in legislation to compensation for individuals related
to data protection operations. This is a risk even if the business is not in violation of any laws but was itself
the victim of a compromise. Many market sectors that handle data are now under regulatory pressure due to
personal data scandals, leading to new statutory instruments. These regulatory approaches forensically
investigate what data was exposed or compromised, and it is increasingly likely that confidential data will be
the target of future regulatory checks. Reputational and financial loss in e-Business provides a strong need to
not take the chance with untrustworthy data. Non-reputable data, such as customer review systems that allow
for fraud, may in themselves create additional harm to public trust, with wider effects [45-52].

Common Threats and Vulnerabilities

The advancement of technology certainly has facilitated the occurrence of certain risks. There are several
primary threats that occur in businesses today, and these threats are becoming more complex and widely
distributed. Cyber threats are now some of the biggest issues in businesses, with more than a quarter of

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businesses reporting that it was their biggest risk. Some common cyber threats include: • Phishing. • Malware
such as viruses, Trojans, and worms. • Denial-of-service. • Advanced persistent threats. • Insider threats [53-
58]. The unreliability of e-business is due primarily to vulnerabilities in three key areas, including technology,
employee weaknesses, and the business supply chain. The growing reliance on e-business has attracted more
outsiders with malevolent intent. The conflicts between profitability and security have led managers to
implement constantly changing technological components in the internal network of many businesses. Many
businesses are not aware of the technologies running in their internal network infrastructure, nor are they aware
of the current software patch application in their organization. Therefore, businesses today are subject to
known, unknown, and potential risk vulnerabilities that have not been detected. The most dangerous risk
vulnerability is the one that has not been detected, as it poses an inherent danger to the data, information, and/or
intellectual property that flows through the network infrastructure. Moreover, as new vulnerabilities arise, so
do new threats. Consequently, businesses are constantly upgrading their boundaries and internal network
security protocols [59-64]. Thus, the common threats and vulnerabilities that affect e-businesses undermine
their integrity and can therefore crush the confidence of potential customers. Business managers are not only
expected to identify the potential threats and vulnerabilities that surface due to technological advancement, but
they are also expected to find an effective method of dismantling these risks [65-66].

3. Blockchain Applications in e-Business

Blockchain, as an underlying technology of cryptocurrencies, has recently drawn much attention from
academia and industry. Thanks to its standout features, blockchain can innovate and transform e-business.
Several leading companies have built their business ecosystems based on blockchain from scratch, while some
other companies are currently proactively pursuing blockchain-driven transformation. So far, there are a
variety of ways and contexts where blockchain technology is applied in business. For instance, it can be
engaged in processing financial transactions, managing supply chain operations, authenticating digital assets,
and much more [67-71]. To date, blockchain technology has shown its strong potential in numerous e-business
usage scenarios, and we introduce some of them with related use cases as follows. These examples of the latest
uses of blockchain technology cover different usages such as payment processing, digital identity, product
authenticity, digital healthcare, and supply chain management. These uses provide considerable scale, among
several benefits. One use case showed an example of 1.6 billion transactions in 2021. One further use case,
and future research, is to investigate the role of blockchain in enabling new models of supply chain financing.
Blockchain is significantly transformative, helping to enhance effectiveness and efficiencies in operations. The
role of this technology is explored in many ventures, emphasizing impact and future economies in business.
The technological underpinning, in this context, as a permissioned distributed ledger, has commoditized
computing and transactional capabilities. All the use cases mentioned above illustrate that blockchain can
potentially be used to improve transparency, security assurance, and operational efficiency in a variety of e-
business areas. These blockchain use cases in e-business are introduced and discussed with relevant blockchain
technology features, as a foundation to understand how blockchain can be adopted to secure e-business data.
Blockchain in supply chain management is currently experiencing a significant uptick; for example, some
companies are piloting blockchain in the apparel supply chain, while others have built a blockchain-based
product provenance and recall solution and have a B2B solution for product authenticity in the pharmaceutical
industry, providing sensor-equipped blockchain-to-IoT communication devices. These platforms manage
tracking and tracing along the chain and in some cases use the blockchain-based product passport [72-78].
Smart contracts are computer protocols that can automatically validate contractual clauses and execute
obligations. Since smart contracts can operate with no intermediation and enable safe fair trading between
unacquainted e-business organizations, they can be effectively applied to automatic contractual processes in
various scenarios. At present, there are already existing smart contract platforms. Each smart contract is hosted
by a modified node in a mainstream decentralized distributed ledger system. Supply chain management
approaches based on the permissioned blockchain variant can assure the supply chain data and information
transparency and security, thereby motivating inter-enterprise cooperation. In other words, blockchain
technology can assign each participant in a supply chain, such as suppliers, manufacturers, logistics, retailers,
and consumers, their own private and public key pair. Only if it is coordinated and accepted by all the other
participants can one participant join the block. In that way, blockchain technology makes it feasible to keep

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unfalsified supply chain data records. Besides, blockchain technology also makes it infeasible for any other
participant to deny transactions or disagree on the state of the transaction [79-84].

Smart Contracts

The most prominent application of blockchain in the e-business field is smart contracts. A smart contract
is a self-executing contract with the terms of the agreement between buyer and seller directly written into lines
of code. The best way to describe them is to compare them to a vending machine. Normally, a buyer would
buy items directly from a seller, especially paper assets. Smart contracts protect investors, enhance security,
and reduce reliance on intermediaries. Smart contracts enable contracts and transactions to be enforced even
when the parties are strangers or in free domains [85-89]. The maturation of several technologies has enabled
smart contracts to flourish. First, the fixed rules prevent disputes, so smart contracts in nature have less
litigation value. Second, innovation in blockchain facilitates companies to be run digitally and securely without
auditors. Therefore, smart contracts have been widely adopted in the settlement of various financial contracts.
Finally, certain real estate transactions have evolved to a point where they do not value the possible conflicts
between landlords and sub-secure tenants. Smart contracts play a role in facilitating this group of transactions.
However, smart contracts are never a remedy for all economic and request requirements. In the absence of an
experienced expert in the original topic and in the information of a reputable losing company in terms of law,
there may not be the same confidence [90-94]. When you write a piece of computer code, you are easily
skeptical of unexpected errors. This is a problem because smart contracts are for the code. They control high
stakes and technically cost the owner nothing for non-compliance, with digitally encoded penalties in such
cases. Obligations to implement a study are minimal. Finally, the performance of smart contracts is uncertain.
There are few texts that only talk about a smart contract. The work mainly examines the legal implications of
blockchain. So far, blockchain-supported smart contracts have not been well researched. There is a lack of
information about the essential legal implications of blockchain technology. There are two groups present—
firstly, early blockchain and conceptual articles, and second, professional writings [95-100].

Supply Chain Management

The biggest impact and value creation through blockchain will be seen in the supply chain and logistics
industries. One of the most impactful applications of blockchain is the ability to enhance data transparency
and traceability, enabling real-time tracking of food products from farm to plate and from origin to destination
for other sorts of physical products. Such a real-time tracking system can effectively reduce fraudulent
activities in the supply chain process and improve inventory control, as well as the management of logistics
and transportation. Beyond the food sector, blockchain implementation can also be credited to retail and luxury
goods. Blockchain can also lower costs due to operational efficiencies that come from it. Specifically for the
supply chain, by using blockchain's smart contracts, one possible application could be the automation of supply
chain transactions, including processing orders and shipments [101-106]. Challenges of blockchain technology
consist of a protracted implementation process, high entry development costs, difficulties in system integration,
and inherent security weaknesses. However, several companies have implemented blockchain technology to
enhance the transparency, traceability, and resiliency of their supply chain logistics operations. Already, a
leading company in blockchain technology has launched its blockchain network for testing the global food
supply chain traceability. The main function of blockchain is to track the movement of food from farm to plate.
The aim of the case companies involved in the project is to ensure that a quality control system is being
adopted, validate the authenticity of the food that flows across the border, and provide consumers with
assurance of food safety [107-112].

4. Integration of Blockchain and Data Security in e-Business

The synergy of the features inherently present in blockchain technology with the needs of data security
defines its potential to integrate data security in existing e-business frameworks. The decentralization of the
computing model advocates for data security systems to provide a multi-layered protective barrier against both
outsider and insider threats. Verifiability, transparency, and immutability of the signed records embed great
potential for ensuring the provenance of the authentic data owner. The blockchain's capability to deliver

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tamper-resistant affiliate or registration services will always provide authentic and secure data interaction
infrastructure. One of the most striking advantages of introducing blockchain technology in the sphere of data
interchange systems is its ability to effectively challenge cyberattacks aiming to hijack the authorization and
authentication processes in business operations. The innovative algorithms are expected to foster secure and
authenticated interactions between business processes, software agents, Internet of Things objects, clients, and
business stakeholders. The integration of enhanced business data security based on the decentralized attributes
of blockchain is appealing, particularly because of the potential to introduce solutions that significantly reduce
system unavailability, communication issues, and illegal data access procedures [113-118]. On the other hand,
the process of integrating business procedures and data protection through the support of blockchain
technology is associated with issues that should be discussed and will also benefit from research and
development. Technically, blockchain technology, due to its current limitations in terms of storage and large
transaction time latency, would always advocate for collaboration with traditional security paradigms and
infrastructure. It would aid in developing more diverse systems composed of trusted and traditional security
components along with emerging blockchain-based security processes. It should be noted that an end-to-end
data security system, including external data interchange, may always be more secure. In some cases, the rise
of blockchain technology in e-business can lead to a stronger push by attackers to falsify or take down the
blockchain infrastructure through distributed denial of service attacks or similar actions causing unavailability
of data and log records. Therefore, completely relying only on blockchain technology for data security,
considering its resistance to powerful attacks, can lead to trust issues. This mindset of an organization’s
approach towards the integration of blockchain in data security can be a good directive for strategic planning
of future research and the development of the entire spatial e-business framework. These new features and
systems should always be developed or inspire more secure environments but not rely upon complex structures.
Research and development on the integration of blockchain and data security should focus on hybridization of
existing technical and blockchain processes to ensure that a breach of one system can be identified while the
blockchain system is used for ensuring provenance and security of the compromised system. Additionally,
research and development for IT services, such as the integration of technology, information, and security
compliance, always requires a global mindset and better collaboration, particularly between business, cyber,
and blockchain domain stakeholders [119-121].

Challenges and Opportunities

Without question, the integration of blockchain and data security involves significant obstacles for e-
business. Firstly, blockchain is an emerging technology and accounts for a high initial investment. Blockchain
projects are not merely an extension of existing businesses, but rather have the potential to initiate innovative
business ventures that will lead to the future of businesses. Secondly, blockchain technologies inherently
consist of cryptographic algorithms and have an underlying P2P system. If an organization lacks in-house
expertise in this emerging technology, it may entail hiring professional staff or training courses in the
adaptation of this technology. In addition, despite the benefits of blockchain, there are regulatory developments
that need to be taken into consideration, as there is uncertainty about how existing regulation applies to
blockchain. Accordingly, investment in blockchain technology is not expected to increase unless organizations
can assure and accept this level of risk [122-125]. Over time, blockchain regulation is expected to adapt to
facilitate the use of the technology while still protecting users from criminal activity. However, while
challenges exist, this analysis balances the opportunities that the integration of blockchain and data security
can bring to e-business. Increased data security is a primary benefit, mitigating potential risks from traditional
digital security-based approaches by using blockchain to package data, data transmission, etc. via blockchain
and encrypting custom data in the blockchain. In relation to data transmission, it is possible to create smart
materials, process or contract papers that are encrypted on a blockchain. It improves data management and is
cost-effective, given this process can be automated via technology. Finally, it is possible to limit control with
advanced permissions, which reduces administrative overhead and increases network efficiency [126-130].

5. Future Trends and Innovations

The blockchain industry is evolving at a rapid rate to enhance current capabilities and improve existing
features. In the present era, blockchain is a slow distributed database that suffers from scalability issues, but in

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the coming years, blockchain is expected to be scalable. Blockchain can be a more meaningful technology if
it enables developers to create new e-business models, decentralize digital identity and supply chain
management, provide consumer protection, protect against cyber-attacks, ensure secure voting, support a
decentralized internet, and facilitate identity for the internet provided by the government and IoT applications.
It also provides opportunities across advanced supply chains, IoT, and other verticals and industries. The future
generations of blockchains are expected to focus on innovation in blockchain operations, along with digital
contracts and multi-party computing. The future blockchain for supply chain management is expected to be
based on side-chain technology. It involves 5G and blockchain features founded on different criteria to improve
connection, interaction, and security [131-136]. Artificial Intelligence and Machine Learning are also expected
to strengthen the blockchain industry’s security capabilities. Recently, algorithms have been built with the aid
of AI and ML to detect vulnerabilities and threats in blockchain platforms. AI discovers malicious programs
that cause significant data breaches. AI-based deep learning models are also developed to detect network
anomalies, such as distributed denial-of-service attacks that aim to make a network or website unavailable to
users. These networks would be very unsafe without the aid of artificial intelligence, especially as the system
becomes more deeply involved. From various perspectives of blockchain, the wellbeing of blockchain is
determined by a minimum of 4.67. Furthermore, due to new and unanticipated applications, blockchain is
recognized as serious in various industries, as this scenario expands rapidly throughout the world and may
disrupt many business processes. Any decision-maker in an unexpected industry should continuously evaluate
the latest impacts and trends to be fully aware of blockchain technology's capabilities and stay competitive in
their current e-business environment. In comparison, regulatory authorities and governments must
continuously modify and review current regulatory frameworks as a complement to emerging issues. These
must be anticipated and acknowledged as the current cryptocurrency landscape evolves. The journey of
blockchain is unpredictable, but potential opportunities are immense [137-142].

6. Conclusion

The Fourth Industrial Revolution has accelerated the growth of e-business, which in turn has intensified
the ferocious competition and spate of value chain as an extension of data activities. This has also created
inherent vulnerabilities, visible and invisible, that may potentially be exploited by adversaries. A thorough
contemplation reveals blockchain as an apparatus that can take e-business enterprises a step closer to a state of
invincibility against possible attacks. The spike in Ransomware as a Service is indicative of a surmounting
volume of threats in cyberspace. E-businesses can’t hesitate in maintaining the status quo; the use of exploding
cryptocurrencies in these transactions indicates that this is something more than it should be. Coined as a
disruptive technology, blockchain and cryptocurrencies being heralded for the same can bring us to a
conclusion indicating that we need a paradigm shift to get rid of this whirlpool. The faster coordinated efforts
are made to use data security technologies that connect the data manager and data owner while providing
secure code and real-time process integrity to deal with evolving threat models, the more businesses shall be
able to counter quota-busting tactics thrown at them. There are, therefore, several implications associated with
e-business being secured with the use of blockchain. E-business operational efficacy improves because of data
security in hostage or trap situations. Business-customer trust is established and magnified due to the assistance
delivered in maintaining the confidentiality of transactions. A competitive edge is established owing to
operational prudence. The agony of e-businesses is quite clearly visible; they lack this cog in their security
framework. Also, the composition of this cog has become quite clear, and future e-business environments may
significantly witness blockchain firms operating equally with the cryptocurrency blooming companies because
of this cog. The best moves for organizations would be to think about a security culture now instead of dealing
with their accountants and reporting their losses in the account books later. It can come into the image now or
after all current security technologies have been defeated. This raises the impetus such that investment should
be prudent, and this investment, by the virtue of blockchain, can’t be questioned even in unquantifiable terms.

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