Presently, Blockchain is one of the safest data protection technologies. The quick advancements in digital technology have introduced new problems and threats around data security. Businesses need to secure their data by using and implementing proper authentication and cryptography key vaulting instruments.
What is Blockchain in Simple Words?
Blockchain technology allows the protection of data against any manipulation. Hence, it boosts the security of data. However, in other words, it ensures security by making the records saved in the Blockchain immutable and transparent. It, in turn, is attained through the redundant and dispersed storage of each document at various nodes across a vast network.
Blockchain is renowned for its extensive deployment in recording transactions of cryptocurrencies, like Bitcoins. People are also considering using Blockchain in different other operations, like smart contracts, trading of securities, international payments remittances, and supply chain management. You can also see notary blockchain emerging in the legal area.
For example, talking about smart contracts, they can execute themselves upon the conclusion of specific criteria. If you think of it as a ledger, you cannot simply move to the next level of the transaction until the completion of the previous one. Once an action does not meet, there is going to be no remuneration.
Blockchain is Decentralized
Blockchain is a digital ledger of transactions with each computer with a full copy of the data. Rather than depending on a central authority to safely transact with other users, Blockchain uses innovative consensus protocols throughout a network of nodes to authenticate transactions and record data in an incorruptible way.
Rather than uploading data to a specific cloud server or saving it in a single location, Blockchain breaks everything into tiny chunks. It distributes them throughout the whole network of computers. The digital transaction ledger does not have a central control point. Every single computer, or node, owns a complete copy of the catalog. Hence, one or two nodes, even going down, will not end up in any data loss. Hence, maybe, initially, Blockchain was more about securing a bitcoin network, but today, Blockchain plays a crucial role in guarding the data in multiple industries.
Encryption &Validation with Blockchain
Everything that happens on the Blockchain gets encrypted. Hence, you can prove that nobody has altered the data. Since it has a distributed nature, you can quickly evaluate file signatures across all the ledgers on every node in the network. Hence, you can verify that o changes are there. In case anyone changes a record, then the signature gets rendered invalid.
It potentially enables you to use the blockchain ledger to confirm that data you backed up and saved in the cloud with third-party vendors have gone entirely untouched even weeks, months, or even years later. Nobody can doubt that Blockchain offers dependable, independent data verification.
One Cannot Hack Blockchain Virtually
Hackers can easily break into conventional networks and get all the data and steal it. However, Blockchain makes this impossibly hard. The whole network encrypts, decentralizes, and cross-checks. Once a record or data documents is on the ledger, it’s nearly impossible to alter or eliminate without it getting noticed and invalidating the signature.
The point is multiple nodes on the network confirms each legitimate transaction. To hack Blockchain, one has to hack most of the nodes simultaneously. It is technically possible with sufficient super computing power and ample time. In other words, it is beyond the capability of cyber criminals in the present time.
Your business can also use a secure QR code, a blockchain-based QR code. Nobody can hack or tamper it. You can put a secure QR code to the data or document, and the QR code would have a unique hash value to its which is on the blockchain network. If any person uses a QR reader to read the blockchain-based QR code to access the data, the reader reads the hash value of the QR code and checks it with the hash value of the blockchain network to ensure that it matches. If it does not match, then nobody can access the data. And you must know that no two unique hash can be similar just like DNA.
The Bottom Line
Blockchain is not a temporary solution when talking about data protection. This concept is highly relevant and has a substantial potential to impact different industries irrespective of their nature and dynamics. The proper implementation of Blockchain can harness the bond between technology and the privacy of users’ data. Talk to us at Proofeasy if you need any guidance to get started with Blockchain.