Today, blockchain has become one of the securest data protection technologies. It is a digital, decentralized ledger. It maintains a record of all transactions that take place throughout a peer-to-peer network. It allows the secure transfer of assets without any intermediary.
Blockchain is a clear technological breakthroughs of the century. It enables businesses to stay competitive without depending on any third party. Businesses need to protect their data by implementing robust authentication and cryptography mechanisms. In this post, find out how Blockchain is transforming data protection.
Immutability & transparency
Blockchain may still be in its initial stages of development, but its benefits are already clear. It ensure complete data protection as every record is separately encrypted and immutable. Once the data gets validated, blocks become unchangeable and irreversible. All data stored on any blockchain is completely transparent. Credit goes to its shared ledger concept in a distributed network.
The use of smart contracts also makes blockchain programmable and dependable. Yes, using smart contracts together with blockchains ensures an extra layer of security. They allow them to verify updates only when specific conditions are met. Once anyone alters data, all the nodes in the network of the distributed ledger verify that modification so that no one can commit any fraud.
Encryption & Validation
Blockchain framework ensures that the data is secured. It means that data alteration is nearly an impossible task. You can save the cryptographic signature of a document or file in a blockchain secure QR code.
Since it has a decentralized existence, you can still cross-check document or e-certificate signatures across all ledgers on all the blockchain nodes to check that they are not changed. Whether you secure document, certificate or file with QR code, you can guarantee that it is the same document version that existed at another time. If anybody alters the data, the signature is going to get invalid. Hence, blockchain ensures accurate, independent data authentication that is inimitable.
Hacking is Challenging
Blockchain is a chain of digital blocks that includes transaction records. Blockchains don’t have any single point of failure and a single device cannot modify them. It is because they are not saved in a central location. Blockchains are decentralized and distributed ledgers that constantly get updated and kept in sync via peer-to-peer networks. Each block links to the blocks that come before and after it. The hackers can break into traditional networks and find all data in a single repository to corrupt it. But blockchain makes this impossible.
Trust in Data
Blockchain provides members of the exclusive network with right data in a timely manner. Your confidential records are shared only among the ones who have been granted permission by you or another trusted party. It is to keep the data protected from prying eyes. Whether documents or Digital Certificate, blockchain make everything tamperproof. As an example, if you are an education institution you can issue E-Certificate with blockchain QR code on them. Hence, you ensure data protection and experience trust of students and employers in your institution
The Bottom Line
Blockchain technology is the most protected form of data storage. It is decentralized, encrypted, and cross-checked to promise that your data can never get hacked or tampered with! Hence, find out how your organization can use blockchain for data protection with ProofEasy.