According to the reports by Transparency Market Research, the global blockchain technology market is projected to be worth $20 billion by the end of 2024. As a technology, blockchain has taken the world by storm. People don’t trust one another with their personal data, so they need to share their data in a secured and tamperproof platform. And blockchain helps in creating that platform. But the probable benefits and weaknesses can easily be overlooked due to the hype of blockchain in the world. Looked upon as one of the most disruptive technologies across industries, Blockchain most certainly has the potential to reduce costs, increase transparency, enhance security and increase efficiency among others.
Enhancement of data security that it provides is the primary benefit of using blockchain as a technology. Data is by far one of the most important assets in the world. Some of the world’s leading conglomerates like Alphabet, Amazon, Facebook, Apple, Microsoft, etc. are data-centric companies. Securing data has become the most critical priority for businesses around the world. This is where Blockchain can be used as a strong alternative to Cloud and Server based companies.
Let’s look at how blockchain’s impact when it comes to data security:
Encryption and Validation
Blockchain platform ensures that your data is encrypted, which means that modification in data is a difficult task. You can also save a cryptographic signature of a document or file on a Blockchain. This would give users a way to ensure a file is un-tampered, without needing to save the entire file on the Blockchain. Because of its decentralized nature, you can always cross check file signatures across all the ledgers on all the nodes in the network and verify that they haven’t been changed. When you look at a file, you can guarantee that it is the same version of the document that existed at another time. If someone does change a record, then the signature is rendered invalid. Blockchain offers reliable, independent data verification which is undeniable.
Continue reading: https://www.entrepreneur.com/article/318477
Enhancement of data security that it provides is the primary benefit of using blockchain as a technology. Data is by far one of the most important assets in the world. Some of the world’s leading conglomerates like Alphabet, Amazon, Facebook, Apple, Microsoft, etc. are data-centric companies. Securing data has become the most critical priority for businesses around the world. This is where Blockchain can be used as a strong alternative to Cloud and Server based companies.
Let’s look at how blockchain’s impact when it comes to data security:
Encryption and Validation
Blockchain platform ensures that your data is encrypted, which means that modification in data is a difficult task. You can also save a cryptographic signature of a document or file on a Blockchain. This would give users a way to ensure a file is un-tampered, without needing to save the entire file on the Blockchain. Because of its decentralized nature, you can always cross check file signatures across all the ledgers on all the nodes in the network and verify that they haven’t been changed. When you look at a file, you can guarantee that it is the same version of the document that existed at another time. If someone does change a record, then the signature is rendered invalid. Blockchain offers reliable, independent data verification which is undeniable.
Continue reading: https://www.entrepreneur.com/article/318477
