Implementing ledger based Blockchain models in data security

Data security is a big issue today. Though technology has made our lives easier, at the same time has also raised serious issues of data breaches and hacks. From ordering a pizza to doing a bank transaction, we are sharing our personal and sensitive data online on a daily basis. The companies make tall claims about tight security and maintaining the privacy of our personal information but I think you are well aware of how things are going in ground reality. The current “Facebook” fiasco is a live example of how vulnerable we are to the threat of data breaches.

Not to mention, data is one of the most valuable assets in the technological environment we are living in. And if something is valuable, it’s obvious it will be under threat. The cyber crimes are at an all-time high and we are not as protected as it appears to us. If current security measures are not good enough what alternative we have in our hands? How can we mitigate the risk of online data theft? The answer is “Blockchain”, a ledger based new solution on the board.
The Blockchain is basically a decentralized system that makes use of Distributed Ledger Technology. Unlike a centralized system where all information is stored in a few large databases, the distributed nature of Blockchain provides no hackable entrance to cyber thieves. The data of each and every valid transaction is stored in a specific block that keeps on growing with new incoming data. To put it in other words, the digital information can only be distributed not copied. With a projected market worth $20 billion by the end of 2024, the Blockchain is the technology to look out for. Let’s see in a bit detail how Blockchain is helping control the global crisis of data security. Here we go:
  • Decentralization of information — What makes Blockchain so secure is its decentralized nature. It breaks digital data into small fragments and distributes them across a wide network of computers. The lack of a central control point makes it extremely difficult for hackers to steal data. In addition, Blockchain also prevents loss of vital information as each and every computer in the concerned network has a copy of the ledger. So, even if a few computers break down, the system will function normally.
  • Encryption and validation — The Blockchain prevents alteration of data by encrypting virtually everything that you will try to run using this technology. If someone tries changing any data on the ledger, the access will be immediately denied with signature rendered invalid.
  • Strong authentication features — The Blockchain technology eliminates the need for passwords to authenticate users and devices. The passwords are easy to steal and crack that put organization at risk. What Blockchain do is provide a unique SSL certificate to each device instead of a password, making it virtually impossible for hackers to steal data using fake certificates.
  • Traceable history log — When a transaction is added to the Blockchain, it is automatically digitally signed and stored in a decentralized system. All information, from the user to the time of the transaction, everything is cryptographically stored. The organizations can monitor the history log to doubly ensure that the data is secure from theft and tampering.
Given these points, we can say that Blockchain technology has revolutionized the field of data security. Though in its infancy, the technology holds immense potential to curb the menace of cybercrime. So, if you also wish to give your personal or business related online data an added layer of security, we at Signity Solutions are always at your service. Our dedicated team has loads of experience in the field of Blockchain development. Feel free to reach us and we will revert back at the earliest.
Location: Los Angeles, CA, USA

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