It is easy to lose sight of the potential benefits and tell the weakness of any new technology when the hype reaches fevers pitch in the way that it has with blockchain. According to transparent market research the global blockchain market is projected to be worth upto $20 billion by the end of 2024.The Gartner suggests that the value of blockchain business will increase upto $176 billion by 2025.
Heralded as a major disruptor for countless industries, there’s no doubt that blockchain offers some important potential advantages for the business world. In the realm of data security, it could prove transformative, but it’s not a panacea. If you’re considering adopting it, then take some time to understand it and how it can help your business first. You need a clear strategy and solid reasons to adopt a new technology, no matter how much buzz it’s generating. Let’s take a closer look at four ways blockchain could have a positive impact on data security.
Instead of uploading data to a cloud server or storing it in a single location, Blockchain divides data into small chunks and distributes them across the entire network of computers. It is a digital ledger of transactions that lacks a central control point. Every computer or nodes includes entire copy of the ledger so that one or two nodes going down will not result in any data loss. With the help of this, the role of middle man is completely removed. There is no requirement to meet a third party agent to access the transaction. You don’t require to put believe in a vendor or a service provider when you actually can rely on a decentralized, immutable ledger.
It is possible to prove that data has not been altered just because of everything that occurs on blockchain is encrypted. Due to this encrypted nature, every member can see file signatures across all the ledgers on all the nodes in the network. They can verify that they haven’t been changed. If there are any changes are made by someone in the records then the signature is rendered invalid.
With the help of this potential, you can use blockchain ledger to verify that data which you backed up and store in the cloud with third party vendors has gone entirely unchanged even in weeks, months or years later. Nobody can neglect that blockchain offers reliable independent data verification.
Well, there are extra-ordinary hackers who can hack anything easily. But, blockchain hacking is almost impossible for any hacker. Here, we are telling you why? The data is decentralized, encrypted, and cross-checked by the whole network. It is become completely impossible or removes after a record has upload on the ledger without it being noticed and invalidating the signature. There are multiple nodes which confirm every legitimate transaction. If anybody wants to hack blockchain then they have to hack almost all the nodes simultaneously which can be possible through the techniques with enough supercomputing power and time but if we talk for the present, it is quite impossible for cybercrime today.
Well, public blockchains have fetched headlines very early and plaudits for enabling anonymity; you can develop your own private blockchain also that restrict access to a particular user. You still able to get all the benefits of decentralized peer-to-peer network, but if anyone wants to access a private blockchain, they have to show their identity to get access honor and it can also be restricted to particular transactions.
Well, this is all very interesting but it is very important to remember the potential problems and what are the limitations of blockchain. The network’s size is vital because if your data is not well distributed then there are more chances of attack. You are required to consider the bandwidth of the network requirement and the potentially big size of your network communication ahead just because of the working style.
Well, it is still a new technology. So, we cannot ask clearly yet. But, blockchain is the one who has the potential to secure the data of the world. The potential use cases for security are definitely worth looking into, even if blockchain isn’t always the answer.
There is nothing that can be impossible to hack, but blockchain is that technology that has come closest to Holy Grail status so far.
I am a freelance blockchain writer. Having 4 years of experience in blockchain industry, I have written many articles and blogs on cryptocurrency. My goal is to work with dedication, deliver accurate and transparent information that helps to companies and users to grow.