It is rightly said that technology has its pros and cons, when technology has so many pros one just can not overdo its cons as well. Technology is continuously facing concerns related to data privacy and security, as the number of identity theft, hacking and other such cases are increasing on a daily basis. Blockchain technology is a perfect solution to data privacy and security issues, as this technology completely redefines the digital infrastructure that shifts the security issues. When so many other data security systems are available in the market, it is blockchain technology that is the most trusted option to secure data but for this, the organizations must have cryptographic key vaulting and robust authentication procedures.
Blockchain technology increases the security of data, as it prevents data from getting corrupted. Distributed ledger technology is one of a kind, as it stores data permanently and this prevents fakeness or modification of a transaction that has been recorded. There is no doubt about it that blockchain technology and data privacy go hand in hand and businesses are making use of this technology to resolve their security and data privacy issues.
Why Blockchain for data privacy and security?
Some of the factors/elements that together make Blockchain technology supportive of data privacy and security are:
Distribution in architecture- This technology makes use of a distributed architecture which makes it perfect for businesses, as there is no chance of failure. The risk is segregated across various nodes in a broad network which makes it difficult for hackers to access the data.
Encryption usage- The technology makes use of two kinds of encryption with subsets and branches for each. There are hash functions and asymmetric key algorithms at every node so that nonauthorized users cannot access the data that is stored.
Use of blocks and hash- This technology stores data in blocks that carry a header and a body and are time-stamped by the creators. The blocks have data and are connected via chain in such a way that the block has a cryptographic hash of the prior block. This helps in protecting the data which makes this technology suitable for businesses.
Agreement-Validation- If modification is done in a block the authorized members decide whether the change should be maintained or not. This assures that any change in the block will be highlighted to the authorized members and this becomes difficult for the hackers to crack.
Private key-public address- The best thing is that every node has a private key and public address that helps to maintain privacy and security. Details stored in the private key are not visible or known when a transaction occurs and only the public address is shared.
How is Blockchain an ideal technology for data privacy and security?
By now we know that exploiting blockchain is not an easy task for hackers, as this technology is a network of digital blocks that can hold transaction data safely. Blockchain updation does not happen with a single device, as updation and synchronization of the decentralized and distributed ledgers take place via P2P networking. It is a blockchain that makes it impossible for hackers to access data while keeping it absolutely safe. Also, this technique is the best to convert data of a shared community, as no one can access or alter the confidential data. It is perfect for accessing data that has been put across a large number of individuals. This makes Blockchain an ideal option for government sectors as well as to secure public information.
Although there are so many technologies available nowadays Blockchain happens to be a perfect choice among businesses/organizations to secure data while maintaining privacy. Some of the uses/reasons why blockchains fit for data privacy and security among different startups/enterprises are-
IoT security- Blockchain and IoT together can help in data privacy, as it forms a real-time tracking system of sensor data and the connected devices to look for copied content from data sources that are harmful. Also, consensus algorithms are implanted for identity verification. The information that is transferred among the devices in the network is encrypted and the admin/authority is also decentralized.
Origin of the software- Software must be updated from time to time from a genuine source. Wrong sources can lead to problems and blockchain technology makes use of a hash method that helps businesses to verify updates, downloads and other things with software professionals. This technology also supports storing and tracking the software updates that help to identify the individuals who can harm the business.
Securing messages- Messaging platforms usually have weak algorithms and this is an advantage for hackers, as they can access the messages to find confidential data. Nowadays communication can take place via calling, videos, conferences, messaging, file transfers and much more that are end-to-end encrypted. This technology is witnessing the role of successful blockchain and data privacy.
Fixed data storage-Organizations usually face data theft and this is a matter of concern. Organizations usually save records on a centralized platform which can easily be hacked. As we know that blockchain technology focuses on data storage in a decentralized way with a transparent system this allows only the person having access to data to use/view it which keeps it absolutely secured and safe.
Safety of DNS and DDoS- DNS and DDoS attacks are very common, as attackers can easily hack and access the connecting links between the website and IP address. Blockchain technology puts away such attacks by simply decentralizing the DNS entries while putting away the risky points that are hacked by the attackers.
Validating the ownership- Blockchain technology is absolutely successful in creating a fixed authentic record while performing KYC. Cryptographic keys are used to overcome the copying theft of documents. When the digital space is so occupied it becomes difficult to look for genuine people but blockchain technology is helping with this. This technology is supporting data minimization, data protection, and multiple signature access control while identifying and eliminating theft cases.
At W3villa Technologies, our blockchain development services empower your business to become more secure and reliable than ever before. Our team of experienced developers will take the time to carefully assess your organization's needs and existing vulnerabilities. We can then craft a tailor-made solution for your business that will drastically reduce downtime and ensure scalability. Our goal is to provide our clients with the right tools to utilize the potential of blockchain technology to improve the security of their businesses. With our technical expertise, we can help you identify the best ways to employ blockchain in order to maximize your organization’s security.