What Are Blockchain Solutions And How Can They Change The Data Security Basics?
An emerging technology that has gone from underrated to a mainstream topic, underpinning Bitcoin, in just a few years. When technology reaches that kind of pitch fever, it generally loses its charm in its strengths and weaknesses. However, so much hype regard Blockchain solutions are exaggeration whatsoever.
What Is Blockchain?
The blockchain solution is a new architecture that secures and traces data in a distributed and verified computer network. Transparency is an essential part of blockchain strategies. This transparency is achieved through a decentralized database, allowing users to trace the data back to the beginning so they can verify the link.
Ways In Which Blockchain Changed The Game Regarding Data Security
Blockchain offered us a new and improved way of protecting data valuable to enterprises and consumers. Here is how it did that:
Encryption And Verification
Once the consumer data goes into the system, which has blockchain integrated, it is validated by the network stakeholders' servers. The data cannot be changed unless authorized by the stakeholders. The data is kept on various nodes (servers) of stakeholders to avoid any potential hack. The data then goes through the highest level of encryption to secure it from a breach further.
No More Centralized Database
In the traditional centralized database, if the main server had issues, the whole network would come crawling down. Blockchain development was created to remove this issue. In the blockchain, the data is not kept on a single server; rather, copies of a database are present on every node of the network. Its decentralized nature also makes it redundant to have any third-party data verification and storage. As more data is added to the database, the more complicated it gets for the hackers.
Various Types of Blockchain
The public blockchain network has caught the eyes of the public. They can use it anonymously with ease of participation in the secure network. Blockchain solutions company offers private blockchains that require permission to be accessed and are designed according to the needs of stakeholders.
While the encryption itself is secure enough, the data blocks in which specific data is stored are also tamper-proof. Assume hackers can get into one node, despite the data being there encrypted, and the rest of the network still remains secure. Blockchain solutions carefully trace and time-stamp any change. Changing or tampering any data will require all the remaining blocks of the data to be modified simultaneously.
A lot of blockchain research has been going on to increase protection against hackers and giving users more control over their information. Any user can control the information exchange within a network, making them a stakeholder.
The benefits of blockchain could be utilized in management, production, and government offices as well. Blockchain solutions offer higher data security at a lower cost. A win-win for both enterprises and individual users in terms of greater data security.