Many key industries are exploring Blockchain-based data security to secure their businesses, assets, and data. With the rising risk of cyber attack, several industries are making a bee-line in securing this new technology. No matter the amount of buzz it is generating, if you are considering to adopt this technology, then you may take some time to understand how will it actually help your business.
No doubt that Blockchain offers some very important potential advantages for a business and in the realm of data security, it could prove transformative. To understand as to why the key industries have already implemented this technology, let’s take a closer view at ways in which it could have a positive impact on data security:
It is Decentralized – Blockchain breaks down the data into small chunks and distributes them across the entire network of connected computers. Since every computer has the copy of this transaction there won’t be any loss in case of a system crash. It also eliminates the need for a 3rd party vendor to process the transaction and hence assures the safety of the data.
Data is Encrypted and Validated – It offers reliable and independent data verification. Since all that happens on a Blockchain network is encrypted, there is a guarantee that the data cannot be altered. One can authenticate the data across all the ledgers on the computers in the network to verify and validate its originality.
It Can Be Private Or Public – While public Blockchains have been around for long, one can also create private blockchains that restrict access to certain users. So anyone accessing a private network must authenticate their identity to gain entry. Also, the actions for such type of users can be restricted accordingly.
No Chance Of Being Hacked – It is impossible to infiltrate this system/network which has multiple nodes of data storage. Since hackers can only break into traditional networks and find all data in a single place to corrupt it. In Blockchain, once the data is stored, it cannot be altered or changed in any way as every legitimate transaction is confirmed by multiple nodes on the network.
This disruptive technology is estimated to be worth $20 billion by 2024 and since it has the potential to bring down costs effectively, Gartner suggests that the Blockchain’s business value-add will increase to $176 billion by 2025. Industries like IoT, finance and health already using Blockchain to protect their data but as research and development continue we can expect many more sectors like education, communications, etc deploying it for their advantage and safety.