Blockchain: The next generation in data security

Blockchain technology is a critical component of cryptocurrencies like Bitcoin. Blockchain technology is a digitalized, decentralized public ledger that records all cryptocurrency transactions. Its foundational element, or block, records some, or all, of the most recent transactions. A block is placed in the blockchain as a permanent data base. It is then packaged securely and saved with a cryptographically secure reference to a previous block. This makes it part of a chain that can’t be edited, deleted, or moved.
Blockchain technology is more than just for digital currencies. We will also see many other uses of blockchain technology in the near future.
Blockchain is a trustworthy system. It offers a new way to establish and record a trustworthy interaction. Many technology startups are focused on restoring trust in human systems and replacing analog systems.
Secure: While cloud computing and the Internet of Things (IoT), have inadvertently created massive security threats, cybersecurity experts are only focusing on creating new software that can just address a threat vector without decreasing its number. The next generation of cybersecurity solutions will not only improve the functionality of basic systems but also reduce the number of threat vectors. Blockchain is one example of a design pattern that must be impenetrable. It is considered one of the best ways for transactions to be secure.
Innovative: While the data stored in a cryptocurrency blockchain must not be made public, most of the world’s data that needs protection is stored in files, such as documents, images, and videos. Security-focused blockchains must be able store any data. This can be achieved by decentralizing data by breaking it up and storing it in multiple blocks on the blockchain. Security-focused blockchains can greatly improve performance by being private and permissioned. All nodes are centrally managed and trusted.
Leading transformation: Blockchain is the foundation of the security that will drive business transformation. Blockchain can be used to record all data activity, creating an impregnable record that shows who and how it was used. This will provide visibility into data access for all and act as a deterrent to criminals.
Exciting opportunity: With some adaptations, blockchain’s security characteristics have tremendous potential to rebuild lost trust, thus offering exciting opportunities for technologists.
Author – Jaya KalwaniIndependent Consultant