In today’s world, data is one of the most important assets in the world with some of the world’s leading conglomerates like Alphabet, Amazon, Facebook, Apple, Microsoft, etc. being data-centric companies. It is disheartening to see that since January 1st, 2016, more than 4,000 cyber attacks have been launched every single day. This gives rise to the need to invest in latest and high-quality security and maintenance to protect data from malware or spy.
This is where blockchain comes into play. Financial institutes across the globe are investing billions of dollars in blockchain with a hope to transform the data security industry. Blockchain along with smart contracts has a potential to catapult the data securitization industry into a new digital age!
Blockchain in Data Security Industry
In the realm of the data security industry, Blockchain can be heralded as a major disruptor. The technology holds the potential to streamline processes, lower costs, increase transaction speed, enhance transparency, and fortify security.
Blockchain for Encryption and Validation
Blockchain uses cryptography to secure and encrypt the data to ensure a file is un-tampered, without needing to save the entire file on the Blockchain. The decentralized nature of Blockchain offers reliable and independent data verification.
Blockchain-based data platform gives the user access to check file signatures across all the ledgers on all the nodes in the network and verify that they haven’t been changed. Blockchain effectively cuts out the middle man and central control point by distributing data across the network of computers.
Biometric Private Keys / Digital Identities to Replace Passwords
Several reports have been published with news of hackers hacking users’ accounts to steal critical data and to demand ransom in return of access to crucial files. Facebook has stated that users’ accounts are hacked 600,000 times per day. Blockchain can be a savior, as it doesn’t require passwords because it relies on either biometric data, private keys or multi-step authentication for user authentication.
Blockchain-enabled hacker-proof platform
The surge in the use of smart devices and autonomous technologies has opened up the public to unprecedented levels of hacking and data compromise. Unlike traditional networks, the blockchain makes this unfeasibly hard for hackers to exfiltrate or corrupt the data. We can rely on Blockchain to recognize invalid or potentially corrupt commands and inputs and terminate it before it infects the system.
Computer Hardware Provenance to Prevent Foreign Intrusion
Intellectual property is one of the most valuable resources for a country. This can be prevented by ensuring that computer firmware is not structurally vulnerable to remote intrusion, especially by foreign actors. Blockchain holds the ability to provide immutable records of a computer’s history of manufacture and transport. This can act as an aid in investigations in case a hack occurs, by providing all the insights about who produced the firmware and where they produced it.
Blockchain can provide an ideal platform for institutes dealing with data security issues. The data security industry will flourish with Blockchain as data filtered through a decentralized network is more trustworthy, as the multi-node security lends greater verification and tamper prevention. Blockchain can aid businesses and governments by catalyzing data quality and reducing time complexity for compiling and verifying data.