How Blockchain Can Protect Data
How do you prevent a data breach? Simple — don’t store data. When a company stores all of its users’ data in a centralized environment — they’re asking for trouble. Centralization has long been the status quo for data storage and IT infrastructure. Companies have to start taking a more proactive approach to the safeguarding of its users’ data. As malicious actors become more adept, and laws and fines become tougher, it only makes sense for companies to make data protection a top priority.
Of course, the best way to avoid any sort of breach is to not store any data. How does one accomplish this in a world of compliance and regulation? Merchants are obliged to store sensitive customer information to facilitate transactions and provide services. Banks store information to protect the funds and assets of their clients. The reason why data centralization is so flawed, yet widely used, is because there was no other alternative.
Blockchain flips this ideology on its head. The technology itself allows the storage of information in a fashion that removes central points of failure. The requirements of multiple authorities to sign off on data access further encrypts access to valuable information. Through the use of private keys and multiple signatures the security encryption on personal data is hidden and virtually impenetrable based on today’s current computing standards. Through the utilization of Blockchain technology, companies can effectively guarantee that they have access to all the required information without worrying about compromising events and embarrassing public spectacles.
Elysian is far ahead of the curve when it comes to data security. Recognizing that privileged information is a commodity and that trust is hard to recoup once lost, Elysian will be providing extra consideration to their clients’ data security. By incorporating a variety of tactics and strategies, and leveraging the full power of blockchain technology, Elysian will ensure that all clients on their platform can feel confident and secure knowing that any merchant who uses the platform is interested in adopting leading edge data protection and security technology.