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How Blockchain Can Help Businesses Share Data in a Responsible Way

Although cybersecurity is more advanced than ever before, the world continues to see major data breaches coming to light. On a daily basis there are new reports of computer hacks and cyber threats that compromise confidential information of millions of users around the world.

Many times, the compromised information includes things such as health records, payment documents, personal identity data, as well as other vital information that leaves customers vulnerable to identity theft and fraud.

Decentralised Data Storage System

Needless to say, the best way to avoid this sort of breach of information is to avoid storing any meaningful data at all. However, until now, this has been practically impossible to do since businesses need this type of data in order to service their customers more effectively.

Every time customer data is communicated offline or online, a business is likely to have handed over some customer information to a trusted third party (TTP) for storage and distribution. As customers, you can only hope that they will keep your data safe and secure. Except with blockchain technology you don’t need to wish for it anymore.

By making use of blockchain’s decentralised data storage features, businesses now have a new and safer way to store data online. Not only is this safer than traditional forms of centralised storage, but it also puts the business back in control of the privacy of this information.

Coalculus is tackling data security issues head on with its decentralised data storage system, a feature that is reserved for enterprise chains. In addition to keeping a record of Coalculus transactions, the blockchain can also be used to store user-defined data. All forms of data can be uploaded to the Coalculus blockchain, providing a secure (and, if desired, permanent) method of storing, retrieving and publishing information. Our Messaging system makes use of this ability to embed data in the blockchain, and the Data Cloud can be seen as an extension of the Messaging system.

Data Encryption and Secure Data Transfer

Blockchain technology relies on private keys that are controlled solely by the user. Users can store their personal information online without needing usernames and passwords.

Furthermore, people have always seen blockchain technology as an excellent way to store confidential information. Due to its encryption keys, zero-knowledge data storage, and decentralised ledger, storing data on the blockchain has become the most secure method for storing data online.

Coalculus is taking data security to the next level by securing information using asymmetric encryption and encrypted messages. This means businesses can verify and secure data for internal and external use while ensuring that only the intended recipient will be able to receive the encrypted data and access the stored data.

Food for thought

At the end of the day, blockchain technology have the potential to offer businesses a viable solution to managing data responsibly without having to hand over all if not any of their customer details. Furthermore, storing information on a blockchain makes it practically impossible for criminals to access all that data.

Coalculus is looking to maximise the value of sharing data on the blockchain by allowing businesses to cut out the costly TTPs whilst ensuring the integrity of the data is never compromised.

What are your thoughts on this topic? Leave your comments below and let’s discuss.

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Team Coalculus

Coalculus platform empowers financial institutions to create distributed enterprise services using a compliant and stable hybrid blockchain protocol.