The Future of Data Ownership — And How Forest Park Group Fits In

In today’s ever-more interconnected world, data security is an ever-more pressing issue. With so much information being stored and transferred in a digital format, companies and individuals alike are concerned about the privacy of their personal data — and understandably so. Hackers are more savvy, and increasingly anonymized, finding and exploiting the tiniest weaknesses in digital frameworks to uncover valuable sensitive information.

Luckily, new technologies offer methods for secure data storage. These new innovations provide companies with a reliable way to secure their customers’ data, protecting against costly, catastrophic, and reputation-damaging hacks. Forest Park Group utilizes these new cutting-edge tools, ensuring that our customers’ data, and their own clients’ data, is protected.

Read on to learn more about the strongest data security solutions and how we incorporate them into our software offerings.

Cloud-Based Computing and Data Storage:

By now, nearly everyone has heard of “the cloud”. This technology has become popular for a reason — it involves servers remotely hosting software, platforms, and databases. Not only does this mean the device accessing the cloud doesn’t need to use as much computing power or memory, but it also means data storage is more secure. When data is stored directly onto a computer or other device, it is vulnerable to hackers using malware and phishing. On the cloud, data is encrypted and stored in remote servers, which are usually stored in protected warehouses, with additional measures to prevent data corruption.

On-Premise Data Storage:

A similarly secure alternative to cloud-based data storage is on-premise data storage. This allows companies to house and maintain their own on-site private data centers. This gives companies more control over their data and its protection. While this is generally more expensive, and puts more responsibility into the hands of the company, it also allows for custom security solutions.

Both on-premise and cloud-based solutions can be incredibly secure. Thus, LoanOS also allows for clients to store their data in their existing on-premise data storage systems, or their cloud, ensuring that they are able to make the best security decisions for their own company.

Blockchain:

In its early years, blockchain technology was often written off as overly complicated and only useful for cryptocurrencies. In reality, blockchain is both much more simple and much more useful than this. That’s why blockchain has become an increasingly popular industry, particularly in the financial sector.

Put simply, blockchain technology is a method for securely storing, sending, and receiving various types of data. Blockchain distributes data across different nodes, or computing systems — there is no central computer dictating the process, hence why blockchain is called “decentralized”. When all nodes are in agreement about a given piece of information (such as a transaction), it is encrypted and stored in an irreversible and inalterable chain of data called a block. The result is the gold standard for data security.

LoanOS uses the incredibly secure and well-tested UTXO blockchain. Forest Park’s other software solutions similarly link with this blockchain, not only providing increased security over traditional data storage measures, but also reducing costs and data transaction speeds.

Distributed Ledger Technology:

Blockchain fits into the larger category of distributed ledger technology (DLT). DLT refers to a decentralized database that is managed by various parties, again without a central decision-maker. Blockchain is the most simple and popular version of DLT; other types include directed acyclic graphs (DAGs) and hashgraphs. These have varying benefits, but all serve to optimize data storage security in a similar manner to blockchain — by encrypting and distributing data.

Data Streaming:

Data can either be received from an external source by downloading the content over a browser or by data streaming. Data streaming delivers content to devices without the use of a download, and it allows immediate access. This is more secure, as it is not exposed in the downloading process and thus cannot be tampered with or intercepted.

Forest Park’s products use data streaming, with the dual benefits of improved speed and less data exposure.

Enterprise Data Ownership:

Enterprise data ownership gives a customer exclusive rights and access to their own data, even when it is hosted on another company’s software.

Forest Park Group believes that our clients’ data is theirs and theirs alone. That’s why LoanOS and our other products support complete enterprise data ownership. Forest Park Group does not have access to our client’s sensitive data, or that of their own customers.

For more information about Forest Park and LoanOS, please refer to our website at forestparkgroup.com or reach out to us via email at opportunities@forestparkgroup.com.

I am the VP of Application Development at Forest Park Group, a FinTech company and the creator of LoanOS, a blockchain-based syndicated loan settlement platform

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