Why Blockchain Technology is Creating a New Era of Data Trust
Data breach and security malfunctions are increasing at an alarming rate today, with the global cost of cybercrime expected to value at $2 trillion by 2019. Hackers are developing better tools with greater sophistication, enabling them to hack into Internet troves we once thought were secure. We need better protection and training to stay sharp amid the chaos, and that’s where blockchain technology comes into the picture.
Through decentralization and encryption, blockchain technology essentially takes what used to be one centralized information point, and spreads it out over a massive user-network. It’s poised to create a newfound trust and reliance when it comes to our important data today.
How will that happen? Here are a few ways in which blockchain is changing data security as we know it:
1. Decentralization: Previously, everything data related was centralized. There was one data center that carried all of the sensitive data for an organization or business, leaving it susceptible to breaches and attacks from just one hacker. Now with blockchain, information is broken into small chunks and is distributed across an entire network, with a ledger of transactions that lacks a central control point. With no more middleman, there’s no third party with their hands in the information. You don’t have to place your trust anywhere but in the performance of blockchain.
2. Encryption: Everything that happens through blockchain is encrypted, providing a public ledger that proves if something has been altered. Since it is distributed by nature, you can check file signatures across all ledgers on all the nodes in the network. If someone does decide to change a record, then their signature is published as invalid. You can back your sensitive information up to blockchain and monitor if anyone tries to tamper with it — whenever you want.
3. Hack-Proof: Since sensitive information is strewn about dozens of points in a spread out network, using encryption technology, it is virtually impossible for a hacker to crack into the trove of information. Every legitimate transaction is confirmed by multiple nodes on the network. To successfully hack the blockchain, the hacker would need to penetrate every node at once, which is impossible given today’s resources and technology.
A New Era of Data Trust
We live in an era of distrust, with USA Today reporting that more than one-third of Americans distrust each other. Fueled by faulty business claims, a dishonest media, and companies failing to deliver donated funds, individuals feel like they are susceptible to attack at all hours of the day. Blockchain presents a solution we haven’t been able to leverage until now.
Believing in the technology security of blockchain, we’ve created a volunteering and donations social network, the Good Citizen Network, that uses decentralization and encryption to ensure organizations are properly using donations and volunteered time. In exchange, users are recognized for their good deeds, and together, the platform will build a better world — one node at a time.
Keywords
Blockchain trust
Blockchain security
Blockchain data security
References
https://www.wired.com/story/how-the-blockchain-is-redefining-trust/
https://www.technologyreview.com/s/610781/in-blockchain-we-trust/
