How Blockchain Can be Used to Store and Secure Confidential Data
Although cybersecurity is better than it’s ever been before, the world continues to see major data breaches over and over again. Nearly every day, 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 credit card numbers, payment information, personal passwords, as well as other vital information that leaves customers vulnerable to identity theft and fraud.
Decentralized and Distributed Data Storage
Of course, 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 companies need this type of data in order to provide their customers with products or services.
Every time you complete a financial transaction either offline or online, you likely handed over some personal information to the merchant. The merchant then stores this information you’re dealing with, and you 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 decentralized data storage features, consumers now have a new and safer way to complete transactions online. Not only is this safer than traditional forms of payment, but it also puts internet users back in control of their personal information.
iTrue is tackling data security issues head on with its state-of-the-art Stone Storage solution, a distributed database that enables users to store information on its platform without the need for a centralized server as it’s based off of blockchain distributed ledger principles.
Data Encryption and Secure Storage Solutions
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 decentralized ledger, storing data on the blockchain has become the most secure method for storing data online.
iTrue is taking data security to the next level by securing information using biometric technology. This means users must successfully verify their identity by scanning their face, eye iris, or other facial feature in order to access their stored data.
Keep Information Private or Share with Businesses?
Currently, whenever we complete transactions online, we’re essentially handing over our valuable information to companies whom we trust will keep our data safe and secure. The problem is there will always be criminals and hackers who are looking to steal this information.
In the end, blockchain technology allows people to make transactions anonymously without handing over all of their details. Furthermore, storing information on a blockchain makes it practically impossible for criminals to access your data.
People can use the technology for applications such as verifying that a person is of legal age, without showing their exact age, or as proof of a person’s good transaction records, without revealing the exact details of those transactions — just two examples of how we can use it. When it comes to blockchain technology, the possibilities are almost endless.
Finally, when we store our information on a blockchain, it gives us the ability to decide whether or not we want to share our data. Our online purchases are much more secure, and although we’ll still be handing over some of our personal information during these transactions, the blockchain allows us to have more control over who can access it.
iTrue is looking to maximize the value of sharing data on the blockchain by allowing users to gain rewards (monetary or otherwise) by sharing their private data with other businesses. Users therefore have complete control over their data: they decide which data points are private (i.e. shared with no one) and which data points can be public (i.e. shared with other businesses).
