According to the reports, the global blockchain technology market is projected to be around $20 billion by 2024. As a technology, blockchain has been revolutionary. Nowadays, it is used in many industries like healthcare, finance, and more.
When it comes to data security, people need a platform that’s secured and tamperproof. Blockchain helps in building that platform. Blockchain most certainly has the potential to reduce costs, enhance security, increase transparency, and increase efficiency among others.
In this blog, we are going to talk about the ways how Blockchain helps you to secure your data.
Decentralisation
Since blockchain technology is decentralized, it does not come from one central point of control. This is a digital book of transactions stored in every computer with a complete copy of the data. The absence of a single body makes the system advanced and much safer.
Instead of negotiating safely with the users, it reduces the leaking chances in the node network, verifies transactions, and records data in a way that is unbreakable. Since data is stored on multiple computers, it is extremely secure even though one or two computers fail.
High level encryption
The Blockchain platform encrypts your data, meaning it makes data modification a difficult task. You can also save the cryptographic signature of a document or file on a blockchain row. This will provide users with a way to ensure that the file is not deleted without having to save the entire file to Blockchain.
Due to its decentralized nature, you can always check file signatures in all books on all nodes of the network and verify that they have not been changed. When you look at the file, you can guarantee that it is the same version of the document that existed at another time. If someone changes the record, the signature becomes invalid. Blockchain offers reliable and independent data validation, which is undeniable.
Hack proof system
Because the name indicates that the blockchain is a string of “block” digits that contain transaction logs. Because they are not located centrally, blockchain blocks do not have a single point of failure and can not be changed from one computer. These are decentralized and partitioned registers between peer-to-peer networks that are continually updated and maintained in sync.
Each block is attached to all blocks before and after. While hackers can penetrate traditional networks and find all data in a single repository and filter or corrupt, the blocking string makes it more difficult.
Hence, now you understand that Blockchain is making it hard for the hackers to get into your data easily by securing it in multiple ways.
If you are a startup, SME or a product company searching for a Blockchain development partner, I can help you out. I have worked with hundreds of IT companies in India in past 13 years and most of them work on Blockchain technology these days.
Thereafter, I have prepared a list of Blockchain development companies in India keeping various parameters on bay. If you want quality software development at affordable prices, these are the companies for you!