In this era of the internet, almost all of our data is stored online as we concede our private information to the platforms that we use on a daily basis. People are usually unaware of which of their personal data is being stored on the internet database. The security of personal data, especially the details that are stored online, is a human right. But it has actually been deteriorating in recent years.
Fortunately, there is a reliable solution for all of these issues – Blockchain Technology. I don’t know about you, but hearing that anything is the “reliable” immediately makes me skeptical.
Blockchain, at its core, is all about security and powering tamper-proof virtual transactions that hold up in the real world. Blockchain technology provides a spectrum of revolutionary benefits. Proponents of blockchain consider it to be one of the best ways to secure transactions. You might be wondering how exactly does Blockchain provide security? Let’s take a look.
One of the major issues faced by internet users today lies in their ability and knowledge of who they can and cannot trust. This constant need for managing trust has become a big business for some large companies. The whole point of blockchain is to let people who don’t trust each other, share valuable data securely.
A Blockchain, as the name suggests, is a chain of digital “blocks” containing a record of all the transactions. All these blocks are connected to one another which makes it much more difficult to tamper with one record. Since the hacker would have to change the block containing the record as well as all the other blocks linked to it in order to avoid detection. This alone might not seem like much of a deterrence, but Blockchain has other inherent characteristics as well that can provide additional means of security – cryptographic fingerprint unique to each block, and a “consensus protocol,” by which the nodes in the network agree on a shared history.
The fingerprint, called a Source Link