Blockchain technology to improve data security

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Blockchain Technology to Improve Data Security Gartner says that “Blockchain’s business value-add will grow to $176 billion by 2025”.

Blockchain technology comes with great potential that can have a positive impact on various industries and departments of government.

Even in the realm of data security, blockhain can improve the current situation. Blockchain can improve the data security. Its features are strong and proving to be helpful.

Here are the 4 characteristics of blockchain-based applications that will take it a long way.

Decentralized and distributed Blockchain is a decentralized digital database. Instead of storing the information in a single place, it breaks everything into a small category and spread it across the entire network of nodes. In simple terms, it is the digital ledger of the exchanges of information or transactions that don’t have any central point of existence. Each participant gets a complete copy of the ledger, so if any participants or nodes withdraw themselves from the chain, it will not result in any data loss. There is no need for any third-party intervention during the transaction, you can rely on this decentralized and immutable ledger.

Encrypted and validated Things which happen over the blockchain platform are all encrypted. You can check the file signature across all the nodes and verify that the data is not altered. If anyone changes the data, the signature provided will display as invalid. Blockchain offers reliable and independent data verification which lets you check the data you record and stored online with the third party remain changes for months or years later.

Hack-proof Once the data is recorded in the ledger it is impossible to alter or remove it without invalidating the signature. Every little transaction needs to be confirmed by multiple nodes on the network. As the data are broken into small pieces and protected by codes it will need a huge resource to understand the series and start any fraudulent activity.

Private or Public A public blockchain is open to anyone who wants to be a part of the chain for example bitcoin. A private blockchain is created by an organization or business and they can decide who is allowed to participate. Anyone accessing a private blockchain must verify their identity to gain access.

Remember, the size of the network is important. The larger the network, the more is the security. As it is fairly a new technology, it is difficult to dive deep. We are studying about different use cases too, you can check our blog: http://sphinxsolution.webstarts.com/blog to gain some more insight into blockchain technology and its potential.

Looking for a top blockchain technolody development company? Check here!

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