No matter what the size of your business is, it is crucial that your data is secure.
Now, you can secure your organizational data with blockchain security methods.
The bread and butter of any organization is its data. Vast chunks of data are collected, as well as, generated in any organization. With the help of such accumulated digital assets, organizations provide us with optimized services. The classified information must be secured since it contains the most sensitive information, without which an organization might burn out. With the onset of the COVID-19 crisis in 2022 and the war in Ukraine, there was increased attention on cyber attacks in the healthcare space. The credit card details of patients were hacked and stolen. There is, therefore, the definite need for a better solution that will secure organizational, as well as, a customer’s classified information. Blockchain is one such technology that offers high security to data. With blockchain security methods, organizations can lock their sensitive information and prevent data breaches.
Blockchain is a newly emerging technology that maintains a set of continuously growing blocks. Various digital transactions from multiple industries, such as finance, retail, and healthcare, are carried out within the blockchain network. Blockchain offers many advantages to several sectors. One of the significant benefits that blockchain provides is disintermediation. It eliminates the go-betweens that help organizations with secure transactions. The digital transactions are processed only after the validation of all parties. This helps meet the security constraint. Additionally, all transactions are immutable. Furthermore, blockchain technology helps in faster transactions and is processed around the clock, thus assisting users to reduce the time required for digital transactions.
The blockchain technology uses a distributed ledger and all the blocks are secured via cryptography. Any changes or manipulation will be updated in all nodes. So, the question is - how can blockchain be used to secure sensitive information? To answer that, we need to understand how blockchain security works on any given digital data. When we enter data into the node, it will be updated in all the nodes and will ask for validation from all involved parties. After the validation, the mining computer receives the entered digital data. Here, data is again checked for security, and finally, it is added to the blockchain. Blockchain security lies in its cryptography. Every user will have their unique private key, which is impossible to manipulate. Furthermore, if any hacker tries to manipulate a record, the respective nodes will be invalidated.
Data security has become a growing concern and needs to be resolved at the earliest. Blockchain is one of the upcoming and reliable technologies that offer premium security. Blockchain technology, with all its incredible attributes, can help various sectors, especially the financial industry, to secure sensitive data. Blockchain has already made its path in multiple industries. MIT has used blockchain technology to build Enigma that secures all data in the database. The white paper described Enigma as “a peer-to-peer network, enabling different parties to jointly store and run computations on data while keeping the data completely private.”
Blockchain security methods provide a new way and vision to how organizations can secure all classified information. A clear understanding is vital to implement this technology and hence organizations must discover its full potential before leveraging it in their business