All of us have stored our data online in some way or other. There are many times, where we share our utmost private information in the platforms that we use every day, without even being aware that our data is being collected. There are many users, who conceal their most valuable data with a weak combination of username and password. According to a statista, about half of the internet users admit that they use a constant password for all of their logins.
The right to have personal data confidential is a global human right, however it has failed in this aspect and has been worsening in the recent years. Blockchain technology has the potential to entirely change this. Blockchain is evolving every day, comprehending to the new trends helping with the internet of things (IoT)-connected devices from being tampered with.
A Glimpse on Blockchain
These blockchain tools help encrypt the transactions of the information provided by the public and keeps confidential when distributed publically. These transactions are then documented and stored public to prevent the hackers from manipulating the data. Blockchain was initially used as a framework in the distribution and trading of cryptocurrency, but the blockchain concept can be put to use in a variety of industries due to its ability to keep the data confidential. The effective technology used in blockchain makes it easy for users to authenticate their data and prevent frauds of any type, keeping the information safe, when imparting in the public.
Is Blockchain really Safe?
Blockchain uses a powerful cryptography to provide the individuals with the ownership of address and it is a blend of the public and private keys, constructed with random numbers and letters. It has the ability to solve the problems of stolen identity, as the address is not directly linked to the user’s identity. This way, blockchain offers immense security to an individual user, as it eliminates the need for weak passwords and compromised online identities.
The Future Trends of Blockchain
The research and development team of many companies are behind blockchain testing with many pilot programs and profile proof-of-concepts, to determine if it will really work for their industry. This became evident when Daimler, AirBnB and several other companies acquired startups related with blockchain, whereas, Verizon and Jaguar Land Rover have made a significant strategic investment associated with blockchain.
According to a study conducted by the Financial Times, implementing blockсhain technology in banking will cut up to $20 billion in third-party costs. A positive instance of blockchain application is, Ripple. This company helps banks process overseas payments. With the blockchain model, the company has developed a gross settlement system in the real-time, which allows a quick and precise payment processing.
Is Implementing Blockchain system beneficial?
A Blockchain security system is a boon which gives a complete traceability and accountability for many organizations, as they can be held responsible for their actions, as the regulators get to audit on the processes. But, will blockchain help in reality? There are billions of data that is transacted every second, which will have to be entered into the block chain and circulated out. This might make it hard for the regulator to scale.
Still, we can be assured that the security of blockchain is rooted in cryptography, which it depends on for its security. It is this distribution and decentralization that has kept the people excited over the potential of the blockchain technology.
Let’s hope for a better future IoT with Blockchain!