Blockchain Technology to Improve Data Security

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Blockchain Technology to Improve Data
Security Gartner says that Blockchains 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 dont 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.
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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//sphinx-
solution.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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