Seeing how Blockchain has evolved in the last eleven years, we can certainly say that it has covered major milestones. Furthermore, this last decade has seen how every industry has incorporated Blockchain technology. In this article we discuss Blockchain Technology: Ensuring Data Security & Immutability.
The reason why this technology has become so disruptive is because of its inherent property that is quite generic yet robust.
Blockchain technology works on the principle of public ledger, which makes it easy for any organization to implement in one way or another.
We have been talking about this Blockchain technology from the start of the article. So, what exactly is this Blockchain technology? Let’s find out!
Table of Contents
What Is Blockchain Technology?
Blockchain technology is a network that connects everything together. The only difference between other networks and Blockchain networks is that Blockchain networks are decentralized.
Blockchain is the underlying technology behind the popular Cryptocurrencies you invest in. The reason why Blockchain technology is gaining traction is because of its public ledger principle.
Blockchain technology operates on the Public Ledger principle. That means every data share and transaction is recorded in ledger form.
The Blockchain organizes the information as new information is added to the network. Each block of the network can hold a limited amount of information. So, new blocks are constantly added to the ledger forming a chain.
As we have already said that the network does not have any central authority looking after the network, this is because the network members are the collective owners of the network.
To know more about Bitcoin technology and its works, visit Ethereum Code.
How Is Blockchain Revamping Data Security & Immutability?
Blockchain technology has the potential to solve modern-day security problems. It is a functioning technology capable of addressing the challenges individuals face while securing data from malicious attacks.
Reports state that global Blockchain technology will most likely be around $20 billion by the end of 2024. And seeing how disruptive the technology has been can be revolutionary for the future.
Here are a few ways you can see Blockchain offering security.
1. Securing Data Storage
We are living in a shared community where everything is shared online. Though this helps users stay connected with others, it also exposes them to the hard reality of being online.
Blockchain technology can help you secure all your sensitive online information. Moreover, this technology can be used for public use and keep public information decentralized.
2. Helping With Encryption & Validation
One thing about Blockchain technology is that once the data is encrypted, it is immutable. Blockchain technology is encrypted by nature. So, if data is shared using the network, they become encrypted as well.
Blockchain products like smart contracts ensure certain validation. And if the validation is not met, the network will never verify the data.
3. Unfeasible To Attack
Talking about Blockchain, it is really difficult to attack the network. The reason is simple; the members of the network will instantly notice your action.
If you truly want to successfully hack the network, you need to hack the network of all the existing members simultaneously – Which is not possible.
4. Offer Traceability & Provenance
When you use the Blockchain network to share any data, documents, or digital transactions, everything transfer is authenticated.
In fact, it gets time-stamped, which allows your viewers when the document was created, or transactions have been made. As a result, your audiences no longer have to worry about its authenticity.
5. Challenging Vulnerabilities
Blockchain technologies come with a high-level security net that ensures everything is safe and secure after entering the network.
Despite the technology being new, industries are adopting it to secure their businesses, seeing how secure it is. In fact, experts have high hopes for its network as it evolves even further.
While most people might not be aware, Bitcoin is the product of Blockchain and not the other way round. In addition, Blockchain holds the potential to become the core technology of every industry.
In fact, experts believe that the adoption of Blockchain will help improve the technology and user’s privacy. What’s more, Blockchain brings techniques that help you tackle data management issues, problems related to privacy and security.
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