Wondering how to regain control of your data? Is blockchain a comprehensive strategy in this direction? This article explains how you can take control of your online data by using distributed ledger technology, blockchain.
Learning Of Blog
- Blockchain Technology and Its Need
- How Can You Control Your Data?
- The Verdict
Blockchain Technology and Its Need
Blockchain is a distributed ledger technology whose basic idea is to decentralize data storage so that data cannot be controlled or manipulated by a central authority. The technique can change ownership, privacy, uncertainty, and collaboration conceived of in the digital world.
Talking about data security, despite growing awareness of the need for better data security, data breaching is everywhere. Therefore, managing your data on the blockchain is the wisest decision you can ever make. People who are taking your data, in several cases, have proven that they are not even good at keeping it safe, which led to data thefts that have decreased online safety. However, blockchain technology can make a lot of difference.
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How Can You Control Your Data?
People often get stuck in technological complexity when trying to understand blockchain. But the basic concept is a simple one. If you have crucial information on the internet, and you don’t want it to be accessed, copied, or tampered with, blockchain can offer a viable solution to this. Let’s explore how can you control your data using blockchain.
Say No to Vulnerabilities
Since blockchain verifies each transaction through Proof-of-Work (PoW) consensus mechanism, no trust is required between the parties in a transaction.
There are a set of rules and cryptographic algorithms that eliminate the need to trust the third-party intermediaries. In the case of blockchain, you have to trust the cryptographic algorithms instead of trusting any party, which means your information remains secured from vulnerabilities.
When on Blockchain, Your Data Cannot Be Controlled/Changed
To change a single transaction record in the blockchain network, one would require the modification of all subsequent records and the cooperation of the entire network. Thus, data stored on a blockchain network is more accurate, consistent, and transparent as compared to other traditional methods. It is available to all participants who have only permissioned access.
Blockchain provides immutability, which means nobody can alter the data over the blockchain network. As a provider of data, you can prove that your data hasn’t been changed on the blockchain, and as a recipient of data, you have a verification ability. Unlike traditional databases, where a person with a higher privilege could alter the data that might lead to security concerns, the data present inside the blockchain is permanent.
Can Anyone Take Down the Blockchain Network?
Let’s take an example to understand how reliable blockchain is. For example, if you are running a website, you will have a centralized database, and if your database somehow goes down, you have to make sure of the website’s availability. But how is that possible? Again blockchain is the solution as everyone is on a peer to peer network, and everyone has a computer running, therefore even if one peer gets down, the other peers are still working. Therefore, nobody can take down the blockchain.
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Reduced Transaction with Complete Security
When it comes to trading, traditional methods are paper-heavy processes and time-consuming that are prone to human error and generally require third-party interference. By streamlining and automating things with blockchain, transactions can be completed faster and more efficiently. As blockchain removes the need for third parties and intermediaries, it is more like removing the overhead cost of exchanging the assets. So the technology provides reduced transaction fees as well.
Improved Traceability of Goods with Blockchain
Blockchain offers the feature of traceability that is useful in various application areas such as the supply chain. With the blockchain technology, each time exchange of goods is recorded on a Blockchain, an audit trail, that shows where an asset came from and mentions every stop it made during its journey. This historical transaction data can help prevent fraud or improve security in exchange-related businesses and help verify the authenticity of the traded assets.
It enables every party to trace the goods and ensure that it is not being replaced or misused during the supply chain process. Organizations can also make the most out of blockchain traceability by implementing it in-house.
Blockchain has the potential to streamline the entire processes securely, without the involvement of third-party, at low transactional costs. This is all possible due to the unique characteristics such as decentralization, improved traceability, complete transparency, enhanced security along with faster dealing, and cost savings. Technology can revolutionize almost all sectors, which is why it is widely adopted at local and national levels.
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