Does Blockchain Offer Tackle Data Security?
“58% of companies worldwide have over 1,00,000 folders open to everyone.” states 2018 Global Data Risk Report from The Varonis Data Lab. Data Security is one major issue that is being faced by a lot of companies and individuals today just because they have unprotected data and poor cybersecurity system. “Data breaches continue to be costlier and result in more consumer records being lost or stolen, year after year,” states, a study conducted by IBM security and Ponemon Institute.
This has been a never-ending upward spiral for individuals and businesses across the globe for decades. We were missing the point where an intelligent solution was the need of the hour until now. Fortunately, thanks to the Blockchain technology, for filling this gap in the internet realm today. “AI and Blockchain will be detecting fraud to the greater digital financial world, says Ankit Ratan, Signzy Cofounder”
“Blockchain”. By 2024, Blockchain will grow $176 billion by adding value to various businesses, states Gartner. Blockchain analogy is the anchor of the internet today that keeps the data security intact. “In the year 2016, Blockchain startups were able to raise $1.4 billion and $1 million in the year 2017. The banks that use this technology, save up to $8-12 billion annually,” according to the Silicon Republic It can be considered as a public electronic ledger wherein once the information has been entered cannot be erased. The beauty of it is that it can only be updated by participants present in the system and that too by consensus.
This system ensures, the information regarding any transaction remains as pure as it was at the beginning, no matter who tries to hinder it. “Blockchain can minimize fraud and maximize efficiency, security and transparency not just in financial services but also in supply chain management, healthcare, voting, electronic record authentication and much more. Therefore it is essential to use blockchain,” says, Rohas Nagpal, Cofounder of Primechain Technologies.
The Blockchain is the technology of the 21st Century as it does not allow the data to be placed in one location which makes the data immune to any third party hindrances. This could be a reason why “84% of companies are dabbling in the blockchain,” reported CNBC. The Blockchain breaks down the data into small units and then distributes it across various networks of the computer so that the solution to today’s problems do not lay down the foundation for tomorrow’s problems.
Big companies like Amazon, Microsoft, and Facebook are exploring the positive sides of this technology. In fact, adding the name Blockchain to the company’s name has helped reach the pinnacle of success in one day – “Farmingdale; $24 million New York-based iced tea company says it is pivoting to the blockchain by changing its name to ‘Long Blockchain Corp’ and its stock jumps 200%, reported CNBC.
Nothing can hide the fact that it is not a rocket science for hackers to break any traditional network and get whatever data they want. Let us not be mistaken, the hackers today are not just limiting themselves to data but want a lot more than just data – money. In fact, “cyber criminal activities have cost victims a loss of more than $1 billion,” reported FBI.
From Yahoo to eBay; no big company has been guarded from the data breach. In October 2017, Yahoo revised its estimates for the 2013 accounts hacked and stated; 3 million user accounts had been compromised back then due to data. This has cost big companies to leave a hole in their reputation, financial books, assets, and future billing.
All in all, everything had a silver lining of its own until today. It was just a matter of time for the hackers and fraudsters to intrude in the network of data securities and burden the world with yet another shocking cybercrime news with disturbing statistics. However, thanks to Blockchain Technology for limiting these numbers and giving the hackers and fraudsters a hard time to play with the network architecture of the same.