Today, data security is not an afterthought for any organization. As more private and sensitive information is stored online, it makes sense to opt for tight privacy protocols that cater to the specific needs of individuals and companies.
Data breaches have been terrorizing companies for a long time and blockchain technology may be the answer to mitigate its impact. Unlike centralized data storage solutions, blockchain revolves around a decentralized P2P network that keeps data safe and controlled.
How Data is More Secure on Blockchain
Blockchain functions in a sequential and systematic style to store data in a chain. It includes the identifier of the previous block into the new block to create an immutable and unbreakable chain. It’s a highly secure mechanism where more blocks continue to be part of the chain without compromising the integrity of the data.
Reasons that Make Blockchain a Secure Data Storage Solution
- P2P networks allow organizations to access and download data at a lightning speed.
- In a decentralized P2P network, data is distributed throughout the world that makes it highly secure.
- Blockchain data storage solutions can be as cheap as $2 / TB for each month.
- In the blockchain, no one can tamper, alter, or adjust the stored data.
- Blockchain data records are immutable that makes it easier to spot unaltered and accurate files.
Understand the Fundamentals
The hashing algorithm is the secret that makes blockchain data secure and manageable. The algorithm works by combining and consolidating data structure in a Merkle Tree.
Hashing and Merkle Tree
After the verification of a transaction, the information has to become part of the blockchain and the process goes through a dedicated hash algorithm. The algorithm converts the data into a distinct set of letters and numbers. Since no one can un-hash a letter or number, it makes hashes unique and an essential characteristic for blockchains. This hashing undergoes a repetitive process to ensure the integrity of data in a Merkle Tree.
Although third-party data security providers serve their purpose, it’s not a future-proof solution for companies that want to drive long-term growth. Unlike traditional data storage solutions, blockchain data storage doesn’t leave any room for tempering.
Blockchain technology has the power to disrupt many industries. In retrospect, secure, cost-effective, and reliable blockchain-based data storage solutions would allow organizations to store private and sensitive information without issues.
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