Nowadays people are overwhelmed with social media and these people don’t trust one another with their personal data, so they need to share their data in a secured platform. Blockchain helps in creating this. But due to the hype of blockchain, the benefits and weaknesses are easily been overlooked. As of one of the most troublesome technologies across industries, blockchain has the potential to reduce costs, enhance security and increase efficiency among others.
The primary benefit of using blockchain as a technology is the enhancement of data security. Data is one of the most important assets in the world. Securing data has become the biggest priority for businesses where this blockchain can be used as a strong alternative to Cloud and Server Based Companies.
HOW BLOCKCHAIN’S IMPACT WHEN IT COMES TO DATA SECURITY:
Encryption and Validation
Blockchain ensures that your data is encrypted which means modification in data. You can also save a cryptographic signature of a document or file on a blockchain. This would give the users the way to ensure a file without needing to save the entire file on the blockchain. Because of this you can always cross check file signatures in the network and verify that they haven’t been changed.
If someone does change a record, then the signature is rendered invalid. Blockchain offers independent data verification which is undeniable. The blockchain is a digital ledger of transactions with every computer having the copy of the data. If there is a lack of single authority, the system gets fairer and more secure.
Since the data is saved on multiple computers, it is extremely secured even If one or two computers malfunction and it is important that the information being stored is honest and accurate.
Difficulties in Hacking
The blockchain is a chain of digital blocks that contain records of transactions. Blockchains cannot be changed from a single computer if they don’t have the single point failure. They are decentralized and distributed ledgers across the networks that are updated and kept in sync. Each block is connected to all the blocks. While hackers can break into networks and find all the data, the blockchain makes this hard. As a technology, blockchain seems to be the place for the companies to store their data.
POSSIBLE PROBLEMS AND LIMITATIONS
There aren’t many blockchain storage products available. There are some problems that need to solve. They are:
- Security is limited by the size of the network. If a blockchain network isn’t large or well distributed, it becomes vulnerable to attacks.
- More dismissal may be needed than other storage models if the network isn’t big or reliable enough.
- Network communication can be huge. This is a problem for engineers and will largely determine how this technology will be. A balance between speed and security needs to be found.
The blockchain is not only stock trading, but it is also now hyped as the solution to replace all inefficient information processing setups, like legal contracts and recording of the property transfers. Decentralization of these systems is the solution. Distribution and decentralization are vital elements for cybersecurity solutions.
Blockchain technology is able to provide us with the kind of all in one cybersecurity solution. Digital assets are also controlled just like bitcoins. The future of the cyber and data security, whether it is based on blockchains or not as an important tool must embrace the safety that is their essence.
When they develop communication system first, and then the security system, they actually accept the thought that these systems should be developed with zero security to start with.
Blockchains Can Be Private or Public
Private blockchains can be created that restrict access to specific users. They get the benefits of a decentralized peer-to-peer network, but anyone accessing private blockchain must authenticate their identity to gain access and it can be restricted to specific transactions.
Limitations To Bear
there are some potential problems and limitations of the blockchain. The size of the network is vital because if your data isn’t well distributed, then it’s very easy to attack. Because the way it is worked you need to consider network bandwidth demands and the potentially the huge size of your network communication overhead.
Blockchain has the potential to have a big impact on the data security world. Nothing is truly impossible to hack, but blockchain is a technology that has come close to us.
Acronis notary is a new innovation service based on blockchain technology. Acronis notary is the solution for time stamping and fingerprinting any data objects. It is not always possible to store huge data in a blockchain, which is why acronis product will only send file or backup to the notary service. The notary service then calculates a single hash by using the received file hashes and then send the new hash to the blockchain based distributed computing platform. The notary service provides a certificate and technical details about how to verify the certificate to the users of acronis backup cloud.
Acronis Notary Technology can Protect any Data. Common use cases include:
- It works very well for the protection of intellectual property. Proof of document ownership if it is real life and digital work.
- Certification that a document existed.
- Users can digitally trace the document and find information about the file or document movement.
- Proof of the product’s authenticity.
- Facilitate sales and trading of digital assets or real objects and digital rights management.
- Users can also create a registry of digitized copies of paper documents.
Guarantee That Files are Still Exactly the Same
Acronis notary protects any data from deleting because the data is protected by blockchain technology and can be verified independently. A carefully designed service ensures a wide range of industrial solutions. Acronis notary can be installed as a proxy on any existing data and requires no change in the existing process. More than that, it can be deployed either in the cloud or on premises.