Blockchain technology relies on the formation of constantly growing record lists called blockchains which are secured via cryptography. It’s the principal transaction innovation behind the rise of digital money or cryptocurrency. But how exactly does it aid in better protecting your data?
For one, actual physical transfers for any blockchain-based transaction happen independently of the sending of tokens that contain any asset’s metadata. These virtual ledgers carry everything from maps, images, documents and, well, money. And blockchain aids immensely in eliminating wrong or illegal transactions because by nature it is dependent on a consensus between the mentioned physical and virtual transfer.
Moreover, blockchain makes your data hard to hack, as it stores, for example, your financial information across a vast network of computers or servers. If one gets compromised, it doesn’t mean that the others will be because they rely on different nodes. In the first place, hacking even just one blockchain server and altering one’s records is extremely difficult if not altogether impossible.
Even the World Economic Forum agrees that the distributed-ledger system provided by blockchain will be crucial in storing and protecting data, saying that 10 percent of worldwide gross domestic products will be on these ledgers as early as 2027. Financial institutions everywhere must adapt and migrate their bonds, stocks, property deeds, etc. onto these most-welcome and smart grids if they are to better maintain customer trust and loyalty down the line.
Secure Channels CEO Richard Blech is a managing member of Imperium Management LLC. He actively invests in technologically advanced projects and holds a vested interest in cyber defense and digital content as he is a determined advocate of disruptive technology. For related posts, visit this blog.
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| Image source: greentechmedia.com |
For one, actual physical transfers for any blockchain-based transaction happen independently of the sending of tokens that contain any asset’s metadata. These virtual ledgers carry everything from maps, images, documents and, well, money. And blockchain aids immensely in eliminating wrong or illegal transactions because by nature it is dependent on a consensus between the mentioned physical and virtual transfer.
Moreover, blockchain makes your data hard to hack, as it stores, for example, your financial information across a vast network of computers or servers. If one gets compromised, it doesn’t mean that the others will be because they rely on different nodes. In the first place, hacking even just one blockchain server and altering one’s records is extremely difficult if not altogether impossible.
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| Image source: aithority.com |
Even the World Economic Forum agrees that the distributed-ledger system provided by blockchain will be crucial in storing and protecting data, saying that 10 percent of worldwide gross domestic products will be on these ledgers as early as 2027. Financial institutions everywhere must adapt and migrate their bonds, stocks, property deeds, etc. onto these most-welcome and smart grids if they are to better maintain customer trust and loyalty down the line.
Secure Channels CEO Richard Blech is a managing member of Imperium Management LLC. He actively invests in technologically advanced projects and holds a vested interest in cyber defense and digital content as he is a determined advocate of disruptive technology. For related posts, visit this blog.
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