Blockchain technology has brought a lot of benefits to the world of technology. It gave many businesses the chance to organise, safe keep, and enhance their operations. Blockchain technology will be one of the most essential aspects gradually in the future. To know better about blockchain technology, here are the pillar that formed it as it is now:
Decentralisation
Before P2P computing, services are centralised, meaning every entity stored in a single byte only needs one central authority to access. Thus, it is unsafe and can be easily hacked. Storing all crucial and unimportant information in one storage is risky. Hence, having blockchain present in your system can help decentralise your system’s operations and neatly place information of the same level of severity or risk in one place while all others are also safely kept in another.
Immutability
Immutability is the process when the data has been brought to the chain. Once the data reaches the chain, it will not be altered or tampered. Rather, it becomes immutable. It helps avoid businesses from fraudulent actions and it also sends warnings if there are malicious activities happening in the chain.
Transparency
Transparency and safekeeping data can be quite a confusing notion to normal users, transparency, however, are just a bunch of information for the public to access. Your sensitive data, on the other hand, are stored and delivered via a complex cryptographic method to avoid hackers from acquiring them. Transparency keeps the equation of your system balanced while adding an extra layer of protection which is crucial in digital ecosystems.
Privacy for Personal Documents
Privacy of personal information is important in digital platforms. It is the owner’s right whether or not to disclose or want to share such information or not. The owner has the power to revoke the rights of the company to access or share this information.
Use of Cryptographic Hash
A cryptographic hash is an enhanced form of encrypting sensitive data that makes it even more impossible for fraudulent activities to occur. Additionally, the forceful attempt to copy the document will not lead to any success since cryptographic hash will only produce hash functions that are useless and not readable. Rather, it will verify and connect every block to the previous ones to timestamp the exact time of verification. Thus, data will not be disputed.
No Repetitive Verification Tasks
Once your data has been verified as the authentic owner of the personal information, your data will automatically connect to other parties for your convenience in future transactions. Using blockchain, only one authentication is needed as long as it is genuine. So, the device you used or the mobile number you have are the important data you will need to ensure your identity is to be trusted and verified.
Blockchain technology is an important innovation that will take the digital environment to a safer stage. Blockchain is now essential for online stores that deal with sensitive information every day. For users or customers to trust the company, it is vital for the company to exhibit their reliability, transparency and security.
