Can Blockchain the Solution for Securing Vulnerable Data Storage?

Can Blockchain the Solution for Securing Vulnerable Data Storage?

August 19, 2018 Off By Sydney Ifergan

Data security is no longer an afterthought or a luxury. With so much of your sensitive, personal and, private information being transmitted and stored online, tight privacy and security are now necessities for everybody.

Nonetheless, just as more of your lives are going online, you hear about more data hacks and breaches than ever.

Today, let’s discuss how blockchain technology can strengthen on existing centralized data security solutions, and help keep you safe and in complete control.

Data Security as a Worldwide Catastrophe

Data is rapidly becoming one of the most valued resources around the globe. The list of the top ten firms by market capitalization is now dominated by data-centric corporations like Amazon, Apple, Microsoft, Alphabet, and Facebook.

That value means your data, particularly your sensitive information, is now a major target for cybercriminals. Perhaps, you are not safeguarded as you think.

Even huge corporations like Home Depot, Target Corp, and Anthem have had major data breaches over the past years. It causes them to affect millions of individuals. At present, existing solutions are not good enough to keep you safe.

Further, cloud services aren’t often the best solution either. They are more valuable targets, as they’re highly centralized systems. You also need to trust the third party to keep your data for you that for most corporations often isn’t necessary. That calls for a new alternative.

Blockchain Technology as a Solution

Blockchain technology has been one of the foremost technological breakthroughs of the century. Bitcoin was the first blockchain application. It enables a network of users to do transactions without requiring the trust of anyone on the network or third party. All is encrypted, and nobody can interfere with the blockchain without everybody else spotting right away.

For instance, XinFin is a hybrid technology that is focused on global trade and finance. The platform developed an extremely, scalable, permissioned, secured and commercial grade blockchain architecture. XinFin is powered by XDCO1 protocol that is developed over its hybrid blockchain architecture. Its purpose is to remove the inefficiencies in financing and global trade.

XDC offers users a wide array of tools for trading, selling and buying as well as simply storing their coins on the platform.

Blockchain Technology for Data Storage

There are several ways in which a blockchain technology can be utilized in distributed storage software. One of the most typical is to:

  • Distribute files across a network in a manner which means all your files are accessible. It also involves even when the part of the network is down.
  • Encrypt the data, so you’re the only with who have access to it.
  • Break up data into small pieces.

Smart contracts can also be utilized with blockchains. Such guarantee that specific transactions take place when particular conditions are met. XinFin’s smart contract guarantees those who stake the XDC tokens to run new infrastructure remain honest.

Consequently, blockchain technology is anticipated to disrupt a lot of industries. These days, giant third-party providers dominate the secure data storage market. Today, it’s one of the major targets for blockchain developers.

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