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May 18, 2020 - Advice and Strategy > Management & Finance
Blockchain: The next generation of data security

Blockchain is a development in technology that is made to enhance the future of computing and provide various industries with several improved solutions. This technology has come into the limelight due to the rise in cryptocurrencies but its application can be used in sectors other than finance as well. A Blockchain acts as a digitized public collection of all cryptocurrency transactions. The foundation element of the Blockchain is the block which records a few or all recent transactions. The transactions of the Blockchain are immutable because when the data in any Blocks change, it will lead to a change in its hash which will further lead to a spiral effect where the hashes of the subsequent blocks will become invalid. In other words, the block enters the blockchain as a permanent database that is securely packed and saved with a safe reference cryptographically to the previous block and it becomes a part of the chain which can't be edited or deleted.
There will be many other uses of Blockchain technology in the future and its technology will not be restricted just to secure digital currencies. A few points which make Blockchain the next generation of Data Security has been mentioned below.

Highly Reliable system:

Blockchain establishes and records an interaction that can be trustworthy and thus many developments and technology startup companies have their focus on restoring human systems where the establishment is trust is essential along with displacing the systems which use analog methods.

Highly Secured System:

Cloud Computing and the Internet of Things (IoT) have become very popular which has unknowingly led to huge security threats and experts of cybersecurity are only focused on the development of new software that just deals with a treat vector without reducing its number. The next generation of Data Security solutions will transform how the basic systems work and along with it also reduce the number of threat vectors. Blockchain is found to be one such development and design pattern which is required to be built nonpenetrable and is therefore claimed to be one of the best methods to secure transactions.

Highly Innovative:

The Blockchain of cryptocurrency data must be consumable by the public, however, most of the data in the world which requires protection is stored as files, images, documents, and videos. A blockchain that is security-focused must be capable of storing whatever it takes which is usually done by decentralization of the data and by dividing it into pieces and using multiple blocks to store it in a blockchain. A blockchain that is security-focused can enhance its performance significantly when made permissioned and private which will eventually mean that all nodes which are present are trusted and controlled centrally.

Leading transformation:

Presently, blockchain is seen as the foundation as the type of security that governs the transformation of Businesses. We have several opportunities in the use of Blockchain for recording the various types of data activity and for the creation of a record that is impregnable of how and by whom everything is being used which is potent enough to create access into data for everyone. This will lead to a powerful deterrent for those who have criminal intentions and clear visibility into data access for everyone. This type of data could also be used for compliance purposes to enhance relationships with regulators

The world of cybersecurity contains a toxic combination of technical knowledge differences, challenges related to technology, and incentives for the reward of criminal behavior which has led to no mutual trust between stakeholders of corporate leadership and other partners like the user base and IT.
In the same manner, all incident responses and anomalies could be logged to a blockchain, which will create a detailed and a record admissible in the court of any attempt to affect network resources or data.

Exciting opportunity:

Blockchain with some adaptations (Considering the recent incidents of data breaching) has a lot of potential in building trust which is lost in security-related characteristics by which the technologists will be provided with exciting opportunities.

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