Have you ever doubted the authenticity of one of your online purchases? Or have you been concerned about your personal medical information getting exposed to data breaches?
With the increase in personal data and information getting digitized, the threat of data breaches only grows stronger. The solution to this is Blockchain. Blockchain is the technology revolutionizing the way we share and encrypt data.
As the name suggests, Blockchain is a digital chain of interlinked blocks carrying authentic information.
Let’s assume that there has been an exchange of information between two people three times. In this situation, there are three blocks of data on the chain. Each block carries the new data being exchanged, as well as information from the previous blocks.
Information that’s once entered on a blockchain cannot be altered. It serves as a permanent record. It reduces the risk of the data getting tampered with or stolen by hackers or lost to third-party errors. This permanent form of encryption makes blockchains one of the most secure ways to exchange and store data between people.
Blockchains are slowly gaining traction. When we look at cryptocurrency, blockchains act as a permanent digital ledger of every transaction. They remove the need for third parties like banks or online payment processors.
Although blockchains are used hugely for crypto trading, they can also be used for exchange and more importantly safeguarding any data such as medical records, original content creation, or even as a real-estate processing platform.
With such diverse implementations, blockchains will help transform how we exchange and protect our data.