According to the Transparency Market Research, the Blockchain Technology market will reach $20 Billion by the end of 2024. Blockchain Technology has revolutionized the industries of the world and brought forward a system where the valuable data could be kept in a tamper proof and a secure platform. Blockchain creates this most secure and protected platform.
Before the emergence of Blockchain technology, financial institutions hesitated to establish themselves online. It is the Blockchain Technology that has increased the trust and the confidence of the financial institutions into the financial websites and apps. Blockchain Technology can encrypt the data of the financial platforms while allowing transparency, so Blockchain Technology makes it possible to achieve simultaneous openness and security in a conventional information security system.
You may wonder how data is secured on the Blockchain platform.
Why there is data safety with Blockchain Technology:-
Blockchain Technology is highly secure, safe, and protected. It has enabled financial institutions to come into the digital world.
Since Blockchain Technology is a decentralized currency, there is not a singular entity controlling anything. Blockchain Technology is a digital ledger, wherein every computer has a complete history of the transactions. So, the data cannot be tampered or corrupted. Thus, your data is extremely protected, unmutable and secure on the Blockchain platform.
Lack of an Authority Makes System Fairer
Blockchain is not under control of anyone. Every transaction, every payment, and every detail is computed into the Blockchain ledger by miners or verifiers with heavy processing power or reputation power. So, the data cannot be corrupted or changed easily. The data exists into multiple computers.
Cryptographic Signature of the File
The data is validated and encrypted by Blockchain protocols; the modification of the data is difficult. Even if you are not satisfied with the security measures, you can always protect your document by saving a cryptographic signature of the file. This would allow you to save your file, and ensure that the document/file is un-tampered.
Blockchain Is Hard to Hack
As the name suggests, the Blockchain Technology is made of blocks that consist of the information. Because the information does not exist on a single point, the information cannot be retrieved and damaged by hackers. The block-chains are the distributed and decentralized ledgers that are continuously updated and kept in synchronization across peer-to-peer networks. Each block of Blockchain is connected– blocks constructed before and after it. While extremely-talented/Computing powered hackers can break into the single file or traditional networks of onto a single platform, the blocks of the Blockchain Technology makes it harder for hackers to manipulate the data.
As a technology, Blockchain Technology has experienced immense popularity in the previous years across the world. Blockchain technology acts as an ideal technology for storing huge amounts of data online. Blockchain Technology is not only a secure and safe platform, but it is also a transparent platform, making it even more attractive to the Companies.