With the increasing concerns over data security and privacy, data users are choosing distinct companies providing better ways to handle their sensitive information. The data storage solutions from Blockchain have the potential to offer much-improved security solutions when compared with the earlier databases used today.
What are those concepts, concerns, advantages of choosing Blockchain data storage solutions than others? Let’s have a look on them here:
In this advanced hacking era, it is clear that one has to maintain high-security levels than of now. Therefore, it’s time to rethink about the data that we are producing and the processes used to govern its maintenance and collection.
The European Union has undergone some way of addressing these questions by introducing GDPR (General Data Protection Regulation) with a set of new rules to dictate how businesses can handle personal information.
Despite their impact on collecting practices in a significant way and even the smallest businesses around Europe, these regulations still fall light years short of the comprehensive change in mindset required to safeguard our privacy, integrity and potentiality of future generations.
Blockchain maintains permanent records and distributes them among every user having their private cryptographic key providing them with an opportunity. Instead of yielding the most sensitive information to every platform interacts with online and stores in a decentralized ledger that is free from a single failure point.
Blockchain connects that technology to existing payment platforms and systems combining it with biometric security features on our tablets or smart phones so that we could then enjoy more control over the information that we have shared saying goodbye to passwords.
Why Choose Blockchain Data Storage?
Many companies are facing the one pressing the issue, i.e., Data Breach over the past few decades. The sensitive data that is stored on company databases, the occurrence of new hacks that affects a wide range of industries, leaving user data exposes. As a result, hackers acquire information led to widespread identity theft, data sells on the dark web illegally, and other significant concerns.
In several cases, consumers worry about not only hacks and their possibilities but also the fact that companies are often unaware of these issues for a month and even years.
Significant Concerns for Blockchain
Despite the promises of Blockchain to provide better security, it’s essential to consider some of the risks of implementing Blockchain. Contrary to popular belief, the Blockchain can be hackable. The significant challenges for emerging Blockchain projects are Routing attacks, Sybil attacks, and DDoS attacks.
It is the fact that the Blockchain technology is still relatively new also means that securing teams of securing data have to consider a variety of possible security scenarios. They then must design sophisticated solutions preventing the occurrences of data breaches. In several cases, projects have had to make reactive changes to their measures of security instead of being more proactive in avoiding threats.
Scalability Needs Improvement
Security being a significant concern, it’s not the only factor for companies and users to consider. Even with the advent of decentralized Blockchain, still, there are a lot of developments that need to happen.
Significant Benefits of Blockchain Data Storage
Though there exist some concerns, Blockchain still have a few advantages over traditional data storage security. Blockchain finally aims to eliminate the standard news reports of large-scale hacks that affect millions of users as seen in distinct organizations of today rely majorly upon centralized databases.
How potential is Blockchain Data Storage
Several Blockchain projects are aiming to make data storage more secure. The potential benefits of Blockchain promise to be groundbreaking for users. The projects of Blockchain in addition to its capability of creating architecture for inherently secure and safe data storage systems as well follow individual users to have full authority over which parties are allowed to view data.
Finally, it is essential to determine when exactly Blockchain can become the ultimate solution and when user adoption will follow. Still, there are several signs of a momentum shift away from primitive database technologies and towards better data security via decentralized block chains.