Blockchain: Data Security solution for every Industry

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Blockchain: Data Security solution for every Industry

With technology creeping into our professional and personal lives, data security has become of paramount importance. Statistics suggest that about 6 billion confidential files have been stolen just between the years 2017 and 2018. We again seek technology to solve the issues related to data security, which have been aroused by technology itself. Blockchain cybersecurity is the perfect solution. Blockchain development has solved many other industry problems related to business transactions. It provides greater data security with strong encryptions, minimal vulnerabilities, and effective data ownership. It is now being used across every industry including food industry, financial services sector, healthcare, oil& gas industry, and shipping & logistics. Every industry that deals with data and transaction is looking forward to Blockchain as a solution for data security. What is Blockchain? Blockchain is shared ledger that records and tracks the transaction in any business network. It also tracks the tangible and intangible assets to ensure the authenticity of every transaction. It is a fast and transparent platform of information, stored on an immutable ledger that can only be accessed by authorized members of that business network. The entire platform is very transparent and members have the access to the information of end-to-end transactions. One single person cannot make changes to the Blockchain system, making it tamper-proof. Characteristics of Blockchain The use of Blockchain technology in multiple industries is primarily because of its security-based features. Key characteristics of Blockchain are: 1. Digital ledger: Copies of all the information are shared with all the members. Participants validate information independently without any central authority. Any error by one member at one node does affect the other nodes in the network. 2. Digital platform: Completely digitized framework eliminates the need for manual paperwork which is susceptible to errors and damages.

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