The blockchain is able to affect and disrupt multiple business sectors; and as hacking, as well as phishing and security threats, are becoming more prominent, some companies turn to groundbreaking technologies to protect not just their information, but also their clients.
Companies look for ways of protecting their information
The hype that surrounds any subject can be either positive or negative too; and, at this point in the tech sphere, nothing exemplifies this idea more than blockchain. On a positive note, the hype which surrounds the decentralized technology is for the most part positive and exciting, being as the tech is considered revolutionary, as well as applicable to virtually all genres of business, from traveling to gambling. But, the hype that surrounds blockchain is simultaneously heading towards some disappointment since it is building such a hugely unrealistic expectation as a wonder-kin and a universal fix to some of the most significant problems of the tech. So, is blockchain really able to revolutionize every type of business? No, it is not. And still, can blockchain have a considerable effect and disrupt several aspects all over some different business sectors? Yes, it can, absolutely.
One such area which has the possibility to be transformed, in part thanks to the blockchain truly, is in the way that information security between, as well as within companies is handled. Particularly in the business world of today when hacking and the sharing of secure information is such a common threat, companies look for some ways of protecting their own data and the information of their client too. Actually, there are three ways in which blockchain has the chance to affect the storing and securing of information in companies all over the world. Here they are:
No central entry
When the secure information is only in one central location, it is much easier for hackers to hack. You should think of it as similar to keeping some valuables in your house. It is going to be unwise to keep all of your valuables in one place as if you were to be robbed, the robbers are going only to need to go to one area or room to get everything they needed, and not through your entire home. The same goes for information which a company needs to keep secure. Having information stored in one location actually gives the hackers easier access to all of the information which you wish to stay private while distributing information creates some more significant hurdle to hacking.
For the CTO of WatermelonBlock, named Dan Shani, it is the complete essence of blockchain that is holding company information more secure. As an Australian corporation which is the producer of sentiment analysis and which concentrates on information distribution, Shani claims that it is because of the distributed ledger that information is safer. From the experience of the company, when sharing reliable information with a decentralized format, the blockchain will provide no central entry point for hackers or attacks, and because of that, it will ensure an impenetrable level of security which guards the ledgers information. So, unlike some conventional storage on centralized databases, a blockchain ledger is distributed transparently to be seen and stored by all of the relevant parties that are involved.
The ability to always check
The transparency which can be seen and stored by all parties within the blockchain also serves another very significant purpose, and that is in the area of documentation. Even when we are still young, we learn and discover to show work as the best solution, so that we can always check back within all of the levels to make sure that no mistakes were made. Some related concept should also be taken with securing information.
The decentralization aspect of blockchain technology actually makes information more secure as nothing can be deleted or changed. The CEO of Firmo, named Dr. Omri Ross, thinks that because companies can have access to all of the data and have the capacity to track through all transactions, the blockchain can make some private information more secure. Besides, there are several businesses which are going to find the blockchain as a more reliable source for their security information. He goes on to say that auditors, law firms, as well as journalists and public and legal institutions can especially be transformed by blockchain technology, as they can ensure that the data on which they rely on is not being tampered with.
While having the ability to track all information at all times as a good step in securing information, for Aleksei Antonov, who is the co-founder of SONM, a fog computing platform with a global decentralized marketplace, the most gigantic effect that blockchain technology has on information security in companies is its capacity to regulate the permissions to access the information. With the technology of blockchain, companies can also securely limit the amount, as well as the type of data which employees can access, reducing the risk of leakage or unauthorized access. What is most important is that the change history is also going to be tracked in an immutable way to minimize fraud attempts.
However, in the end, even Antonov himself noted that apparently the blockchain is not a magic pill and because of the developing stage of the technology itself, they are just at the start point. It will take some time for things of such magnitude, which soared so quickly to worldwide popularity, to truly work out all of the kinks. Here and there, mistakes are also bound to be made, that hopefully, over time, is going to lessen. So, while it looks like the hype around the blockchain has the ability to transform information security and is on the right track, it may still be premature.