Technology continues to improve our lives. With benefits also comes concerns and risks. According to a study conducted by YouGov, 87% of people are worried about the security of their private data online. A person creating a Facebook page or even buying online means your information will remain somewhere on the internet.
A recent informative report released by Javelin Strategy and Research showed that $16 billion was stolen from 15.4 million U.S. consumers in 2016, this is 16% more than last year. With the amounts of data being captured, it is essential to find some way of keeping personal data safe. Fortunately, new technologies may solve these issues.
Blockchain for Security
Blockchain technology is on fire, thanks to the growth and success of online currency Bitcoin. Each block of data included in the blockchain has a history connected to it, and each online transaction is being recorded in the system.
Not just auditing, all the information is interconnected and the procedures are transparent, which make it almost impossible to break into the system and steal valuable data.
The main benefit of blockchain comes from its decentralized network. No centralized location stores all the information, it is spread across the system. This kind of distribution allows the possibility to store privately encrypted data. Only the parties involved will be able to access the information.
Blockchain allows companies to develop various technologies to increase the privacy of a users data, and some will include a identity management environment that puts the consumers in full control of their data.
Blockchain technology could provide encrypted token keys for their customers. It’s up to the users to decide who they want to share their data with.
What can we learn from this? Most technology has been created for well-intended purposes. And even if we can face various issues, companies dedicated to the research and development industry will find those problems as an opportunity to create even better technologies. Blockchain is one of the solutions for the privacy issue that everyone is talking about, and it is only the start.