Blockchain technology that has been one of the most talked about tech-concept in 2018 has stepped in 2019 with more expectations. Governments, manufacturing industries, and IT corporations are implementing the trail projects to check the depth of the technology. Blockchain will offer challenges but also offer solutions to the current security threats. Crypto-currency was one of the first applications that made effective use of Blockchain technology for the financial transactions of bitcoin. Many new sectors approached blockchain to solve different operational problems, security of data become one of the prominent topics.
The year 2018, has seen one of the most elaborate data breaches in the data market ranging from Facebook’s data leak affecting election results to Google tampering with search results. The consequence of data breach affected millions of internet users and developing a need for laws to curb such breaches. Lawmakers are already pursuing legal routes or creating a legal regulation to effectively manage the data leakage that makes the enterprises responsible for securing the data. Though for many enterprises that were affected by the data leakages have effectively used technologies to patch the flaw how can we effectively implement a technology that completely eliminates the data security issue? Blockchain might be the answer for the security threats and also manage the data across different remote locations. The blockchain is the technology that can effectively underpin to ensure better data security with secured and scalable decentralized storage network. Decentralization is imperative solutions when it comes to data security as it introduces more level of security to manage the data.
Blockchain technology works on a technology that effectively uses individual nodes to store data. With effective use of distributed data across there is no central entity where a fictitious user can access all the data. The distributed ledger can effectively store data, improving the security of the data and also decreasing the cost of marinating the data. The scalability still needs a great number of improvements in terms of accommodating larger files size. The fragmentation and the encryption of the data make the data access difficult. Every node stores the previous data storage address and also the consecutive data storage address along with data being stored with encryption. Data Storage technology is ever improving to deal with varied security risks and enterprise requirements the innovation. The blockchain uses the fill storage system known as incentive layer, the data is actually stored in the decentralized ledger; the relevant storage network uses the process subscription payment. Using the ledger to interact with storage blockchain project that will benefit the user improving the settling times.
Tokenized Blockchain Storage
Using the tokenization system the network can use to incentivize the individual nodes for storing the data and sharing the portion of node storage capabilities. Blockchain can be even used to effectively store personal data and also monetize the content using the data. Reducing the cost of centralized data storage or even relying on third-party intermediaries.
How Enterprises Are Effectively Implementing The Blockchain Technology
IBM is one of the foremost technology company that has effectively implemented the blockchain technology filing a new patent for the blockchain based system. The patent will improve the process of privacy issues and security concerns of the drones. The solution will be effectively used to make the drone sensitive data exchange that relates to the drone location, different manufacturers, the flying behavior and all the operational data needed for smooth operations.
General Motors have also filed for the patent; where data is stored on the distributed ledger and communicates with self-driven cars. The data exchange will give effective information about different operational requirements like traffic, the number of cars on the road and maintenance cost. Many enterprises are catching the bandwagon to effectively implement blockchain as a technology to secure the data exchange to power the IoT devices for transmitting sensitive data.
The effective usage of the data can only take place after the data has been secured and the utilization can be done within a given time period.
MedRec, a project launched by the MIT for the healthcare sector data, the bottom line of the concept is the Network rather than depending on blockchain as a service. Patients will be able to control their own data rather than depending on the providers for the data protection. Healthcare professional can join the network and request for the patient information rather than going through paper method. The current healthcare sector is facing an uphill task when dealing with different patients’ data and securing them. With HIPAA compliance and secured EHR solutions blockchain can also make data transfer easy.
The new blockchain infrastructure is taking into consideration the other decentralized data storage, Currently, two of the approaches are being followed by the blockchain technology- Provable Data Possession (PDP) and Proofs of Retrievability (POR). The following approaches are developed for secured transfer of data covering the storage, recording and exchanging large volumes of data. The platform can serve as an alternative for the on-premise and cloud environment.
The enterprises are bounded by the strict compliance requirements but the decentralized network can help to cover the security barriers without increasing the operational cost. To know more about the data storage technology download our recent whitepapers.
