{"id":15152,"date":"2018-10-19T06:23:31","date_gmt":"2018-10-19T06:23:31","guid":{"rendered":"https:\/\/www.techwebspace.com\/?p=15152"},"modified":"2018-10-19T06:23:31","modified_gmt":"2018-10-19T06:23:31","slug":"will-blockchain-technology-lessen-the-effect-of-information-breach","status":"publish","type":"post","link":"https:\/\/www.techwebspace.com\/will-blockchain-technology-lessen-the-effect-of-information-breach\/","title":{"rendered":"Will Blockchain Technology Lessen the Effect of Information Breach?"},"content":{"rendered":"

Around the globe, we are increasingly trusting our information with companies and institutions for them to provide us with services. This information can range from medical records to the information on your Facebook account. Unfortunately, this information is usually not kept safe enough and is vulnerable to attack, especially in hospitals. In such cases, it\u2019s not just private information at stake, but people\u2019s lives as well. Blockchain technology is the solution.<\/p>\n

All kinds of valuable data can be stolen. Ranging from addresses, medical records, bank details, just to name a few. In the wrong hands, they can be used to commit fraud or even blackmail. According to Entrepreneur<\/u><\/a>, there are 4,000 cyber-attacks a day, and the number is increasing, especially since 2016. And according to PCMag<\/u><\/a>, more data was leaked in the first half of 2016\u00a0than the whole of 2017.<\/p>\n

It\u2019s also supposedly a bigger issue than most people realize<\/u><\/a>. Data leaks have been occurring for a long time, and not all companies are required by law to declare them. However, in recent years, after incidents like WannaCry<\/u><\/a>\u00a0and Cambridge Analytica<\/u><\/a>, the public is starting to take an interest. With pressure growing, companies and institutions need to make a change<\/p>\n

So, can blockchain technology stop this?<\/p>\n

The short and easy answer to that question is yes. The blockchain is the safest form of information keeping and is almost impossible to hack.<\/p>\n

Decentralization is the key to security<\/h2>\n

A blockchain is a network of information, in a sense, like the Internet. The major difference is that unlike most networks which have a center point, like a server but, blockchains is decentralized exchange platform<\/a>. In fact, they have been designed specifically without a center point to increase security.<\/p>\n

If a network has a center, hackers can attack this point, and they have everything. All information is at their disposal. As there is no center point to a blockchain, this issue doesn\u2019t exist.<\/p>\n

51% or majority attack<\/h2>\n

To hack a blockchain you would need to have at least 51% control of it<\/u><\/a>. This is almost impossible to do. \u00a0A hacker would need an extremely powerful computer or convince everyone else on the blockchain to join them. Further to the point, blockchains use cryptography to keep information secure, which adds an additional layer of difficulty to hackers.<\/p>\n

Information shared safer<\/h2>\n

With blockchain technology<\/a>, only people who operate within the blockchain can access information. For example, in healthcare, your information could be freely shared between your GP and hospital. People outside the blockchain cannot access any information. This is because with blockchain technology all transfers are direct, with no third-party involvement.<\/p>\n

Additionally, it should be noted that blockchains can be either public or private<\/u><\/a>. While many companies will seek to create a private blockchain, public blockchains can still boost security. With a public blockchain, access can be restricted for specific users for certain things. This may work better for some companies and institutions who interact with clients.<\/p>\n

From smart contracts to secret contracts<\/h2>\n

Smart contracts<\/u><\/a>\u00a0are one of the most innovative uses of blockchain technology. They allow participants to set up an arrangement between themselves. Once the conditions of the agreement are met a transaction can take place. This ensures that people can only get hold of information if they have a right to it.<\/p>\n

Secret contracts<\/u><\/a>\u00a0are something we may see in the future, currently in development by the MIT. They propose the creation of a digital contract similar to the smart contract where the participants can compute data without ever seeing it. This could potentially add an additional layer of security to blockchain technology.<\/p>\n

A standardized way to tackle hackers<\/h2>\n

As it currently stands, many different companies and institutions are using different methods to support their databases. This means that when a hacker leaks information, it can be done in a variety of ways. By adopting blockchain technology, blockchain specialists can be deployed to investigate what happened.<\/p>\n

Additionally, all transactions of information can be traced back to where they came from. All movements of information are kept within a distributed ledger, and so everyone will be aware of who stole information. This shortens the time required to find who leaked the information and stopped it.<\/p>\n

Companies already using blockchain to protect customer data<\/h2>\n

There are already some companies that are utilizing blockchain technology to prevent leaks.<\/p>\n