Blockchain technology has swept the globe. According to Transparency Market Research, the global blockchain technology market will be worth USD 20 billion by 2024. Blockchain hype has reached unprecedented levels worldwide, making it much easier to take notice of the potential advantages and weaknesses. Blockchain, regarded as one of the most disruptive technologies across industries, has the potential to reduce costs, increase transparency, improve security, and increase efficiency, among other things. Data is by far one of the world’s most valuable assets.

The need for a new Data Security Solution: Introduction

Data security is therefore no longer an afterthought or a luxury. With so much of our personal, sensitive, and private information stored and distributed online, strict privacy and security are now a must for everyone. As a result, data, particularly sensitive data, has become a major target for cybercriminals, and firms with outdated security protocols are probably not as safe as they think they are. Many data breaches have occurred at large corporations over the years. Despite advances in security protocols and software, privacy breaches are on the rise. In 2020, The total number of records exceeded 37 billion, according to Risk Based Security’s 2020 data breach report, a 141% increase over 2019.

Advantages of Implementing Blockchain

Blockchain is currently one of the most highly secure protection technologies available. Accelerated developments in digital innovation have also created new data security challenges. Organizations must implement strong authentication and cryptography key vaulting mechanisms to secure their data. Blockchain has revolutionized many industries, including healthcare, finance, sports, etc. Through the participation of various stakeholders across a decentralized network, blockchain technology enables decentralization. Only one user can alter the transaction record. However, some critical security aspects of blockchain technologies differ. A distributed ledger system’s high level of security is advantageous for establishing a secure peer-to-peer network.

The data in most blockchains or distributed ledger technologies (DLT) is organized into blocks, with each block containing one or more transactions. Each new block in a cryptographic chain connects to all the blocks before it in such a way that tampering is nearly impossible. Businesses that provide consumer products and services use blockchain technology to secure consumer data without the need for third-party trust. Blockchain Technology is creating new opportunities for consumers to disrupt business services and solutions. Some of the advantages of Blockchain implementation as a data privacy and security solution are:

• Encryption and Validation: Blockchain technology can handle everything to ensure that data is not tampered with in any way. Because Blockchain is encrypted by default, proper validation is possible. Smart contracts can ensure that specific validation occurs every time certain conditions are met. If someone does change data, all ledgers on all nodes in the decentralized network verify that it was done correctly.
• Offers Safe Data Storage: The best way to protect shared community data is to use Blockchain. No one can interpret or interact with any sensitive data stored using the Blockchain’s capabilities. Handling data which is distributed across a peer-to-peer network of people is beneficial. Furthermore, the technology could be used in government services to keep public records decentralized and secure. Aside from that, a business model can operate a Blockchain to store a cryptographic signature of data or a large amount of data. This would allow users to remain confident in the security of their data.
• Impossible to Hack: It is impossible to hack or attack when it comes to Blockchain. Because Blockchain is decentralized, encrypted, and cross-checked, the data can be trusted. Because the Blockchain is densely packed with nodes, simultaneously hacking most of them is impossible. One of the most fundamental benefits of blockchain technology is Data immutability across the peer-to-peer network.

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Use Cases of Blockchain Data Security solutions in Various Sectors

Following are the examples of multiple industries are implementing blockchain technology for securing their data:

• Medicine & Pharmaceutical Industry: Cryptographic signature of Data can be obtained on blockchain infrastructure while utilizing AI’s speed to develop an integrated platform that analyses data from various sources. These systems’ data can provide communities with a powerful tool for preventing disease, reducing the burden on healthcare facilities, and saving lives.
• Automobile Industry: Self-driving cars could include blockchain wallets that allow passengers to pay for rides, rentals, tolls, and other services without revealing personal information. Cities and private enterprises can help bridge the gap between rentals or sharing autonomous vehicles by optimizing the process by using Blockchain as the underlying architecture. Data collected by the vehicles can be used to improve security, scalability, and efficiencies on the Blockchain, as well as improve transportation and sustainability in the city.
• Smart Home Systems: Smart home systems are gaining popularity, and manufacturers increasingly allow connectivity between devices. These systems are excellent sources of information about consumer behavior. Integrating Blockchain and AI into smart home systems can also benefit users’ privacy while contributing usage data for analysis.
• Financial Institutions: The ability of Blockchain to efficiently establish trust through smart contracts is arguably the most impactful application of Blockchain in finance. Smart contracts are similar to physical contracts in that the contract’s terms are fulfilled in real-time through the Blockchain. Smart contracts are advantageous, particularly in the finance sector, for various reasons, including Payment Processing.
• Retail Industry: Retail businesses can use blockchain technology to secure customer data. They can also provide system authentication and keep all data in immutable storage. As a result, only the customer will have access to their data, and no third party will be able to penetrate and misuse the decentralized network.

These use cases demonstrate how Blockchain is being used to achieve goals while maintaining personal data privacy. As more and more companies recognize the possibilities for systems that provide both functionality and privacy, new use cases are being developed.

Capabilities of MSRvantage in Blockchain

MSRvantage’s Track and Trace solutions offer businesses a comprehensive and dependable solution for enhancing security and providing end-to-end visibility between trading partners. Data exchange and workflow security are improved with track and trace solutions. Smart Contracts from MSRvantage improve security by removing the possibility of deletion, manipulation, or revision. As a result, the method of integrating rules and policies is more verifiable.