May 26, 2022
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 As a result, data, particularly sensitive data, has become a major target for cybercriminals, and firms with outdated security protocols are probably not as safe as they think they are.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:
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:
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.
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