The blockchain technology has its finest hour. Demand for the blockchain solutions is really high now. Since its very inception, the blockchain technology has expanded its primary use from cryptocurrency to a number of various spheres. Sweden is going to use it for land registration; the Dubai government is going to transfer all the public documents to the blockchain register by 2020, and Estonia is going to use it for the electronic voting. The blockchain features attracted the attention of experts from many of them and security has been in the front. They say it is a real technological revolution just like television and the Internet. What can the blockchain suggest? Transparency and security first of all.
The blockchain is a decentralized ledger consisting of the blocks and designed in such a way to be able to block all the possible modifications. Blockchain has become an invaluable instrument that is perfect to provide the data security. It is extremely important in today’s world as data has been recognized as the most valuable asset. The biggest businesses of the world such as Microsoft, Facebook, and Amazon put the data to the center of their work. The blockchain technology is not the first attempt to increase the level of data security; it is going to replace the ‘cloud’ and server-based technologies.
Decentralization As A Barrier Against Hackers
The electronic ledger of all the transactions makes the blockchain technology basis. As a rule, traditional ledgers present the most vulnerable points. If attackers get access to the main roster, it may result in the failure of the entire system as having access to the records an attacker can steal assets or information just having looked through the list of transactions.
The decentralization nature of the blockchain solves this problem. A single nod or system cannot get control over the entire ledger. It means that to get access to the main ledger, an attacker would need to organize an incredibly complicated and clearly coordinated operation in frames of which fraudsters would need to attack thousands of nods simultaneously.
The transaction security usually is confirmed and provided by two or more users. Even in the most modern processing systems, there are a couple of verification levels – as a rule, it is a seller, a buyer and some third party (more often bank or credit agency).
However, there may be from a hundred to thousands of nods and each of them stores a full copy of the ledger. That is why any of the nods may take part in the transaction verification. If a nod does not accept the transaction, it will be canceled. Such an organization of the process minimizes the possibility to create a fake or a fraudulent transaction.
Cryptographic keys used by the system in the exchange processes are miracles of the modern cyber security. Each encrypted key is made as a long, complicated consequence of data that can hardly be decoded. Taking into consideration that there are two cryptographic keys needed to complete the verification, the system seems to be a real unwinnable fortress. The blockchain technology has a unique security system as it provides a high level of security together with the top-flight transparency of the transactions.
Still, blockchain is a developing technology and it will take years to make it perfect. Just like any other technology of such a type it faces the constantly changing technological context – the appearance of quantum computation, changes in legislation, supercomputers and so on. But it is obvious that soon the blockchain will play the leading role in the sphere of information security.