The amount of data people generate every day is huge, more than 250 million bytes. The data comes from: 280-character tweets and a few hours of YouTube uploads, millions of Skype calls and thousands of Instagram posts. To be fair, the twenty-first century has witnessed a surge in the amount of information generated and shared by everyone. Individuals, institutions, and governments should be more concerned about how they can design to protect the security of these data systems, such as company information, military secrets, and personal information.
The blockchain is timely. It provides immutable data storage, state-of-the-art encryption security, and the use of decentralized and distributed systems, at least in a common blockchain setup that prevents a small number of people from playing the game that takes over the ecosystem. But can the blockchain protect all the data in the world?
Located south of Louisville, Fort Knox is a US gold depository that stores a large amount of gold, including gold bars and coins. These precious metals are protected by a 22-ton door and surrounded by a military base. Helicopters, tanks, concrete-lined granite walls, alarms, guards and reinforced fences add security. But the data is driven by today’s technology, so it is not protected by physical infrastructure. In contrast, blockchains provide similar security for data, just as Fort Knox protects against gold.
Safe through the crowd
Blockchain-based systems are distributed and decentralized. They are hosted on a peer-to-peer network and are constantly updated. It’s unfortunate for hackers, which is good news for others because the blockchain is not stored in one place, can’t be changed with a single computer, and there isn’t a single point of failure. However, there is a weak point block chain that is subject to 51% attacks, and decentralization is currently only part of the blockchain security technology.
A blockchain is a block of information that is connected by a chain, so it is easy to see its origin. Each block is a transaction and will be connected to the previous block and the next block. To crack this system, each block must be changed, which also means changing all the blocks that make up a particular blockchain. Although this seems simple and easy, it is difficult and almost impossible. This makes the blockchain safe and provides an ecosystem in which good things get better returns than doing bad things.
Safety through blockchain technology
Cryptography is a key component of blockchain technology. Passwords are used to protect blockchain-based records and transactions. Members of the peer-to-peer network have unique digital signatures for transactions on the blockchain. Once any part of the record or transaction is changed, the member’s signature will be invalid and the entire blockchain will be notified of default.
To ensure the security of more than 2.5 billion bytes of data generated each day, the use of blockchain technology for encryption, distribution and dispersion is required. Currently, the world is generating an incredible amount of data, and Google processes about 3.5 billion searches a day. There are 990,000 Tinder Swipes per minute, 600 new pages are edited on Wikipedia, and 510,000 comments are made on Facebook.
The use of blockchain technology provided by cryptography and decentralization is necessary to protect the 163 Bytes of data expected to be generated by 2025.