While cryptocurrencies stay vulnerable to several cyber-security attacks, the underlying blockchain technology is being used to safeguard user information from being modified.
"We feel that blockchain technology will likely be transformative in the tech and IT sector in the next few years, similar to what the internet did to the world back from the 90s and early 2000s,” said John Zanni, President of the Acronis Foundation. “We began a few years ago working together with the Ethereum blockchain to see how to protect data. Now, a part of our storage and backup software lets users notarize any electronic information and place that fingerprint over the blockchain to make sure it can't be tampered with.", he added.
As the real world matches the digital world, data has become an integral player for a number of companies. Yet ensuring that information remains secure, secure, private and authentic has become an ongoing challenge.
For instance, the recent Equifax cyber-security breach that occurred at September 2017 compromised sensitive data of nearly half of the U.S. population. Cyber-criminals accessed approximately 145.5 million U.S. Equifax consumers' personal information. Equifax has also verified that 209,000 consumers' credit card credentials were obtained in the assault.
Additionally, among the biggest challenges, a business faces now in terms of cyber-security is "data intercepted," which is the threat of information being altered in approved ways, either accidentally or intentionally.
"Authenticity of data is really among the most important factors in regards to cyber protection. Information can always be altered and altered,” said Serguei Beloussov, CEO, and creator of Acronis. “Blockchain technology can be utilized in order that data could be signed with an electronic touch. That digital signature, called hash, may then be saved on either a private or public blockchain ledger, which is highly immutable, which makes it is possible to assess if the information was altered at any given time.", they added.
How Does Blockchain Safeguards User Data
While blockchain technology is most commonly described as a decentralized, dispersed ledger used to record trades across multiple computers, it may also be regarded as a distributed database that keeps a developing list (also known as a series ) of information transaction records.
Consider that each and every participant of this decentralized system has a copy of the list of trades. This usually means that no "official" copy is different. The distributed character of this chain prevents tampering and adjustments, as each activity about the blockchain is fully transparent. Consequently, data that are saved on a blockchain can certainly stay authentic, since the security of each transaction is recorded.
For example, in order to ensure data isn't tampered with, Acronis applies blockchain technologies to compute a cryptographic hash, or "fingerprint," that's unique for each data file it shops. This hash is an algorithm which produces the same output when given the exact same input file, which makes it useful for verifying that the file's authenticity. Any change in the input file, however minor, ends in a dramatically different fingerprint. Because the hash algorithm is designed to work only in 1 direction, it's not possible to determine the original file inputs in the output, making the process tamper-proof.
"Let's image that we have a bit of data and we create an exceptional description for this particular information. Even if we modify only one bit of that information and create the touch again, the created hash value will be totally different. So such hash value is effectively a unique touch of your information, explained Beloussov. Together with Blockchain, you store that hash in several locations, which means you have several journals where you have written your signature in a specially encrypted fashion. If a person would like to modify such a record, they might have to get all of those areas to agree to a modification. Even after that, an individual would have to devote a good deal of computing capability to un-encrypt it from each of the journals after the document and encrypt it back. Even though this theoretically could be potential to get done, it would be extremely expensive to compute, as well as complex"
Dr. Abdalla Kablan, who is a renowned biotech expert and advisor on blockchain and AI to the Government of Malta, additionally clarifies why data stored around the blockchain is immutable.
"Generally, once data is stored on the blockchain it can't be manipulated or altered -- it's immutable. This is because of the architectural nature of blockchain constructions where every block has a particular summary of the preceding block in the kind of a secure hash value. Since these blocks are arranged in the kind of a string' order, the timing, content, and order of trades can't be manipulated. In addition, these blocks can't be substituted unless all the'nodes' attain consensus or concur with the proposed shift," said Dr. Kablan.
Blockchain In the Actual World
When applying blockchain technologies for protecting against data tampering in the real world, common use cases often involve protecting trade logs, proving the occurrence of legal records as well as confirming creative works originated on a specific date.
For example, a use case may involve a musician who is skeptical about releasing the audio on the internet due to plagiarism and other safety issues. Employing blockchain technology, nevertheless, allows the artist to create a backup which has pieces of electronic music or other materials which may be copyrighted. Once the copy is done, a certificate with cryptographic proof is issued to help copyright maintain, in case of infringement. The record of the original music bits and their creation dates are listed at the blockchain, enabling for confirmation that a part of music existed at a given time before and has been written by that artist.
"Generally speaking, blockchain technology now focuses mainly on cryptocurrency and Fintech. Nevertheless, the planet needs to look beyond that to see how businesses and individuals are able to take advantage of this technology. The day somebody figures out how small businesses can apply blockchain engineering in a multitude of applications is that it will really flourish," explained Zanni.