Blockchain reclaiming immutability of data

Blockchain bigger than the internet

Blockchain is the underlying technology behind Bitcoin but experts are of the view that it will revolutionize the entire financial world, including real estate, stock market, insurance, retail and even democratic voting. The jury is still out on deciding whether the future of Bitcoin survival is possible or not but underlying blockchain technology is here to stay for sure.  It’s unbelievably powerfully. It is being said that blockchain technology will revolutionize the world more than the internet has. It is being said that blockchain is even bigger than the internet. It is a separate debate on whether we should keep such big hopes from blockchain or is it just another hoax but we are sure on one thing that blockchain is reclaiming immutability of data.

Immutability of Blockchain

Blockchain is a distributed public ledger of transaction of things of value. Now going back to Bitcoin, whenever there is a transaction on bitcoin its recorder one way or another and it all goes into a central system which we all call Blockchain. It doesn’t exist in one place but in hundreds and thousands of different places called nodes on the network, and every single node has a copy of blockchain. Most interesting thing about blockchain is its immutability. Meaning nobody can hack it. If someone does get into one node and hack a block, that particular blockchain will still be there on all other nodes and the hacking process would be identified immediately. Inevitably, this distributed public ledger is a way of recording transaction in a trusted environment

 

Three core advantages of Blockchain related to data security

Blockchain connects information and like the internet blockchain has no central authority instead it is a shared record of transactions distributed over vast network of users. Satoshi Nakamoto, the mysterious creator of the bitcoin, solved a big problem of bookkeeping in a decentralized way.  At very high level, blockchain can be a part of three things when it comes to data;

  • You can use blockchain for data security. We can easily identify is somehow our data has been compromised
  • You can use blockchain to create audit and transparency
  • Blockchain can be used in a fashion that represents our data is inherently secured. We never have the security as inherent part of the data in past but now we can have security and immutably at the core of data algorithm

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