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Data privacy remains one of the most important aspects of modern Internet use, but also one with most of the problems that go along with it. For decades, researchers working for computer security companies were in constant conflict with those who stole exposed data and misused or sold them for profit. Whenever a new solution was found, the hackers had come up with a method to circumvent it, and the searches were faced with a new problem.
Now, however, the blockchain technology offers a huge potential step forward in solving this problem. Many researchers see the potential of the blockchain, with new cases of use appearing constantly. Among them is also the co-founder of Lambda, Lucy Wang, who believes that the blockchain could hold the key to finally bringing robust data security on the web.
Wang mentioned this during a recent Marriott Hotel data breach, which was only recently discovered, despite the fact that their systems had been allegedly infected for over 4 years.
Data breaches are increasing
As stated, there is nothing new about data breaches. They were part of the digital world from the moment they became. Almost all hacker websites have already been compromised or are successfully rejecting attacks.
From time to time, a larger incident occurs, although many argue that the time between such incidents is reduced more and more. The biggest incident of this kind in recent months is the violation of data from Merriott Hotel, during which more than 500 million people have been affected.
Hackers managed to steal names, addresses, e-mails, credit card information and even passport information. All this was possible thanks to the fact that the data was stored on centralized servers. Centralized servers are dangerous due to the fact that they offer many potential access points. If only one of them is not adequately protected, accidents like this are unavoidable.
The solution, according to Wang and many others, lies in the transition to decentralized services, which is where the blockchain comes into play.
Why should we worry about data security?
On the internet, data is one of the most important currencies. Data from Internet users is of utmost importance for companies that aim to advertise their products and increase sales. It is also important for governments in terms of surveillance.
Online marketing depends on these data, because our actions during our Internet sessions reveal a lot about our interests, needs and desires. Even when people simply browse an e-commerce platform, there are algorithms working in the background, looking at what the user clicks, how much time they spend on each individual product and other types of data. All of this is processed and delivered to advertisers, which is why it's not uncommon to see ads related to things you've been seeing on different online stores.
However, these data can also be extremely valuable for cyber criminals, who can use them to access your devices, steal your money, or perhaps even your identity. Furthermore, all data collected by companies and websites are stored on centralized servers, as previously mentioned. Centralized servers managed by centralized corporate giants can be data mines and if only one of them is infected with malware or a hacker can violate it, thousands and even millions of people can suffer the consequences.
Blockchain as a solution
The first thing to notice is that blockchain technology it is not a miraculous solution that will solve every problem perfectly. It is a young technology that has given researchers a new perspective when it comes to thinking about solutions to modern problems.
The blockchain appeared at the same time as Bitcoin, although as a concept, had existed for decades at that point. In the last 10 years of its existence, however, it has been revealed that it can be used for much more than just cryptography support, and researchers have started working on its development. Soon, the idea of a decentralized network replacing traditional servers was formed and has since gained more and more support.
It should also be noted that the public chains we have today are relatively ineffective for the purpose of storing user information. There are still many problems that need to be solved, such as cross-cutting problems, lack of TPS, problems with app development or governance, and more. As mentioned, blockchain is not a miracle cure.
However, even with all these problems, this technology is of great importance to take the next step in our technological progress. While it may take many years, or even decades before the problems are solved or circumvented, the development of blockchain will continue and the technology will improve.
The possibilities offered by this technology – greater data security, the inability to manipulate stored information and more – are too precious to ignore. For this reason, a lot of IT security experts, analysts and researchers believe that the blockchain is the future. The only problem at the moment is that it has not yet evolved enough to be used. However, there are constant projects that help it to progress and technology will one day be likely to be ready for traditional adoption.
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