Of Corporate Security Magazine | Tuesday 1 December 2020
Businesses can use blockchain technology to secure transactions and secure IT devices.
FREMONT, CA: Blockchain technology is widely related to cryptocurrencies such as Bitcoin. Such currencies allow transactions to be recorded so that cybercriminals cannot easily tamper with them. But there are also other broader implications of the blockchain used to secure transactions and secure IT devices.
What is the blockchain
Blockchain can be defined as a digital ledger. It is a collection of transaction records and each one is time-stamped. However, the blockchain is different from any other transaction process because it is impossible to manage records centrally but from a complete set of computers.
It means that the data available in the chain is open for every system to see, but any sensitive information is encrypted, due to which it cannot be read. If any effort is made to tamper with the information, it will be immediately apparent. Each time a new transaction is initiated, a block is developed that can be verified by numerous other systems and added to a chain stored on the Internet. Therefore, it can produce a unique record that has been verified multiple times separately. Each block is connected to those and before and after. To forge a document, the entire chain must be changed, and due to its size and distributed nature, it is impossible.
Blockchain is better and more efficient for financial transactions because each record is independently verified and the chain develops a record of the transactions made. The technology can also be implemented in any business transaction. Therefore, the blockchain can be used to create conditional contracts, ship goods when a payment is received, and automatically start a service.
The blockchain can also be used to securely store data. Data can be stored directly in the blockchain on numerous devices instead of using a cryptographic key. If hackers attempt to destroy or tamper with the data, they will be excluded from the system analysis of the stored chain and anything else that does not match. You must have access to every device to introduce a rogue record.
.[ad_2]Source link
