According to Satoshi Nakamoto, an anonymous individual, or a group of developers, blockchain is a technology that focuses on increasing transparency by introducing ledgers that allow everyone on the network to view the information stored on the blocks. With blockchain’s decentralization feature, data is stored on every device on the blockchain network rather than a single centralized server. This distributed storage and decentralization feature not only helps in securing the information but also allows everyone to have a copy of data stored in the blockchain. Apart from increasing transparency and improving security, privacy with blockchain is another feature that is making blockchain a popular technology. According to statista, the number of blockchain wallet users crossed the 21 million mark in December 2017. Organizations are always on their toes to search for ways through which they can leverage such a groundbreaking technology as blockchain. Privacy is a concern with numerous industries, as several technologies do not ensure that their privacy is up to the mark. This drawback, of information not being secure in traditional databases and privacy being at stake, led CTOs and CIOs to turn towards blockchain to enhance their privacy measures.
Privacy concerns around blockchain
With the estimation of social media users reaching to almost a 3.02 billion by 2021, business organization heads started taking privacy concerns seriously; looking for solutions to increase privacy in their offerings. Users are often not aware that their privacy is at stake and their information is up for grabs by anyone and everyone who gains access to the database. Controlling the number of people who can view confidential information and reuse it is a big challenge faced by authorities. When an individual’s personal information gets leaked without their consent, the chances of knowing it well in time becomes nearly impossible. When such an incident occurs, the individual’s privacy gets infiltrated and is put on display for the world.
Strengthen privacy with blockchain
Blockchain’s security is a feature that has earned it enormous fame and acknowledgment. Privacy is another feature of blockchain that can be used by companies to ensure that information is proof of any infiltration. With blockchain technology, users can store data on distributed ledgers. The ledgers are secured with encryption and are extremely difficult to decrypt. With such dynamic features, anyone can easily track a misuse of their documents and raise an issue promptly.
The use of blockchain technology to uphold privacy will assist enterprises in ensuring that their data is secure. The demand for privacy with blockchain is on a rise and authorities should now look for ways through which they can leverage this technology. Besides, Blockchain as a Service is also available for companies that do not wish to set up their own blockchain network. BaaS is proving helpful for numerous organizations by allowing them to reap benefits of the blockchain technology without the need to establish their own blockchain network.