Blockchain: The Most Secure Technology in Finance Sector
One of the most dreaded cyber-attacks today is ransomware. In this type of attack, malware is directed to a company or personal database where it encrypts all the files, making them unavailable for users unless they pay a ransom for decryption. But this is not the only threat that can face your business or data. Acts of arson, insider threats, and computer crashes can easily wipe it out. Now, you have a reason to smile because blockchain technology has a solution that you can rely on.
In this post, we take a closer look at blockchain technology and its application to demonstrate why you should start using it for better security. Why risk your funds, data, and operations when there is a better option? Blockchain is here and setting the pace for the future of finance.
It is Immutable
The most notable attribute of a blockchain is that it is immutable. Once information about transactions is added to the blockchain, it cannot be changed. Unlike in a centralized database where a few persons have the authority to edit the details, there is no way to change the details added to the blockchain. This means that your information and details about the transaction at hand will always be safe.
One concern that people have about using banks and their credit cards is that their information is not secret. When you send money through a bank account, a long list of people will have access to the details. For example, cashiers who handled your details, the bank management, and country leaders will be able to access the details with a few clicks.
If the details about your bank balance, transactions, and the people you deal with are leaked, you can easily become the target for fraud. For example, you might be indirectly targeted through legal suits. Instead of worrying about all of these, which extends into risking your assets, you should consider working with blockchain and cryptos.
With blockchain networks, you send funds on a peer-to-peer basis, meaning no third party gets to know about the details. Even the nodes that confirm the info can only check back to confirm the balance but can never know the personal details because they are encrypted.
Zero Risk of Suffering Losing Data
Think of a situation where a bank’s central data system is attacked by malware that damages the database and the stored details. It might even be a direct case of arson where the computers in a bank system are damaged. If there was no backup for such information, this could mean a huge loss, but you can avoid it by using blockchain.
With blockchain technology, information is stored in separate computers, which implies that it is impossible to lose it. Even in the event that one of the nodes loses his computer or ceases being a member of the network, the others will still have a copy. So, you will be able to access the details without delay. This is considered one of the best methods of safeguarding information.
This post has demonstrated that blockchain is one of the best methods of enhancing your data safety. If you are worried that a lot of people will get to know about your personal details or your assets are at risk, blockchain is the way to go. Remember that blockchain also offers you the opportunity to make some passive income. For example, you can acquire and use native crypto coins to create new streams of revenue through staking or yield farming. To learn more about blockchain and cryptocurrencies, make sure to talk to work with experts. Visit hi.com for all your blockchain needs.