Data is rapidly turning into one of the most precious resources in the world.
The top ten global businesses by market cap are mostly made up of data-driven companies such as Facebook, Alphabet, Microsoft, Apple, and Amazon.
The implication of this is that your data stored on these databases is presently the primary target of fraudsters who perpetrate cybercrime.
In 2015, sensitive data of 20 million people who went through background check conducted by the US government was hacked.
The cybercriminals had unpermitted access to personal details, Social Security numbers, fingerprints, employment history, and financial of the individuals consigned. Securing data through standard encryption alone is no longer sufficient.
Even big conglomerates like Anthem, Target Corp, and Home Depot have experienced extensive data breaches in the past which affected hundreds of millions of users. No company is immune from the threat data security. Evidently, the existing solutions of data security are insufficient.
Cloud services time and again do not provide the required protection. They are an excellent target for cyber attack given their centralized mode of operation. To use these services, you must require the services of intermediary organizations. It is obvious that a different solution is needed.
The recent Facebook data breach and Cambridge Analytica scandal
The Recent Facebook data breach says it all. We require a new solution that will ensure data safety. Luckily enough, blockchain technology comes as a handy solution to these numerous data breach issues.
The New York Times, the Guardian, and the Observer of London reported data breach by Facebook on the 17th of March.
A researcher from Cambridge Analytica (CA) had accessed sensitive data of 50 million Facebook users without their knowledge through third-party apps and used it to reach voters with personalized messages while campaigning for Donald Trump during his Presidential campaign. The data breach was revealed by Christopher Wylie, a former staff of CA.
This prompted reactions across the world and resulted in four lawsuits against Facebook in a single week. The lawsuits are from:
- Facebook user Lauren Price of Maryland;
- Facebook shareholders Fan Yuan and Robert Casey and;
- a suit by Hallisey which seek compensation for the data breach, to recover investment losses and to restore Facebook shareholders to their previous positions due to the loss incurred by the 10 percent drop in the Facebook market cap as a result of the data breach respectively.
Mark Zuckerberg, the CEO of Facebook CEO tendered an apology in a public statement about the breach of trust by acknowledging that the company didn’t do enough to protect the user’s data at that time. He stated that they are currently taking steps to prevent a repeat occurrence of such data breach in the future.
Blockchain data management solution
Blockchain technology is one of the key technological innovations of our time. Blockchain permits a network of users to carry out transactions without trusting any third party. All the information is encrypted and tamperproof, and any attempt to manipulate the data would be discovered instantly by members of the blockchain network.
Blockchain technology makes management of sensitive data simple. Thus, government agencies can easily access and make use of critical public-sector data and at the same time ensure that these data are secure.
This sensitive information is stored in an encoded digital ledger, distributed on numerous computers in a public or private network.
The blockchain is made up of blocks which represent records of data. These blocks are linked in chains or blocks and cannot be altered or wiped off by a single user. They are somewhat verified and managed automatically through shared governance protocols.
Blockchain has a lot of applications and has a lot of uses in many industries including financial institutions, payment-service providers, and insurance companies.
Through blockchain, user data are distributed across its network and can be accessed by members around the globe instead of handing it over to companies like Facebook, Amazon or Microsoft. No one can read or tamper with anybody’s sensitive data.
This helps users to have complete control of their data which would solve the issue of data security, make data safe easily accessible in a decentralized environment.
Besides, the blockchain smart contract system makes it for specific transactions to be carried out when particular conditions are met which allows automated programming or alteration of data as soon as a new deal is sealed.
Blockchain healthcare data storage
Storage of healthcare data is another excellent application of Blockchain technology. Health institutions have to work hard to ensure the safety of patients ‘data. They must also keep an updated record of data, make it easy to audit and access by all necessary party.
Blockchain offers a perfect solution to the entire auditing and accurate ledger keeping process. Some blockchain solutions are set to positively alter the operation of things in the healthcare set up. One of the recent blockchain ideas that are aimed to ensure seamless management of healthcare data is created by Dentacoin.
Dentacoin is the first Blockchain solution for the global dental industry, providing an industry-centric cryptocurrency and numerous software solutions which aim to connect all market participants and generate benefits.
Dentacoin’s Dental Records Database, which is in development at the moment, secures the dental data of patients and gives the ownership of one’s data back to the people. Only patients are able to upload their records, they are the only data owners and can allow temporary access to their data to doctors.
Given the numerous records of the substantial contribution made by blockchain technology across many industries including finance and healthcare, there is no doubt that solutions like Dentacoin would bring a massive disruption in the way and manner healthcare data is stored and managed.
Blockchain would eliminate the need for third-party participants and the considerable cost involved and impact positively on the health care services received by patients while at the same time minimizing cost.