Connected devices are increased with online transactions. For managing these devices, data and transactions, strong network security is essential. What solutions we see all around are based on cloud infrastructures that need high-end servers and broadband networks for providing data storage. These solutions have loads of disadvantages like security & trust issues, costly maintenance costs, weakness of IoT applications etc. Blockchain technology is a prominent technique that can efficiently address security problems and create decentralized frameworks. It has huge potential in various fields. Do you know that blockchain encrypted documents are secured? You can even share your valuable credentials through this technology. Read this blog to know its benefits and security schemes that can offer ultimate security in our life.
An overview of blockchain technology:
The process of blockchain is known as the transaction between the users on the network which are grouped into blocks. Every block is validated and kept on the network. It is following cryptographic techniques depending on the type of blockchain. With this technology, the consensus concept has evolved. It is the mechanism that guarantees communication between two entities with no interference from third parties or intermediaries. You can use blockchain in smart contracts, the Internet of things, digital identity management, insurance, banks, education & many applications.
What is blockchain security?
Let us remind you what blockchain is? It is a distributed ledger technology that is constructed to offer confidence and trust. It is distributed throughout the complete network of the computer systems.
Blockchain technology musters and stores every bit of information in the groups known as “Blocks”. Every single block can hold data. Blockchain security is a risk management system for your blockchain networks consolidating cybersecurity, assurance services and other practices to reduce the risk of cyber attacks and fraud. The data structure of blockchain technology has some inherent security qualities. How does security come? All due to decentralization, consensus and cryptography principles.
Every new block of information connects to previous blocks in a method which is almost impossible to change or tampered with. Every transaction gets validated in the block & agreed upon through authorized users by ensuring every transaction is accurate and true. So there is no “Point of Failure”. With the help of certificate validation QR codes, users can seamlessly secure their documents.
Different types of blockchain:
The different types of blockchain technology are:
1) Private blockchain
The private blockchain networks need an invitation. Users should get validated through either the central administrator or the starter of the network. Organizations using private blockchain usually set up a permissioned network. These permissioned networks restrict who can take part in the network & types of transactions they do. The participants require at least permission or invitation to join. Private blockchain use “Proof-of-Authority” and are used for handling tasks like authentication, access as well as record keeping.
2) Public blockchain
Public blockchain concentrates on transparency and participation. Here, the consensus is decentralized and it means anyone can easily participate in network transactions and are available to the public (Ethereum). In this type of blockchain, the network is devoid of a political centre of control. Its software system design does not have any architectural central point of failure.
3) Consortium Blockchain
This blockchain contains known participants, already approved by the central authority to take part in the consensus in a blockchain network. You can say it is- ” Semi-permissioned” approach permitting the network to be partly decentralized or distributed. They still permit a degree of control. The transaction data is kept private in consortium blockchains. The consensus in consortium blockchain can reach through Proof of Authority (PoA), Proof of Work etc. This type of blockchain technology is well suited for banking, supply chain management, the Internet of things etc. With QR code certificate verification, get your certificates verified.
What are some fundamental security techniques of blockchain
Let us discuss in detail some basic security principles:
It is a guarantee of only authorized people accessing the information, Blockchain technology uses the mechanism of “pseudo-anonymization” for hiding the user’s identity for ensuring full confidentiality.
Integrity makes sure that any information has not been altered or changed but only by the authorized ones. This technology uses the mechanism of cryptography for ensuring every operation is unhackable and immutable to verify integrity.
Availability makes sure the data is for everyone’s needs. Blockchain permits participants to maintain the blocks in a decentralized way with several copies on the blockchain.
So we hope you have got a smooth overview of blockchain technology and its security. Due to the security potential of blockchain, it is most widely used throughout the world. In recent years, most industries have embraced blockchain. The advantages of blockchain come from its security and decentralized nature. More and more companies will surely implement blockchain in future. The blockchain encrypted documents are completely secured and get your data encrypted.