Blockchain is undoubtedly one of the most important innovations of the last decade. It has disrupted every major industry and has emerged as a technological force to be reckoned with. But what is it about the technology that makes every major industry want to incorporate it in their business?
Firstly, the biggest asset one can both produce and purchase in today’s times is data. The entire business industry is looking to collect as much user data as they can, because that helps them analyse their target audiences, track buying behavior and create new products accordingly.
Data is nothing but a stream of numbers and words that can tell you a lot about a lot. Unarguably, it is every major corporation’s most prized possession in today’s world. But who is protecting this data?
Most of the data that is out there is extremely valuable and also sensitive. In the wrong hands, it could spell destruction and devastation. They say chaos isn’t a pit, but a ladder, and data breaches can cause the chaos that certain individuals can use as their ladder to acquire power and misuse it.
Which is why, blockchain technology is the need of the hour. Blockchain is one such technology that can ensure the complete security and safety of one’s data. By the virtue of it being decentralized and transparent. it ensures that any data sharing or information exchange will remain strictly between the two parties.
It also ensures that any data that is being uploaded, is safe on the blockchain and cannot be tampered with. The immutability of the technology ensures that it is the most adequate storage space for any and all of one’s confidential data. Which is why, blockchain makes for the perfect gatekeeper of data.