Using Blockchain to secure data in the cloud
12/28/2017Back to Blog
What is Blockchain? Blockchain is the latest craze in cryptography. Or simply put, Blockchain is a mechanism to encrypt data. So what’s the big deal? Encryption has been around for decades. Why is Blockchain more secure? It’s the manner in which it stores and transmits data that makes it next to impossible to hack and steal data. Here’s why.
Blockchain stores data in blocks. The chain stores a ledger between parties sharing data in a permanent way. Each block points to a previous block with a time and date stamp. Blockchain, in its most secure configuration, uses a distributed computing model that requires many computers to transmit and receive data, or create and store the blocks that make up the chain. This technically makes the blocks resistant to manipulation of the data. The data in a block cannot be changed without alteration of all subsequent blocks which requires multiple party collusion to change the data. Essentially all computers used in the chain would need to be hacked at once to change the data in the chain. This mechanism is what makes the Blockchain so secure. It’s why Bitcoin has been so successful in online currency transactions between parties.
How secure is Blockchain? So secure that many governments and major organizations are testing and developing Blockchain technology to transmit and receive data in the future. In fact the Australian stock exchange is moving to Blockchain for securing of transactional data. Besides the obvious benefit of securing financial records between parties, Blockchain technology can be extremely beneficial in securing data for many other industries including healthcare and the transmission of medical records.
One of the primary objections to storing data in the cloud is fear that the data will be hacked or stolen. That mindset can be put to ease with the adoption of Blockchain as a transport to deliver data from one party to another and store it securely. Want to find out more about Blockchain and the cloud? Contact the cloud compliance and security experts at Diverse Technology Solutions to assist you with implementing the latest in Blockchain cryptography security solutions to secure your data in the cloud.