The inception of blockchain technology was specifically to allow people from across the world to share valuable data in a secure and tamperproof manner. Generally, blockchain adopts the most sophisticated mathematical rules to store huge amounts of data and ensures that the rules are extremely hard for hackers to manipulate the system.
However, the security of even the most world-class designed systems such as blockchain can occasionally fail especially when humans are involved in designing the process. The advantages that comes with increased connectivity in the world today can also pose related risks particularly on how the information that individuals create, store and share with others is intercepted at a certain point.
Blockchain technology is theoretically secure due to its unique cryptographic fingerprint for each block and an exclusive ‘consensus protocol that makes it possible to share the data within the system. Today, both organizations and individuals are concerned with how secure their identity information is in this digital world.
The first digital currency to be created using the cryptography narrative was Bitcoin (BTC), which was intended to solve the challenges facing the financial sector. The technology used in this decentralized capability is known as a distributed ledger or blockchain that allows transactions to be recorded in blocks and then linked and secured by a special cryptography. The system enables the stored data to be shared across a network without allowing for modifications.
Information is increasingly becoming a valuable commodity in the world especially across different industries. However, as business organizations share the data with each other, the personal information of individuals is also being exposed and misused by unauthorized people due to the presence of the personalized digital profiles.
Digital services such as messaging, navigation through the social media platforms, and much more, is the fastest way of communication across different people but they comes with a cost to the owner of the information. Currently, the most challenging question for everyone in the world today is how to verify and secure the identity and personal data from the malicious people manning the digital world.