British Airways. T-Mobile. Facebook. Google. What do they all have in common? They were all targets of successful database hacks last year. These hacks compromised the identities of tens of millions of consumers and eroded the trust they had in these brands.
Hackers take advantage of the fact that most companies organize their data in centralized databases. Storing all of your data in a central location gives hackers the advantage of focus. They can concentrate all of their effort on a single point and hack until it breaks.
But what if, rather than providing a single target, we threw up hundreds or even thousands of targets … all of which had to be attacked and overcome before our data could be compromised?
Blockchain decentralizes data storage across a network of computers (called “nodes”). But that is just the beginning of how blockchain provides a superior method of data storage. The beauty of blockchain as a superior data storage architecture is that it incorporates multiple strategies all aimed at resisting attacks and ensuring information integrity.
Join me in the subsequent issues of the new 1Kosmos IDentifier newsletter where we will help you demystify blockchain technology and see how it can benefit you and your organization.
In our next issue, we will look at the anatomy of the “blocks” that comprise the blockchain to see how their design ensures near-immunity from tampering. We will then look at the relationships between blocks as they form chains and how this relationship confers even more data security.