July 31, 2017 Blockchain

How blockchain can make online transactions safer

Are your online transactions safe?
Are you sure that the personal information you provide to verify your identity is secure with the authority who requested it?

“Cyber theft is the fastest growing crime in the United States by far,” according to U.S. President Donald Trump. Top 5 data breaches in US healthcare institutions in 2016 involved data theft, data loss and unauthorized disclosure. From 2016 to 2019 global cyber crime costs are expected to greatly increase, reaching US $ 2.1 Trillion. Hence Cyber crime is not only costly, but poses other problems as well for organizations worldwide.

Online transactions have severe limitations. The identity of people involved in transaction are reliably established by intermediaries like bank or the government. Here the technology is invading the privacy. The loopholes in this system may have catastrophic results like usage of collected private information for commercial gains. Also, there are chances of tampering of transaction process by hacking at any point. What is point of a transaction by risking your confidential information and moreover the transaction itself isn’t secure!

Blockchain is the next generation one stop solution for all these problems. It is an efficient, decentralised, tamper proof and transparent technology which is revolutionising the ecosystem of cryptocurrency transfer.

The concept of blockchain is verifying and securing the integrity of data without involvement of a third party. In simpler words, blockchain allows financial transaction without going through a bank, PayPal or a credit card company. It is “Internet of Value”.

What Blockchain does:

  1. Eliminates central points of attack & failure
  2. Enhanced security: Tamperproof technology
  3. Fewer errors
  4. Efficient and economical

How is Blockchain better?

  • Blockchain is hacking proof as there is no central database to hack! It is a distributed ledger.
  • Blockchain is more secure than any other technology as transactions are unalterable. The transaction history is viewable by people on the network and is open.
  • Virtual security is ensured by dual encryption involving public and private keys. This system is more efficient than any firewall!

How does blockchain work?

STEP 1: Transactions conducted are subjected to verification and clearance.

STEP 2: The verified information is stored in a block. Each block is linked to its preceding block thereby creating a chain.

STEP 3: In order to be valid, each block must refer to its preceding block.This ensures that blockchain ledger is unalterable as if any change has to be made the entire chain of blocks would have to be altered and will be easily detected.

In simpler words, blockchain represents a network consensus of every transaction made no matter how small.

Applications of Blockchain
Blockchain can be used as a ledger for everything. Be it business, commerce or economy Blockchain based solutions will safeguard your information and efficiently verify and complete the transaction. Blockchain can be implemented anywhere and everywhere and is versatile in terms of usage.

Blockchain Potential Applications
Financial Institutions.
Government offices where records of personal information and licenses are maintained.
Insurance companies.
Healthcare Sector.

Want to know how your business can benefit? Get in touch with our team of experts who can help you out identify the possible advantage you can garner with Blockchain.

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