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Recent data breaches have convinced consumers that their personal information will never be secure. Blockchain may be the answer to this problem.
Data breaches like the recent Equifax and Deloitte hacks have brought bright attention to the fact that personal data is not secure. In a host of areas, data is at risk from breaches that would result in the loss of privacy and perhaps finances.
The Harvard Business Review (HBR) thinks that Blockchain technology has to power to keep data safe for consumers and businesses alike. Because Blockchain provides a secure and immutable ledger, HBR says it represents the key to taking back privacy of data. According to the article:
“You can keep certified copies of identity documents, biometric test results, health data, or academic and training certificates online, available at all times, yet safe unless you give away your key. At a whole system level, the database is very secure.”
Each of these areas already has Blockchain technology pilots in place as companies seek to use the distributed ledger system to both protect data and maintain access. As mainstream publication and awareness grows, the nascent technology will continue to gain adoption in new and diverse areas.
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