Block-chain innovation can be described best as a group of management institutes/agencies that are highly trusted by the top of the line institutes in technology-sector and also by Government to use and access the sensitive-data of the public, any specific state or the whole country.
Block-chain agencies providing block-chain technologies are fully responsible for the data protection of the users/businesses and there can be severe sanctions that can be faced by a blockchain-firm that fail to protect the data/information of its users/clients. These sanctions can include, but not limited to the following:
There can be heavy consequences blockchain-firm that fail to defend against any cyber-attack/risks to protect its users/clients data/information. But likely now we have block-chain companies/firms that use state of the art security-mechanisms defend and protect its user’s data/information even more than some of the top of the line cybersecurity-institutes.
ADOPTION AND WORKING OF BLOCK-CHAIN TECHNOLOGY
Block-chain technology is not expected by field professionals to be the next face of digital-security for a number of reasons such as lack of knowledge/expertise in the field, high operational-costs, need for high-end hardware-resources etc.
However, with the use and adoption of block-chain innovation the data-security of data/information, records and digital-identities of users/businesses are expected to improve in all the industrial-sectors. For instance, in financial-sector one of the biggest names of a block-chain company is Bitcoin that was started back in 2008 and now it has grown drastically with millions of users all over the globe.
The reason why IT-field professionals consider block-chain technology to be more stable and digitally-secure is that block-chain technology encourages the users to make it even more powerful and secure as most of the block-chains are open-source and blockchain-firms also keep introducing security-enhancements updates from time to time.
Secondly in block-chains, the working process is highly-secure for instance, if there is a data-modification, deletion request generated by the user, the request will have to go through multiple actors for verification and approval, after all, individual-entities approve and verify the request only then will the request be accepted and data/information change will occur. This method eradicates the chance of any un-authorized data-access, data-theft or data-manipulation that adds to the block-chain security (Bitrates, 2017).
APPLICATIONS OF BLOCK-CHAIN TECHNOLOGY
Block-chains are nowadays highly appreciated and used by some of the biggest enterprises in financial, banking, insurance and investing-service providing businesses/firms. Simply the establishments that deal with the high level of sensitive-information/data including military is now interested in block-chains more than ever due to its higher level of data-security-applications.
Block-chains are emerging nowadays all over the globe and older establishments are hopping on the bandwagon as block-chain technology offers them to digitalize their data/information and records present in the physical form along with providing complete data-security/privacy.
For instance, as Bitcoin has made data/information of its users digitally-secure by providing the facility that no transactions made by Bitcoin can be traced back to the receiver or the payer. This level of data-confidentiality interests most of the government-level institutes/agencies especially now military. Not to mention that militaries no matter the region possess some of the most highly-classified information/data and block-chain technology shows a strong promise of providing the privacy/security that is necessary to keep the data secure and confidential from both inside and outside security-threats/attacks.
As cyber-crooks are continuously targeting companies/businesses despite deploying regular security-procedures and mechanisms like anti-viruses, firewalls, intrusion-detection-systems cyber-crooks most of the time still manage to compromise/breach the security-mechanisms that results in a number of consequences like data-loss/theft/leakage, revenue-loss, reputation-loss, damage to organizational-assets/resources etc. for the victim companies/businesses.
While convention-security-mechanisms fail, it is imperative to point out the fact that the block-chains are never been hacked/exploited by the cyber-criminals as regular cyber-attacks do not work on block-chains technology Steve Cheng. (2017). This is why it is abundantly clear that block-chains technology will soon be used in all sectors including, defence/military, education, financial, health and so on.
