By now, everyone in the business world has already heard about blockchain. Though 10 years ago it was created as the technology behind Bitcoin and for a long time many people believed that the main goal is to carry out financial transactions without intermediaries, today we understand that blockchain can perform various tasks and be successfully used in various industries.

Secure transactions, evidence basis in court, authenticity confirmation, protection from fraud and counterfeit, traceable supply chains, and data exchange between organizations are those things that become possible due to blockchain integration.

Representing a decentralized digital data record and serving as a safe data storage, the technology provides companies with truly innovative business models. The success and popularity of blockchain arise from the value it provides. An understanding of the advantages leads to the understanding of the technology essence and benefits it can offer exactly to you.

Benefits of blockchain technology for data security

1. Inability to change or delete data

Blockchain is based on cryptographic algorithms, enabling to ensure data confidentiality. Each block on the ledger includes a hash to the previous one, so the substitution of another block in the chain is impossible.

Since blockchain represents an immutable and inconvertible data digital record, even the user who uploaded data on the database, can’t change or delete it.

Each user action and each transaction is saved in the database with the possibility to check the time and date of each activity made on the network.

Thanks to these factors, the technology allows safe data storage and data privacy. Representing a history of activities, it can even serve as an evidence basis in court and add high value to cyber forensic specialists when investigating cyber crimes.

