Is Decentralized ledger the solution for database breaches?
Lately, one has witnessed a rise in data breaches. Many top-notch companies have proven unable to protect their customers’ data adequately. Whenever a customer makes a purchase, registers for a website, do any money-related or other related activities online, they considerably widen the attack vectors that cyber actors may exploit to compromise their sensitive information, therefore business needs to be proactive.
The digital era promises a revolution in almost every industry, driven by advances in data collection and big data analysis of the available information. However, this rapidly-growing information, if left unchecked will have catastrophic consequences shortly.
A Centralized Database
Databases are considered the backbones of many business operations and are mostly on paper. Little to no redundancy, poor scalability and total reliance on the host for uptime and more are the reasons that they must be phased out for more resilient structures. The most significant weakness is in the form of a single owner or administrator which facilitates data breaches. This gives the hackers loopholes which means that now they can sell these personal datasets of customers or can use it to for identity and fraud threat. Therefore, the only way out is to adopt decentralized data stores.
Technology has advanced, and the innovation available to innovators currently differs significantly from what was available before. Advancement in cryptographic and distributed systems has come a long way in providing layers of privacy and security to datasets that initially were full of vulnerabilities.
Decentralized databases leverage public-key cryptography so that the individuals have sole control of their data. The benefit is that there is no central repository for a hacker to target. If the malicious actor wants to fetch data, he would require identifying all the nodes for the encrypted packets, gain access to the packages and put all the pieces together. Even then, they would not have sufficient information.
The consequences of data breaches are disastrous and cannot be mitigated by reiterating over the same vulnerable infrastructures. Security must be prioritized to accommodate the ever-expanding generation of personal data.
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