The blockchain records data in hash functions with a timestamp and link to the previous block. These blocks are stored anonymously with other stakeholders in the network and decrease the risk of vulnerability. The digitalized ledger is not limited from its functionality to conduct financial transactions. With increasing cyberattacks, mobile app security has become a significant challenge for developers. Apps contain very confidential data which is a prime target for the attackers. The blockchain technology has risen to the occasion with solutions.
There are apps when downloaded from the store that demand the sharing of personal data. Some of the advanced which are added to the app that poses a threat. The blockchain technology when transactions take place between two individuals, the block stores information related to the amount of money encrypted, the sender and receiver. Each block is connected with each other through a series of a chain. It is impossible to modify the data available due to the maintaining of transparency. This makes the blockchain a very secure technology.
The technology can also make the payment system securer and provide a robust security paradigm to the enterprise apps and also to protect vital information and healthcare data. Users will also be saved from getting their passwords getting leaked as the distributed network of the blockchain needs no password to authenticate.The two parties agreeing to a transaction require using an SSL certificate, and the network verifies every transaction so there would be no cyberattacks. The technology can also provide private key encryption to the users that are undertaking the cryptography project by which no one can change or misuse data using a decentralized platform.
This article first appeared at cioreview.com.