Crypto Academy Week 6 - Homework Post for @gbenga || Security Benefits and Impact of Cryptocurrency in Data Security
I was at the lecture this week on Blockchain security part two. Thanks to Prof. @gbenga for such an explicit lecture. I will be submitting my homework for the week, thus I will be writing on the security of blockchain as it affects data security and the impact of cryptocurrency in the security industry. Please join me.
Introduction
Data loss or data damage is one of the major challenges of the security industry. Industries like the police, army, navy, among others can do exploits with the data storage capacity of the blockchain technology.
It is important to note that with the enormous ability of the blockchain to store information inexhaustive, it is impossible to lose any data on it.
Blockchain can be used for a more sophisticated storage of criminal records of individuals, crime scenes, danger zones and restricted areas. This will become easier for the public to have access to, by simply logging into the network.
In what ways can these be achieved? Let’s find out as we explore more.
Prevention of Data Loss (Resiliency)
The highly centralized nature of the data storage industries, like the security industries has made it unfit for data storage. This is owing to the fact that they have a single point of failure.
If the single centralized sever is corrupted, hacked or damaged, it becomes almost impossible to retrieve the data. Incidence of sever failure or hack has made the police to loss track of vital data on crime scenes and convicted persons information in the past.
This is where the blockchain technology comes in to solve the problem of centralization. The blockchain is centralized, as such information stored there is more secured and accessible by different severs. It becomes impossible to loss any data on the network.
Our security outlets should consider using blockchain for storage of data. This is the new normal.
Maintenance of Data Veracity (Integrity)
There is high integrity for data stored in the blockchain. This is so because any proposed change on the data stored on the blockchain needs approval from other users of the network. In centralized network, this is not so, as someone can sneak into the sever room and change data without the knowledge of network users.
Thus, the use of blockchain for data storage in security industries maintain the veracity of the data stored.
Assurance of Individual Privacy
The blockchain technology is designed in such a way that the individual users are not exposed. Example, a user of Ethereum blockchain has their data saved and yet not exposed to other users. This can be applied to the security company, where sensitive information are stored.
The use of blockchain will keep such information private and secured.
Trust
The decentralized nature of the blockchain provides transparency and trust among network users. This could be of great benefit to the security industry. The blockchain technology, if used will prevent leakage of sensitive information by a fraudulent member of the team.
The lack of trust for the police in Nigeria, for instance, can be solved by the application of blockchain technology. What the security industries need to do is to develop their blockchain and use it for their operations. That way, the trust once lost on them can be restored.
Benefits of Cryptocurrency to the Security Industries
Cryptocurrency provides a P2P payment system, in which there is no need to go through a third party. This can be used as advantage by buying weapons from vendors without the risk of exposure to public eyes.
Also, the transfer of bulky amount of money can be avoided, since that can be monitored by bad eggs in the banking system.
Cryptocurrency offers the privacy, transparency and decentralization needed for transactions in the security industries.
Conclusion
As we can all see from the above, it is pertinent that our security outlets start using the blockchain technology for their operations. The information age is a critical time and should not be left in the confines of unreliable centralized system.
Thank you for reading.