Using the Blockchain to Secure Sensitive Information

in #ico4 years ago


The internet is in bad shape right now. After nearly two-decades of tech innovation and unbridled participation, we’re starting to see some of the consequences of putting so much important information online.

It’s no longer a case of if, but of when another major data breach occurs. Prolific hacks at major outlets do very little to undermine this point. In the past year, we’ve seen everything from Yahoo to Equifax compromised, and the data of their users stolen.

Of course, it wasn’t just Yahoo mail and financial data that’s been breached. Social media giant Facebook, which nearly a quarter of the world’s population participates in, can’t seem to stop making news. The most recent reports have more than 87 million users subjected to data misuse that could have been used to drive targeted ads to fulfill political agendas.

This is just a glimpse at the situation, and it’s a mess.

However, the surface-level solutions that often pass as profound aren’t actually that helpful. For instance, the #DeleteFacebook campaign will do nothing to stop the next egregious data breach, and, in a digital-first environment, we don’t really have the option just to go analog.

The solution has to be better technology. If we are going to digitise all of our personal and professional information, then we need better assurances that this information is secure.
New Solutions. Better Solutions.

Many are pointing to the blockchain as the security solution for the digital age. They aren’t wrong. The blockchain is a decentralized ledger system that is unchangeable, uninterruptable, and easy to use. Although it was first introduced in 2009 as the record-keeping software for Bitcoin, it’s being pursued by every industry as the future of data security and digital transactions.

IBM CEO, Ginni Rometty, said of the blockchain, “What the internet did for communications, blockchain will do for trusted transactions.”

In a front-page feature in The New York Times magazine, Steven Johnson wrote, “The Bitcoin bubble may ultimately turn out to be a distraction from the true significance of the blockchain.” This isn’t a knock on Bitcoin, which has amassed a market cap in the hundreds of billions. Instead, it’s a strong endorsement of the blockchain’s ability to vastly improve the online experience.

The Blockchain: A Case Study

Several public blockchains allow companies to develop specialized platforms that embody the blockchain’s best features. The leader in this regard, Ethereum, hosts thousands of blockchain startups, and its ERC-20 token standard is normative in the industry. The companies launching on Ethereum are on the front lines of security and transferability.

Blockchains are inherently bad at storing large amounts of data. The Evident Proof platform opts instead to leverage the immutable storage offered to store seals on the blockchain, so as to create verified records of corporate data, compliance standards, licences or other vital value sets. As such, sensitive information can be secured with its provenance assured, whilst also remaining shareable

The Evident Proof offering applies the security features of blockchain tech as well as the EVM’s support for smart contracts. By tokenising information, Evident Proof can ensure that data is simultaneously completely transferable but also wholly private. What’s more, using a unique utility token, platform users can transact right on the platform, so there is little risk of sensitive financial information being leaked.

Preparing for a Digital First Future

In reality, we are already living in the digital age. The internet and constant connectivity are pillars of our personal and professional lives. Unfortunately, as recent events demonstrated, we may have gotten a little ahead of ourselves. To safely proceed in the digital economy, we need better technology, and, fortunately, that technology has arrived.

More specifically, the platforms developing on top of the blockchain are a reminder that we can safely and proficiently embark into a digital-only future. Each of Evident Proof’s security features is representative of the blockchain’s ability to secure information while also making it highly usable. That’s what we so desperately need in this tumultuous time.

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