DataWallet and Blockchain

I’m sure you’ve heard the term blockchain being thrown around tech communities recently. It’s a technology that we utilize in DataWallet. Blockchain is responsible for ensuring the safety of our data and makes it impossible for companies to steal your information without your consent. It is one of the backbones of our system.

But how does it actually work? Blockchain has quickly become a buzzword, but not many people actually understand the underlying mechanics. Let’s step out of the virtual world for a moment and imagine a physical scenario.

You are a money lender that keeps your transaction information in a ledger. That ledger contains sensitive information, so you keep it locked within a safe. You are the only one who has a key to that safe.
However, there are other money lenders working for the same bank that also have a ledger. Each week, you all meet with your ledger, and update the information within. You all have to accept an entry for it to be valid. If you find there is an anomaly, and one lender has a suspect entry, you know that it is fraudulent. This is the basic concept behind blockchain; the community validates and duplicates the data.

Still confused? I’ll break it down further in a virtual setting.
You own personal data that you’d like to protect.
You protect that data by encrypting it with a password (like locking it in a safe with a key)
Your locked safe (the block) is distributed across a number of servers and computers (the chain).
Every change to the encrypted data has to be validated and mirrored by every system.
If one system has information that doesn’t match the chains’, it is rejected as fraudulent and removed.

Remember; even though your information is distributed across multiple systems, it is still locked and encrypted by your personal password.

This is how DataWallet uses Blockchain technology to keep your data safe.

Website: https://tokensale.datawallet.com/
Whitepaper: https://tokensale.datawallet.com/pdf/datawallet_whitepaper.pdf

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