Blockchain To Secure Storage Of Sensitive Data

Data Security is no longer a luxury or an afterthought. With so much of our private, personal, and sensitive information being stored and transmitted online, tight security and privacy are now necessities for everyone.
 
But, just as more of our lives are going online, we are hearing about more data breaches and hacks than ever. Blockchain technology can improve on current, centralised data security solutions, and help keep us safe and in control.
 
Data Security – A Global Crisis
Data is quickly becoming one of the most valuable resources in the world. The list of the top 10 companies by market capitalisation is now dominated by data-centric companies like Facebook, Google, Alphabet, Microsoft, Apple, and Amazon. That value means your data, especially your sensitive data, is now a prime target for cyber criminals, and you probably aren’t as protected as you think.
 
Even giant companies like Anthem, Target Corp, and Home Depot have had major data breaches over the last few years affecting hundreds of millions of people. Clearly, current solutions aren’t good enough to keep us safe. Cloud services often aren’t the solution either. As hugely centralised systems, they are more valuable targets still. You also need to trust a 3rd party to store your sensitive data for you, which for many companies often isn’t desirable or even legal. 
 
A new solution is needed.
 
Blockchain as an Alternative
Blockchain technology has been one of the major technological breakthroughs of this century. Bitcoin, the first Blockchain application, allows a network of users to perform transactions without requiring the trust of anyone on the network, or a third party. 
 
Everything is encrypted, and nobody can tamper with the Blockchain without everyone else noticing immediately.
Bitcoin has deeply penetrated into our daily lives and proven to be remarkably effective as an investment, means of payment and earning asset. 
 
Today the crypto-currency ecosystem is advanced enough to let practically everybody get into Bitcoin at the click of a button. There are cryptocurrency exchanges like CEX.IO that provide users with a wide range of tools for trading, buying and selling, as well as simply storing Bitcoins and altcoins securely on their platforms.
 
Blockchain for Data Storage
There are a few ways that a Blockchain can be used in distributed storage software. One of the most common is to:
 
1. Break up data into chunks.
2. Encrypt the data so that you are the only one with access to it.
3. Distribute files across a network in a way that means all your files are available, even if part of the network is down.
 
Essentially, instead of handing your files to a company like Amazon or Microsoft, you distribute it across a network of people all over the world. The cloud is shared by the community, and nobody can read or tamper with anyone else’s sensitive data. In other words, you stay in control. 
 
This could also be useful in public services to keep public records safe, available, and decentralised.
Another model is to just save a crypto-graphic signature of a document or file on a Blockchain. This would give users a way to ensure a file is untampered, without needing to save the entire file on the Blockchain. When you look at a file, you can guarantee that it is the same version of the document that existed at another time.
 
Smart contracts can also be used with Blockchains. These ensure that certain transactions happen when certain conditions are met, meaning records can be programmed to be changed or updated automatically.
 
Advantages and Benefits
There are some major benefits to using a Cloud storage model. Including:
• Peer to peer networks can make download speeds lightning fast (similar to torrenting).
• Your data is distributed all over the world, so it is highly available when you need it.
• You don’t have to worry about anyone else having access to any of your data.
• It can be extremely cheap – as low as $2 per TB per month.
• If you have some extra space lying around, you could ‘rent out’ your free space and actually earn money.
• With a large network with many reliable participants, clever techniques could mean a very low level of redundancy factor, even as low as 1.5.
• The immutable nature of Blockchain records means you can know if a file is accurate and unaltered.
 
Possible Problems and Limitations
There aren’t many Blockchain storage products available yet because there are some challenges that need to be solved first:
• Security is limited by the size of the network. If a Blockchain network isn’t large or well distributed, it becomes vulnerable to attacks.
• More redundancy may be needed than other storage models if the network isn’t big or reliable enough.
• Network communication overhead can be huge. This is a problem for engineers and will largely determine how viable this technology will be. A balance between usability, speed, and security needs to be found.
• Network bandwidth could be a problem as we can see this with Bitcoin. With a maximum of seven transactions per second, Bitcoin is getting slower and more expensive to use.
 
Current Blockchain Storage Products Available
Blockchain technology is still in its infancy. However, there are a few organizations developing some great ideas. Storj.io and Sia.tech are two Blockchain storage products available right now.
 
These are early examples of this kind of technology, and there will be more to come. Filecoin is another product (although this one doesn’t quite exist yet) allows individuals to mine Filecoin by sharing storage space (similar to mining Bitcoin by helping secure the network). Filecoins can then be traded for storage space on the Filecoin network or converted to Bitcoin, altcoins, or cash.
 
Other Possible Blockchain Storage Applications
Healthcare data could be a great fit for Blockchain technology. Organisations struggle with keeping patient data secure, up-to-date, auditable, and accessible to all parties. These are all things Blockchain technologies are perfect for. It’s still early days, but this could revolutionise how health records are handled.
 
Exciting Times Ahead
Blockchain technology is expected to disrupt many different industries. The secure data storage market is currently dominated by huge third-party providers, and now it is one of the key targets for Blockchain developers.
 
Soon, everyone could all have access to cheap and secure ways of handling even the most sensitive data, without needing to trust in any third parties.
 
Dataversity
 
You Mght Also Read: 
 
DeepMind Uses Blockchain To Track Health Data:
 
Applying Blockchain to Cybersecurity:
 
 
« Employees Are Still The Cause Of Most Cyber Breaches
Chinese Healthcare Technology Moves Ahead »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

North Infosec Testing (North IT)

North Infosec Testing (North IT)

North IT (North Infosec Testing) are an award-winning provider of web, software, and application penetration testing.

Clayden Law

Clayden Law

Clayden Law advise global businesses that buy and sell technology products and services. We are experts in information technology, data privacy and cybersecurity law.

CYRIN

CYRIN

CYRIN® Cyber Range. Real Tools, Real Attacks, Real Scenarios. See why leading educational institutions and companies in the U.S. have begun to adopt the CYRIN® system.

ManageEngine

ManageEngine

As the IT management division of Zoho Corporation, ManageEngine prioritizes flexible solutions that work for all businesses, regardless of size or budget.

RIVA Solutions

RIVA Solutions

RIVA provides innovative best practices in IT and management consulting, program support services and emerging technologies.

Retail & Hospitality Information Sharing & Analysis Center (RH-ISAC)

Retail & Hospitality Information Sharing & Analysis Center (RH-ISAC)

Retail & Hospitality ISAC operates as a central hub for sharing sector-specific cyber security information and intelligence.

Auth0

Auth0

Auth0 is a cloud service that provides a set of unified APIs and tools that instantly enables single sign-on and user management for any application, API or IoT device.

Nexthink

Nexthink

Using our solution, hundreds of IT departments effectively balance offering a productive and enjoyable end-user experience with making the right decisions to secure and transform the digital workplace

Keyavi Data

Keyavi Data

With Keyavi’s evolutionary data protection technology, your data stays within the bounds of your control in perpetuity.

SOC Experts

SOC Experts

SOC Experts is a pioneer (we started SOC training well before people realized how big the domain was going to be) and the only institution to provide end-to-end training on Security Operations Centers

Templar Shield

Templar Shield

Templar Shield is a premier information security, risk and compliance technology professional services firm serving North America.

Viria

Viria

Viria is an information and security technology solution provider that promotes digitalization in a secure way.

Quside

Quside

Quside, a spin-off from The Institute of Photonic Sciences in Barcelona, designs and manufactures innovative quantum technologies for a wide range of applications including cyber security.

Stratia Cyber

Stratia Cyber

Stratia Cyber is an independent, technology agnostic company providing high quality, pragmatic cyber security consultancy and expertise.

US Fleet Cyber Command (FLTCYBER)

US Fleet Cyber Command (FLTCYBER)

US Fleet Cyber Command is responsible for Navy information network operations, offensive and defensive cyberspace operations, space operations and signals intelligence.

Proximity

Proximity

Proximity is a leading professional services organisation providing consulting, legal and commercial advisory solutions with a focus on government and regulated industries.

Accedian

Accedian

Accedian is a leader in performance analytics and end user experience solutions, dedicated to providing our customers with the ability to assure their digital infrastructure.

Sentra

Sentra

Sentra is focused on improving data security practices within the cloud, mitigating the risks of damaging data leaks by providing comprehensive visibility into critical data assets.

Anonos

Anonos

Anonos is a global software company that provides the only technology capable of protecting data in use with 100% accuracy, even in untrusted environments.

Icon Information Systems (ICONIS)

Icon Information Systems (ICONIS)

ICONIS is an integrated infrastructure and service provider, offering unified Information Technology (IT) solutions globally.