We have heard so much about Blockchain, but do we really know all about its privacy and security. Privacy and security are the most important of any technology and is really of great concern when technology is new and growing so fast.
There should be a crystal clarity in terms of Privacy and security. Privacy is a human right in many countries. Data in blockchain is stored in blocks which are stored on different computers and how it is still private? And if I want to delete my information where do I need to go? There are so many such questions. No doubt Blockchain is good for a lot many things but still, we need to reconsider a few aspects again to make the system more reliable.
All the transaction in blockchain is publicly published without encryption in many applications. This could be a personal or financial data. Now if someone can easily access my personal information, where is the Privacy of my data. This is a serious concern in countries like Germany, the United Kingdom. As per the GDPR(General Data Protection Regulation) policy in the United Kingdom, an individual has the right to recall their consent and permanently delete or retrieve any personal information they shared before. This doesn’t fit in the Blockchain picture. Whatever information stored in the blockchain will be there forever.
One solution to this problem is storing only encrypted data to the blocks. However, this is also not an accurate and safe solution. If the decryption key is lost, data associated with that will not be recovered. It will be worse if data will be stolen or published as all the information will be decrypted on blockchain which cannot be altered. With these drawbacks, Blockchain can also help us in improving cybersecurity strategies.
Should there is a Blockchain system, it would be almost impossible to complete DDoS attacks. A blockchain based DNS system will be transparent and more secure. The distributed system will be tough to target, and data cannot be altered too as blockchain has append-only nature.
In blockchain, every transaction is distributed to all over the chain on different blocks, it is impossible to manipulate the data in any case. Something which is distributed all over the platform cannot be changed. It will be hard to change a piece of information on all blocks. This blockchain feature has a practical implementation in various countries proving it one of the best solution. The immutable nature of Blockchain makes this technology considerable in many fields.
Privacy and challenges
Though the blockchain has many great implementations, the thought that every transaction executed is visible on all the nodes and is not private is fearful. zCash and Ethereum are working on this aspect to make the transactions anonymous on the platform. This makes more sense to the privacy of our data. Even though our data is encrypted, it will reveal some metadata and the statistical analysis of which can provide the pattern. Another very important challenge to blockchain is its scalability.
Anything which is growing so fast has risk associated with it. We see cyber threats and crime to such technologies every day. Though the blockchain technology can empower other technologies and applications it is very important to harden its own core system. The blockchain is using its strength of decentralization very well. The blockchain is a smart technology with use cases everywhere from the Internet of things to smart contracts to currencies like Bitcoin. Whichever field it is in, it is ruling.