Blockchain as a technology has taken the world by storm. The global blockchain technology market is projected to be worth $20 Bn by the end of 2024, according to Transparency Market Research.
The hype of blockchain has reached to unprecedented levels in the world and that makes it easy to lose sight of the potential benefits and weaknesses.
Looked upon as one of the most disruptive technologies across industries, blockchain most certainly has the potential to reduce costs, increase transparency, enhance security and increase efficiency among others.
The primary benefit of using blockchain as a technology is the enhancement in data security that it provides. Data is by far one of the most important assets in the world currently.
Some of the world’s leading conglomerates like Alphabet, Amazon, Facebook, Apple, Microsoft, etc. are data-centric companies. Securing data has become the most critical priority for businesses around the world. This is where Blockchain can be used as a strong alternative to Cloud and Server based companies.
Let’s look at how blockchain’s impact when it comes to data security: