How Technology of Blockchain is Protecting Consumer Data

By Stan Peterson
Published January 4, 2022 Updated January 4, 2022
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How Technology of Blockchain is Protecting Consumer Data

By Stan Peterson
Published January 4, 2022 Updated January 4, 2022

To someone unfamiliar with the crypto space, the terms bitcoin and blockchain may be interchangeable. You’ve just scraped the surface with that, though. Blockchain is much more than simply a cryptocurrency or a technology that enables it. It’s a fantastic piece of technology that maintains track of all your records without the need for a central consensus method.

A distributed ledger system’s high level of security is advantageous for constructing a secure data network. Businesses that provide consumer products and services use blockchain technology to keep track of customer information. 

Blockchain is one of the century’s most significant technology advances, it allows businesses to stay competitive without relying on the confidence of a third party. 

Technology is creating new chances for customers to disrupt corporate services and solutions. This technology will emerge as the front-runner in the future as global services in numerous areas evolve.

Furthermore, it doesn’t just end with protecting financial data; blockchain protects all kinds of data. Personal and consumer data protection is given prime importance. 

How does blockchain do that?

  • Encryption 

Blockchain technology can handle everything and ensure that data is not tampered with in any manner. Since blockchain is encrypted by nature, it can offer sufficient validation.

Smart contracts may be used in conjunction with Blockchains to ensure that particular validation occurs when certain conditions are satisfied. If someone updates data, all of the ledgers on all network nodes verify that the modification was made. That way, the sanctity of the data is maintained, and it is updated as and when you go along. 

  • Attack Proof

It is impossibly difficult to hack or attack when it comes to blockchain. As blockchain is decentralized, encrypted, and cross-checked, the data may be trusted. Since the blockchain is so densely packed with nodes, hacking most of them simultaneously is difficult.

Data immutability is one of the staples of distributed ledger technology. It provides a whole new degree of security in which no action or transaction can be tampered with or counterfeited. This system verifies each transaction by requesting confirmation from numerous network nodes.

  • Cryptographic signature 

Aside from that, a business model can use a Blockchain to store a cryptographic signature of data or a large amount of data. This would allow consumers to be secure, knowing that their data is protected. 

Blockchain is used in distributed storage software to break down large amounts of data into smaller parts. This is available in encrypted data throughout a network, ensuring the security of all data. 

  • Protection against malicious attacks

Blockchain technology helps build confidence in the system itself (i.e., “trust by design”) by using information consistency, transparency, and immutability. Consumers (e.g., potential purchasers) and the firm’s current customers may be confident that brands and marketers act with integrity and honesty thanks to blockchain’s trust protocol. 

In this context, consumer-centric transparency is both an antecedent and a result of blockchain-enabled trust, especially when customers disclose their personal information. 

Blockchain can aid in the prevention of malicious marketing of counterfeit items that infringe on the original manufacturer’s intellectual property (IP) rights and breach copyright laws. This is due to the technology’s capacity to support end-to-end product traceability and tight monitoring criteria.

As blockchain technology continues to evolve and add feathers to its wing, its existing capabilities pave the path for a blockchain-based social networking platform that distinguishes it from today’s centralized platforms. 

Hence, The Lovechain being one of those blockchain-based social media platforms, pushes the need for privacy protection and a reward-based program. 

The LoveChain is a tokenized social networking platform that allows users to keep track of their affections in an immutable way. With the core subject being love, a platform is built with all of the functionality seen on existing media. 

It envisions a community of empowered users who have control over the exposure and openness of their data. The LoveChain social media network gives each user the ability to regulate their data so that it is not utilized without their knowledge or compensation. 

On The LoveChain users can also do things that traditional social media platforms are not capable of. Such as uploading content to the blockchain and in the process creating permanent memories. It will also be the first social media platform in the world that gives users the ability to create NFTs (collectibles) from their content.

For more information on how The LoveChain is solving problems with social media by using blockchain technology, follow them at https://linktr.ee/lovechain

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Stan Peterson
786 Articles
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.

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