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Blockchain can be the solution for Payments and Data Security

Dec 04, 2017 Posted /  16097 Views

Blockchain can be the solution for Payments and Data Security

If you will talk with your grandfather/father about the debit/credit cards scams, he will remark that these are certainly overwhelming the world. Nonetheless, he will also pronounce that the frauds escort him to believe that using traditional paper currency is much safer. Though he might understand that paper currency can be hoarded and lead to tax frauds yet he will propose that this way his hard earned money remains secure with him.

These days everybody can apprehend that the data security crisis is real. What is even more pressing is that a middle earning household which is not familiar with the peculiarities and idiosyncrasy of the centralized monetary system is the one who faces the financial loss. For instance, a study conducted in the year 2016 by IBM stated that data breaches on average cost $4 million per incident (Hackett) which all goes from the pockets of the people in the form of indirect taxes.

However, it has been deliberated time and again that Blockchain can sustain digital security much better than any other safety measures and software. The prospects of blockchain technology in the lexis of Dan Tapscott, co-author of the book Blockchain Revolution is “Blockchain is the second generation of the internet.”

Blockchain for Data security

The blockchain is a technology based on the digitally distributed ledger model that permits express payments and devoid the requirement of mediators or prime regulatory authorities. It is quite evident that central database which stores huge amounts of information on their own tempts hackers. Instead, blockchain provides a ‘distributed ledger’- which means that the documentation of transactions is made public and shared across the number of nodes, with each transaction authenticated by the users that form the network.

The blockchain is an amalgamation of a shared network with an extraordinarily dominant encryption. Moreover, the shared disposition of the blockchain platforms has transformed the management of identity records and data. It enhances the notion of “autonomous identity” which means that the individuals can reclaim power over their personal data. In this situation, even if your data has been distributed to several companies at once, you will have control as to who will access and how much. Even, you can verify your individual identity by the blockchain. Blockchain allows you to validate your profile using a number of methods i.e. fingerprint scan, iris scan, and digital signatures or through other biometrics, which will not essentially require any usernames or passwords.

Blockchain is the future of payment gateways

Once you have verified and authenticated your profile, the payments are easy and fearless. You will find plenty of apps build on the same premise. Blockchain will successfully complete your payments without you having to share or disclose your personal details or information. The additional advantage, which it offers, is that you do not have to remember your passwords or security answers and also not fill particulars on dozens of pages. This obviously speeds up the transaction processing time.

The digital era is all about comfort. But if you have to decide between security and comfort you will rather opt for the former. But blockchain technology has collaborated everything security, comfort, and scalability. We can now rightly term it as the ‘future of payment gateways’.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: blockchain technology payments Data security Blockchain Future indubitably future reliable security distributed ledger Blockchain Revolution

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