Bitcoin public ledger. What Is Blockchain and What Does It Mean for Data Protection?


Submitted by Marcelo Andrieu on 8 Nov Blockchain is a technology that underpins the success of Bitcoin and other digital currencies.

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Such contracts may include land royalty, production sharing, or service execution contracts. In each case, the promise of the technology is that agreements can be created, executed, and maintained in a cheaper, more transparent and efficient manner. In insurance, for example, blockchain technology can be used for customer onboarding, smart contracts, and fraud detection.

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In manufacturing, blockchain is being used in supply chain applications and 3D printing. Then, we will look at how Acronis provides a solution that uses blockchain to record and protect the authenticity of your business assets.

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What is blockchain? Blockchain is a technology that creates a distributed and scalable digital ledger of transactions.

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It removes the need for a central authority while keeping the transaction highly secure. In addition, every block contains a copy of the previous block, which verifies data authenticity.

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The evolution of blockchain We are only in the early adoption stages of blockchain technology. Along with its use for Bitcoin, leading organizations are beginning to use blockchain for certain asset classes and to meet specific regulatory requirements.

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While many blockchain applications are aimed at banking and ecommerce, any transaction requiring data immutability and the need to preserve the bitcoin public ledger of original data can take advantage of blockchain technology.

These organizations have intellectual property assets, contracts, property registry documents, medical files, chain-of-evidence documents, security camera footage, archived documents subject to audit, and other key data and sensitive documents.

A hash is an algorithm that turns data into an output of fixed length — a fingerprint.

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The hash is timestamped and recorded bitcoin public ledger blocks into the blockchain. The blockchain is then distributed so that if any location that holds a copy of the blockchain is compromised, other locations can continue to maintain it. Every record in the blockchain is now immutable and independently verifiable; furthermore, notarization records cannot be manipulated.

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When required, authenticity of data can be verified by comparing two fingerprints of the same data. Blockchain is being hailed as the second coming of the internet and a technology that re-invents the cloud.

Regardless of the hype, blockchain will be a core technology that will influence applications in the financial services, insurance, manufacturing, healthcare, government; indeed, every industry segment over the coming years.

When Acronis says that your data is protected, it truly means your data is protected!

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