Blockchain Redefined Internet Financial Rules, And, Data Storage Based On Blockchain Provides A New Approach

As we all know, internet has facilitated people’s communication both in work and life. However, on the other hand, the facilitated communication produces astronomical amounts of data. A consequence of it is that, data security is a concern across all users. A concern of users, thus there’s a pressing need of businesses to address.

In an era when data rule, the one who harnesses data will dominate in decisions for the future.

When it comes to data security, data leakage is a burning issue. As more and more personal and commercial data are stored in central databases via cloud-drive, the centralized systems are bound to be more vulnerable to hacker attacks than before, thus privacy and commercial information are at higher risk. For example, information stolen has already led to a large number of identity information leakage and illegal data trades on under-world webs.

Hai Tian Xing Huo

Hai Tian Xing Huo – Blockchain provides a more secure data storage approach.

Since data are always stored in a centralized system, it is likely that one attack of a hacker may lead to a whole bunch of users’ information leakage.

While blockchain may promise to secure our system better, we still need to consider some of the risks with blockchain applications. Opposed to people’s impressions, blockchain can indeed be hacked. For instance, sybil attacks, route attacks, and DDoS attacks all pose significant security challenges to emerging blockchain applications.

For algorithm projects that reach consensus, the “51% attacks” performed by miners on a blockchain network proved a threat to many applications. For example, marginal areas, as well as other applications, are confronted with conventional 51% attacks.

In technology application blockchain is relatively new, this means that businesses will have to build their own security plan than employ a well established one for blockchain applications. In that regard, complex solutions could be taken to prevent data leakage. In some cases, the designed system must respond to their security measures rather than take preempt measures to prevent potential threats.

Improved scalability

While security is a bottom-line issue, it is not the only thing that businesses and users consider. Even with the emergence of the decentralized locking chains, there are still many things that need to be developed.

It takes time before businesses and users believe a large-scale data storage solution is generally better on a blockchain system. While security is critical to blockchain data storage, so is availability.

In the middle of 2018, most of the major blockchains didn’t yet demonstrate sufficient scalability to meet potential growth in user demands. When it comes to cryptocurrency payment on blockchain, the actual amount of data storage is tiny compared to large amounts of data required to store photos and videos.

For example, Sichuan Haitian Xingchen R&D Center is developing cloud storage for large files, which is not only possible but also practical.

But for many businesses and users, blockchain has a potential to store personal or commercial data on less storage space. For example, financial and identity-related information stored on a blockchain may soon become available, even though, there are some minor improvements in scalability.

There are many extended technologies for research and applications, such as fragmentation and out-of-chain protocols. These can make blockchain data storage more scalable, potentially allowing millions of users (and even billions) to store data securely.

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Hai Tian Xing Huo – The advantages of Blockchain data storage

Even with these problems, the blockchain is still more preferable in security than traditional data storage. As mentioned above, solutions of traditional data storage rely heavily on centralized databases to maintain security. For hackers, the target of the attack is clear. Once a hacker successfully breaks into a centralized database, all the data of the system is available to him or her.

However, using blockchain and distributed ledger techniques, hacking is much more difficult. For example: Xin Huo Hei Zuan, because data is encrypted and distributed in a large number of databases, only a small amount of data could be reached with hacking, and once the system is intruded, the real-time monitoring program will be quickly repaired.

Many blockchain applications are designed to make data storage more secure. The potential benefit is groundbreaking for end-users. Blockchain not only has the potential to create an architecture for an inherently more secure data storage system, but also allows individual users to have full access to data.

Hai Tian Xing Huo
Hai Tian Xing Huo

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