Can Blockchain Truly Prevent Security Breaches?
Blockchain has been doing wonders in technology, especially with its growing commercial applications. It has helped reduce the level of risk of fraud and mistakes by relying on cryptography with enough sophistication to create a bulletproof ledger among a multitude of computers.
Because of that, it is no wonder that a lot of believers have quipped Blockchain as the next big thing to ward off Equifax breaches.
However, they are clearly mistaken with this claim.
Blockchain is not actually designed to handle massive data sets. Due to that fact, it cannot actually remedy the data practices at the credit bureau. Equifax uses algorithms to process a huge number of customer records to be able to produce a credit score for the person concerned.
Indeed, one is able to use Blockchain in processing the credit score, but that would also mean an additional burden of the credit bureaus on having to secure and encrypt personal information as these are confidential in nature. Such process would require the bureaus to segregate their information and developing them into different partitions.
While Blockchain may have its lapses in terms of good data hygiene, it still is particularly helpful in making people exert much control as regards to their identities.
It has been reported that tech giants Microsoft and Accenture have been developing Blockchain tools that will enable refugees and immigrants to access several personal records such as their medical and school records. It has also been predicted that Blockchain may be used as an identification tool – particularly useful in age verification.
Soon, individuals may be able to use a developed Blockchain app to be able to buy alcohol in a convenience store.
Conclusively, Blockchain may be capable of doing wonders in encryption and security, but it still has a lot of developing to go to. It is not exactly a bulletproof armor for such entities.