Blockchains are a data storage technology that carries information in blocks of data, linked together and secured from modifications or deletions. They’re the same ones that power cryptocurrencies like Bitcoin or Ethereum and can be used for storing any type of information.
The new era of distributed ledgers (which is what blockchains are), provides users with a way to share data without any centralized middleman. This means records are not stored in one single location and they cannot be censored by any party. They also offer tamper-resistance and audibility, which is incredibly useful for organizations that store sensitive customer information on their systems such as financial institutions, healthcare providers, etc.
The first applications of blockchains have been to create a cryptocurrency, which only makes sense considering they’re built on a cryptographic ledger. What makes blockchains interesting is the idea that a new era of computing is upon us, one where we can decentralize the internet and move away from having to rely on centralized services like Google or Facebook.
For blockchains to be useful for applications that require secure and tamper-proof data storage, their primary purpose is as an immutable tool to store records. This also holds when compared to other technologies like databases or even central servers in which things are rarely 100% accurate or secure. To understand how blockchains solve this problem, we first need to understand how databases work.
Our software-based systems store information in a centralized data center. The advantage of this centralized storage is that if a company goes bankrupt or the data center is breached and the information on any system or device gets stolen or corrupted, there’s only one place where it can occur and that’s at the point of data entry. In traditional centralized databases, a hacker would have to come in and steal all of your information from your computer who might be willing to sell it out for a cent on the black market. This makes it incredibly difficult for hackers to breach your organization’s security.
The problem with centralized databases is that each piece of data has to go through a process of inputting, storage and retrieval. This makes it easy for people to steal or corrupt the information stored on the database when they bypass the security you put in place to protect it.
With a decentralized database, there are no centralized points of entry like our computers and desktops. There’s no way for an outsider to come in and alter or steal your information, so they’ll have to hack all of your systems and devices individually if they want to get in. This is impossible because they would have no centralized point of entry from which they could do their attacks. The term blockchain is a reference to the technology of Bitcoin, which stores information in a decentralized manner.
Blockchains are secure because they’re decentralized and stored on a network of computers all around the world. It doesn’t matter where you stand geographically — it doesn’t matter if there is a fire or an earthquake, your data will always be safe as long as at least some portion of the information is on the blockchain. This makes it resistant to hackers attempting to attack your system because they will have to do so from thousands or millions of different locations all at once.
Each block of information is linked to the one before and after it, and each block carries a timestamp that references the order in which it happened. This is the basic principle of blockchain technology, a form of decentralized data storage that makes your system invulnerable to attacks.
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