Disrupting existing centralised data control
Blockchain is a decentralised, secure, and transparent way to store data. It uses cryptography to ensure that data is tamper-proof and that users have control over their own data. Blockchain can be used to improve transparency, reduce costs, and increase data resilience.
Here are some of the benefits of blockchain in more detail:
- Decentralisation: Blockchain eliminates the need for a central authority, making it more secure and resistant to attack.
- Data integrity and immutability: Blockchain uses cryptography to ensure that data cannot be tampered with.
- Enhanced security: Blockchain uses advanced encryption algorithms and consensus mechanisms to secure data.
- Data ownership and control: Users have more control over their own data with blockchain.
- Transparency and auditability: Blockchain provides transparency and auditability of data as the ledger is public.
- Disintermediation and cost reduction: Blockchain can reduce costs by eliminating intermediaries.
- Increased data resilience: Blockchain is more resilient to failures and attacks than traditional systems.