In the 2010s, personal data belonging to millions of Facebook users was collected without their consent by British consulting firm Cambridge Analytica, predominantly to be used for political advertising. After that, users started to pay more attention to the issue of data security. Similar events have appeared in the following years, which has severely eroded the trust that users have on these centralized platforms. Data security has always been a problem on the internet, affecting e-commerce, financial transactions, online games and other sectors. However, blockchain technology has proved to be a viable solution in combating this issue.
How Blockchain can Improve Data Security With the rise of blockchain technology, an economy that is bereft of a trusted intermediary was made possible. In the past, anti-counterfeit technology on paper money made it difficult to forge. Likewise, blockchain technology has made it more difficult to tamper with data, which makes it possible for credit records to be autonomous, automatic and spontaneous without a centralized system.
When it comes to data security, blockchain has the following advantages: (1) facilitating trust (data integrity); (2) Preventing malicious activities; (3) Predictive analysis; (4) Real-time data analysis; (5) Data management and sharing.
To prevent malicious activities, for example, blockchain uses consensus algorithms to verify transactions, making it impossible for a single node to pose a threat to an entire network. Nodes that exhibit abnormal behaviour can be easily identified and removed from the network. In addition, because the network is distributed, it is nearly impossible for a single node to generate enough hash rate to change the validation criteria to allow unwanted data to exist in the system. For the rules that govern the blockchain network to be altered, a simple majority needs to band together to form a consensus, something that is impossible for a single perpetrator. As the first distributed storage network in the Web 3.0 ecosystem, Genaro has made great strides on data security in order to create a stable, safe and healthy ecosystem.
Controlling Data Authorization with Genaro From the perspective of information security, users will need to obtain the relevant authorization before they can utilize the data stored within the Genaro network. Comprehensive security checks are needed to ensure that data retrieval is done only by those who have received the appropriate permission first.
Genaro will only store hash values of the data on-chain, and not the data itself. A user’s personal data will be encrypted asymmetrically with the user’s private key, then uploaded to a decentralized storage system. The system will store each piece of data in a decentralized manner. By doing so, the following can be achieved:
- Decentralized encrypted storage, where no one can access the data without permission;
- User retains full control over their data, and can authorize others to access it.
- The signature hash is saved on-chain, ensuring that the data cannot be tampered with.
Blockchain is a fundamental means of data storage, but may be lacking when it comes to regulation. The problem of data security needs to be solved via a large, stable and efficient distributed system, which is the future goal of blockchain development.
Genaro currently boasts a strong security system, which offers sufficient protection against data leaks, data theft and other security problems. This will allow users to safely participate in the development of the Genaro network.