Why focus on blockchain technology (How blockchain technology ensures data security)

08/13/2023 15:29 • Metaverse Matters • 54 views

Why focus on blockchain technology According to People’s Daily, blockchain technology as a new means of technology has attracted the attention of governments around the world. So why focus on the research and development of blockchain technology? Why not rush to use blockchain technology? We can think and judge about the current development trends and application prospects of blockchain technology in China: First, we need to look at its current status and future; second, the current blockchain technology is still in its early stages or has some shortcomings; finally, the blockchain industry faces many challenges and difficulties.

So, from a global perspective, whether in the domestic or foreign areas, it is necessary to understand the various possibilities of blockchain technology and the application models behind it, as well as how to apply it in various fields.

How blockchain technology ensures data security

As people’s attention to the digital economy increases, blockchain technology can ensure data security and sharing.

In our daily lives, we often see emails and other information that can easily be leaked to third parties or companies, so they need protection. However, many internet companies use this method to improve security without fully utilizing it to prevent personal data from being abused. If users want to securely store their identity information, access permissions, and transfer them to their own devices, they must use blockchain technology to do so in order to better manage and update their content.

When it comes to protecting sensitive data, the key is to save this sensitive information in the form of smart contracts and then send it to a decentralized database, which allows all parties involved to obtain private keys through this distributed ledger. At the same time, it can ensure that no party is vulnerable to hacking or tampering, and does not affect user privacy. Therefore, once fraud occurs, it is impossible to prevent users from interacting with it, and even people who have been hacked cannot easily trust that others on the network can see their accounts. Why is the data guaranteed? Blockchain is a decentralized and verifiable way to obtain data (e.g. you may have a specific type of file), which allows everyone to easily view, modify, or delete records, thereby achieving real-time transaction operations.

Although blockchain has transparency, it also has risks of immutability and interoperability. For example, if you want to sell your assets to a friend, you are not clear about who he is and who controls your account. This poses a very big risk-if someone holds a large amount of funds and tries to withdraw funds from the exchange, then his Bitcoin will become a pile of junk coins, because someone pretends to be your bank and pays you a lot of money. In addition, there are many reasons that make owners of some cryptocurrencies become richer. For example, if a major customer tells you that he wants to exchange your bitcoin for dollars, he may choose to convert all bitcoins into fiat currency to pay bills, and so on. (This article is from Lanhu Notes (ID: lanhubiji), authorized reprint of Odaily Star Planet Daily)

For ordinary consumers, it is difficult to understand why there are so many problems, but this is a complex job. Currently, there is no financial services company or fintech platform in the world that can meet the needs of everyone, but if applied to such businesses, this industry has gained tremendous momentum.

In fact, both the United States and Europe have taken several measures to address these issues, especially considering that European legislators recently proposed the General Data Protection Regulation (GDPR), which includes the establishment of a “personal information registration system based on blockchain technology”.

As a new policy, regulatory authorities in various countries are working to develop new rules to strengthen their regulatory frameworks to help them deal with various threats. For example.

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Why focus on blockchain technology (How blockchain technology ensures data security)

How blockchain technology ensures data security

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