We all know the advancement of digitalization has shifted our life extraordinarily, but the threats like data insecurity still loom larger on our heads incessantly. The use of the internet has been bereft of any validation or administration and anybody who has the access can engage with its multiple amenities like search engines and social media.
In the wake of recent allegations about data theft by large social media companies like Facebook, the need to protect our data and credentials seems compelling. Some companies have been gracious enough to offer free services to the people while stealing our data’s and abusing our private information to a larger extent. All personal information that you have accidentally exposed to the tech companies via search engines and login portals, gets tracked in their internal storage systems. This allows unprecedented access to your credentials and private details without any restrictions.
This has been quite true even with financial systems like banks with a barrage of online transactions happening via the internet. Banks store your data’s every time you log inside their websites and they invariably keep a track of all your transactions.
This seems to be a safer procedure, but the threats that this poses under the layers are inescapable.
The Independent Crypto Opinions and Rating agency, icorating.com, has suggested the security system practised by Blockchain technology, by clearing the air of doubts regarding Bitcoin transactions with respect to data security.
Let us get into points that make the Bitcoin transactions safer and secure than any other normal online transactions that have been in practice today.
Privacy and Bitcoins:
The year 2008 is the birth year of digital currencies and many people have been relieved from the hands of big tech companies from then on. The advent of digital currency has brought about the factor of safer currency where people’s data is secured and safe enough under the Blockchain ledgers. Although a complete knowledge about the execution of Blockchain technology has always been an enigma for the people, the safety and security factors that revolve around the system has been indisputable. Blockchain is basically built on the concept of safe use of the internet and there will be no sliding away from it even in the future.
No passwords and only OTP:
Social media platforms that often enquires our passwords to enter the forum is not the phenomenon of Blockchain technology. Under Blockchain technology, everything comes under the radar of OTP. So as you log in to any account, the application will look into your digital certificate and then revert with an encrypted OTP. The password system will no longer be needed in Blockchain technology where every credential validation is through the digital certificate.
Giving a username and password can invite hackers and malicious users to take advantage of your credentials in ways that might sabotage your privacy. However, having a digital certificate eliminates this possibility of data theft to a larger extent completely blocking any alien intrusion on your credentials. Your data is protected universally and any uninformed access to it is impossible to the maximum.
The digital certificate, unlike usernames, is associated only with real accounts. Fake accounts do not come into the picture under the protection of Blockchain ledgers.
Possibility of selling data is minimum:
Search engines have the ability to sell your information and details to third party users to gain benefits and henceforth tampering with your privacy. However, Blockchain do not give room for any kind of intrusion like that.
Every query from the online traders comes with a cost and the ones that are below one-hundredth per cent are preserved perfectly without any exposure of details.
Privacy and security in Bitcoin trading is never a problem but the prospect of losing your money looms larger if you are a novice. Any trader with proper guidance and proper instruction can reap the benefits without any qualms.
Blockchain technology seems to be the future of tech industries and is considered as a secured platform to engage in any applications that are based on this.