If the modern digital economy has one fatal flaw, it’s information insecurity. As reports keep coming of private companies, health providers, and public organizations losing control of sensitive data, consumers are gradually learning that they can’t take chances with personal information. But solving the problem of information insecurity is no easy task. Not only does centralized data storage make theft easy, but digital service providers have a financial incentive to share their users’ information. Only by radically changing incentives and storage methods can the modern world hope to establish consistent cybersecurity.
Blockchain technology offers a promising solution to both the weakness of modern storage strategies and the perverse incentives facing digital providers. By organizing records into an immutable chain and distributing that chain across multiple servers, blockchain providers like FortKnoxster make it substantially harder to steal or alter sensitive information. Combined with creating a new financial model based on digital currency, these blockchain solutions have the potential to vastly improve cyber security for the long haul.
Understanding Blockchain Storage
Blockchain technology is a method of digital storage that involves linking records to each other. If one record is altered, all of the others in the chain change along with it. This makes it easy to detect when data has been tampered with, allowing users to trust that the information they receive is accurate.
Whereas traditional cloud and hard data storage involve concentrating data into a single location, the blockchain distributes it among multiple different servers. This means that there is no central target for hackers to go after. And because all of the data is linked together, there is little chance that the individual server operators will try to tamper with it themselves, allowing consumers to trust the information they have.
An Immediate Impact on Data Security
The blockchain can be used to store records from virtually any online activity. By incorporating it into as many activities as possible, organizations like FortKnoxster can:
- Cut Down on Fraud– Because the blockchain does not allow unauthorized users to change data, it makes it virtually impossible for individuals, corporations, or third parties to present false or misleading information. As a result, individuals and organizations throughout the economy can carry out transactions without fearing that the financial and professional data they receive is fraudulent.
- Secure Daily Activities– While banking records, medical documents, and other sensitive materials are already stored securely, few individuals and companies worry about the information stored from their emails, video conferencing, social media, and other sensitive activities. Yet the information people reveal through these activities is often just as sensitive as what they put on bank statements and medical forms. By storing this data in the blockchain, organizations like FortKnoxster are cutting down on vulnerabilities that most people overlook.
- Deter Data Theft– Hackers go through the risk and trouble of stealing information in hopes of accessing large amounts of valuable data. But if that data isn’t stored in one place, they’re unlikely to steal enough to make each attack worthwhile. As a result, fewer people will be willing to steal or defraud data in the first place.
Through these and other results, the blockchain has the potential to bring about dramatic improvements in data security. The more quickly companies like FortKnoxster can incorporate activities into the blockchain, the sooner consumers and companies can stop worrying about their information.
Redefining Financial Incentives
As important as it is to develop more secure storage methods, the problem of data theft is not purely technical. Even if they had a foolproof way to store data, many digital service providers would not do so. This is because modern social media and communications companies make money primarily by selling user data to advertisers, who use it for marketing to those users.
This financial model undermines data security on two fronts. By selling information to private companies, digital providers directly compromise their users’ privacy. But they also make them vulnerable to even more nefarious actors by creating more opportunities for theft. Digital providers cannot guarantee that all of the advertisers they sell to store their data securely. The more advertisers they do business with, the greater a chance that one of them will fail to encrypt this information, allowing hackers to steal or alter it at will.
As intractable as this financial problem may seem, blockchain developers like FortKnoxster have already found a solution: cryptocurrency. Rather than make money from advertising, FortKnoxster has created its own form of money, the FKX token. In order to use their blockchain services for more than a minimum amount of storage, users must buy FKX tokens and use them to purchase storage space. FortKnoxster ties each token to a specific amount of space, using the blockchain to record this value. It then sells a fixed amount of tokens to users, who are free to spend them on storage space or trade them with one another.
Because FKX tokens will be traded on international markets, their value in dollars, bitcoins, Ether, and other currencies will increase as demand to use FortKnoxster rises. As a result, FortKnoxster has an incentive to attract as many users as possible, as this will allow it to get more money for its tokens. And because users rely on FortKnoxster primarily for secure storage, this gives them a strong incentive not to sell user data to advertisers or do anything else that would undermine security.
From deterring theft to changing incentives, blockchain technology is redefining cyber security on multiple fronts. By paying attention to the activities of platforms like FortKnoxster, consumers can get a glimpse of the future of storage and the best ways to keep themselves safe.