Importance of Blockchain for Data Integrity Research
I want to talk a little about data integrity. Data integrity is a fundamental component of information security. In its broadest use, data integrity refers to the accuracy and consistency of data stored in a database, or other construct. Data integrity is imposed when the data is maintained in the data resource after they are created or captured. As a simple example, to maintain data integrity numeric columns/cells should not accept alphabetic data. Data validity, error checking, and reliability are essential in the research since it helps people make clear data collection, interpretation, and reporting. Complete data is useful in making the right decision in the research. Data integrity ensures that the data is original, legible and can be attributed. Therefore, proper measures should be taken to ensure that data is safe. However, there are errors that occur with the integrity of the data due to software defects, poor operating procedures and human errors. Blockchain or distributed ledgers have promoted data protection from manipulation. Manipulation leads to loss, change and external influence of the data thus the Integrity is compromised.
Previously, companies were dealing with issues of data storage capabilities but today there is a challenge of data preservation and authentication. An Organizations’ data, such as database records, system files, configurations, user files, applications, and customer data, are all potential targets of data corruption, modification, and destruction. Companies must be able to identify their infrastructure and develop a protection capability of their system. Although during a data integrity attack, companies must be able to detect the occurrence and respond but usually data is superseded by network up-time and the latest software. After an attack the company must be able to effectively and efficiently recover in which I have seen data recovery experts come in and attempt to retrieve it taking weeks. That is much longer than a company wants to be down for especially if they rely on that data to operate.
With blockchain integration all members are able to update their ledger when there is new transaction and keep an overall transaction of the ledger to maintain the integrity. Therefore, blockchain technology has been utilized to achieve the integrity of the data. The technology is a distribution of public ledger or database of records of all digital events and transactions that have been shared and executed among participating parties. Any information entered into the system cannot be erased and hence, blockchain has every record of transactions. Blockchain consists of a structure that has many blocks. Each block has a header and a body. The headers have previous and current blocks having hash values. In addition, the index method is used to look for block data contained in the database. Every block has values that are influenced by the hash values of the previous block and changing the already registered data is difficult.
Blockchain technology was first introduced to Bitcoin cryptocurrency to authenticate and track all the transactions. Today, there are many companies and institutions who have adopted the technology to improve the integrity of the data, prevent hacking and data leakage. For instance, the technology has been applied in health sectors to prevent the loss of patient’s records through theft. Therefore, blockchain ensures that there are multiple signatures at every level of data access hence improving security. The method uses public key infrastructure mechanism that requires only one pair of private and public keys. In the Bitcoin Company, the private key is used to authenticate the users while the public key addresses the wallet of the user. In addition, there is no third party for two willing parties to perform their transaction over the internet.
Blockchain technology has been important in various areas such as non-financial and financial sectors to improve the data integrity. In the provision of private securities, the technology has ensured that companies are able to issue their shares through the blockchain method. Thereafter, the shares can be purchased and sold in a market. Moreover, the shares of the company can be listed on the stock exchanges for secondary market whereby they can operate safely with trades clearing and settling very fast. The technology has been used to issues associated with security, cryptocurrencies, and fragmentation. Therefore, there are securities in bonds and stocks, mortgages and bank balances. All financial transactions are cleared and settled very fast using blockchain in bitcoin exchange.
In insurance sectors, blockchain assists in identifying the assets by various identifiers that are difficult to copy or destroy. Moreover, it helps in tracing the available history of transactions and identifying the ownership of the assets. For instance, there has been the establishment of a company that specializes in developing permanent ledger that certifies diamonds and the history of all transactions. Diamonds have various physical features such as height, color, depth and weight that aid in its identification.
Blockchain has played a key role in maintaining an accurate, comprehensive and well-distributed database of information of music rights information in a public ledger. Many artists, record labels, and producers were losing lots of revenue in their sales of albums. Today, blockchain has solved the challenges of releasing music and ensured more revenue to producers and artist by eliminating fees imposed by middlemen. In addition, it has ensured easy ways of licensing, collaborating, streaming investing in music projects with full transparency by empowering rights and payment layer. Moreover, there are blockchain tokens that will change positively the music industry. For instance, artists and consumers can sell and buy tokens to earn money. The tokens are protected in through smart contracts that ensure loyalty. Hence, artists can raise money through token launch. The higher value of token indicates a large number of people using the creation of the artist.
The new technology has facilitated the proof of existence and changes the ways of keeping the records. Therefore, it records any document into a distributed public ledger to provide evidence and authenticity. Proof of existence is made easier when the hash is created and it is then stored in the blockchain. For instance, conflicts arise and data of the information stored and protected in technology is used to verify the document. There are many advantages such as getting a decentralized proof that cannot modify or deleted by the government and other third parties. In addition, there is the privacy of the information.
All sectors of the economy should embrace the technology as it is not just for fintech, to ensure that all data are protected and preserved for future references. Its application will instill confidence in the integrity of the available data. Moreover, the cost of saving in the data storage will originate from storage providers who are centralized hence reducing payment of storing data. However, the applications of the technology have been the subject to misuse by various criminals. Though the technology is used as a tool for strengthening the company by eliminating frauds but has been used by other criminals.
References
Brackett, M. H. (2012). Data resource design: Reality beyond illusion. Bradley Beach, N.J: Technics Pub. Bashir, I. (2017).
Burgwinkel, D. (2017). Blockchain technology.
Hayen, R. (2016). Blockchain: The revolutionary potential and impact of blockchain technology in businesses, finance and the world.
Wladawsky-Berger, I. (January 02, 2018). Blockchain and the Music Industry: Turning Pennies into Dollars. Irving Wladawsky-Berger, 2018-1
Bashir, I. (2017). Mastering Blockchain. Birmingham: Packt Publishing.
Posted from my blog with SteemPress : http://corecyber.net/importance-of-blockchain-for-data-integrity-research/