Today, data breaches have become all too common. Based on the Varonis 2021 Data Risk Report, most businesses have poor cybersecurity practices and unprotected data, putting them at risk for cyberattacks and data loss. Mitigating risks is no longer a luxury, with a single data breach costing a company an average of $3.86 million and eroding a firm’s image and consumer trust.
However, as cyberattacks become more widespread and sophisticated, simply patching up traditional cybersecurity measures may not be sufficient to prevent future data breaches. Instead, it is critical to look specifically for more advanced security solutions. As far as innovative solutions go, using blockchain to prevent data breaches may be our best bet.
The fundamentals of blockchain technology
Blockchain technology, also known as distributed ledger technology (DLT), is the result of decades of cryptographic and cybersecurity research and development. The term “blockchain” was popularised by cryptocurrency because it is the technology underlying record-keeping in the Bitcoin network.
Since it enables data to be recorded and distributed but not copied, this technology makes it extremely difficult to change or hack a system. It can be a promising solution for data breaches in any environment with high-security requirements beca
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