Blockchain and Data Security: Building Trust in a Digital World
Dhananjay Batra, Shilpi Harnal, Paras Sachdeva, Rajeev Tiwari, Raghav Bali, Shuchi Upadhyay · 2024
In today’s digital world, building trust is essential for secure and seamless digital transactions. Protecting user data is essential given the recent rise in security breaches and digital surveillance. Through decentralized identification and other privacy methods, blockchain technology and distributed ledger technologies offer innovative potential for safeguarding user data, giving individuals authority over their data. Regulatory compliance, data portability, and monopolistic behavior are just a few of the ethical and political challenges that have been brought up by the rise of a few unscrupulous corporations managing trust relationships in the sharing economy. Blockchain technology’s inherent decentralized and tamper-proof nature has recently helped it garner a lot of support and popularity. With an emphasis on digital identities, blockchain-based trust, programmable money, and marketplaces, a blockchain-powered idea for a shared and public programmable economy is presented. Through previous contact between strangers, trust is developed by estimating trustworthiness. The suggested technological stack is built with self-governance, autonomy, and shared ownership as its guiding principles, providing trust that goes beyond what is possible in the existing legal, political, and economic institutions. Thus, blockchain technology presents a significant opportunity to enhance data security and privacy, build trust in the digital world, and establish new principles and rules for a more secure and trustworthy digital ecosystem.