Blockchain Framework for Data Storage and Security

Abstract

In this age of sensitive information where knowledge is power, our data has become an invaluable resource. Easy and public access to information makes it vulnerable to adulteration. The ever-increasing cases of cyber-attacks are causing organizations to spend an exorbitant amount on security. General cloud storage systems are considered efficient for data storage and sharing, but it has multiple limitations such as data centralization, data leakage, and high maintenance cost. Data centralization makes it a hotspot for cyber-attacks, making it prone to data outflows and tampering. An effective alternative is a decentralized system. With advancements in information technology and cyber security, the need for authenticity and verification is highly sought after, making blockchain technology an extremely indispensable tool in the hands of many organizations and enterprises. It solves the problem of security by encrypting its data storing it as a “Hash” or encoded data so that only the user with the key can access the data. The finance sector is being overwhelmed by the ever increasing reliability of blockchain and the implementation of its framework and architecture. Blockchain is a distributed ledger system across a network of users. The blockchain technology, being decentralized, is proposed as a disseminated and diffused or distributed approach which is testified to decipher and decode the security requirements of the new digital era as well as serve as a platform and a jump pad for advancements in various other fields such as Internet of Things (IoT), data storage, biometric security, healthcare facilities, smart grids, and many more. This chapter begins with a basic outline of all you need to know about blockchain, an upcoming evolutionary technology that ameliorates the world of data decentralization and security. It further explains its use, features, areas of implementation, architecture, as well as its limitations that are detrimental to be cognizant of how the blockchain system works/is implemented. It then explores P2P networks and interplanetary file systems (IPFS) followed by its current use cases in the form of Filecoin. Next, the chapter explores the privacy and security aspects of the blockchain. It showcases some of the faults of blockchain ledgers like Sybil and discusses some techniques that are implemented to fix them. It discusses bitcoin, one of the most secure blockchain architecture to date, and describes private and public keys, peer to peer network, hash.  chained storage, digital signature, and consensus algorithms implemented by bitcoin to prevent any fraudulent transactions from taking place.