HONG KONG, Dec. 17, 2018 /PRNewswire/ -- It's easy to lose sight of the underlying purpose of any new technology when the hype reaches a level that blockchain has reached. To put the term "hype" into perspective, the global blockchain technology market is projected to be worth $20 billion by the end of 2024.
Hype Cycle for Emerging Technologies
Within the world of blockchain, there are many market segments and industries that the technology
- aims to disrupt. Industries that have the highest level of expectations from investors include:
- IoT (Internet-of-Things) platforms
- Deep Neural Nets
- Smart Workspace
- Virtual Assistants
Gartner recently released a chart of some emerging blockchain technologies and its relative spot on the "hype cycle"—some of the findings are quite interesting.
Data Security Receiving Hype within Blockchain Community
Data security, on the other hand, is currently rising on the hype cycle as investors and companies are realizing the importance of utilizing blockchain and distributed ledger technology to secure confidential data and ensure complete user privacy. This is due to the many large-scale data leaks and hacks that happened over the years.
How can Blockchain improve data security?
- Blockchain is decentralized
- Blockchain offers encryption and validation
- Blockchain is virtually impossible to hack
While public blockchains have grabbed the early headlines and plaudits for enabling anonymity, you can create private blockchains that restrict access to specific users. You still get the benefits of a decentralized peer-to-peer network, but anyone accessing a private blockchain must authenticate their identity to gain access privileges and it can be restricted to specific transactions.
iTrue is entering this space with its state-of-the-art Stone Storage solution, a unique data storage feature whereby personal information is stored separately from its record of transaction and can be divided into different levels and stages. This allows users to decide which information to share with which party, thus being in complete control of sensitive information.
In addition to blockchain-based data storage, iTrue is taking data security to the next level by securing information using biometric technology. This means users can successfully verify their identity by scanning their face, eye iris, or other facial feature in order to access their stored data. iTrue and its large team of developers is committed to working closely with the community to unlock the next generation of secure data storage solution.
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SOURCE iTrue Limited