What is Blockchain?
Everywhere you turn in the security world, an interesting word keeps popping up – Block Chain. Just like the word ‘cloud’, this concept has taken hold of the security industry and has become one of the hottest emerging technologies. But what exactly is it?
In basic terms, it is a system which implements a distributed ledger of transactions such that each transaction is recorded on all the nodes thus making tampering very difficult. Block Chain truly came into the limelight with Bitcoin as the first implementation of Block Chain technology. Bitcoin was the most advanced crypto-currency system to date. Many organizations and financial services clearing corporations have begun looking into the system as an innovative way to implement additional security measures into their transactions.
Block Chain, while seemingly complicated, is very simple in nature: the block chain is a series of timestamped data records that link together, forming the “chain”. Block Chain’s intent is to replace an external, trusted third party (including the need for certificate authorities), and also prevent anyone from being able to go backwards and cover their tracks if they manipulated an entry.
Advantages of Blockchain
- Integrity – The distributed ledger ensures the protection of data against modification or destruction. Besides, the technology ensures the authenticity and irreversibility of completed transactions. Encrypted blocks contain immutable data that is resistant to hacking.
- Data quality – It guarantees the accuracy and quality of data after it’s encrypted in the Block Chain.
- Smart contracts – Software programs that are based on the ledger ensure the execution of contract terms and verify parties. Block Chain technology can significantly increase the security standards for smart contracts, as it minimizes the risks of cyber-attacks and bugs.
- Tracking and tracing – All transactions in block chains are digitally signed and time-stamped, so network users can easily trace the history of transactions and track accounts at any historical moment.
- Confidentiality – The confidentiality of network members is high due to the public-key cryptography that authenticates users and encrypts their transactions.
- Right to be forgotten – Data privacy is important even if your information is immutable. As there’s no option to erase unnecessary information, block chain technology ensures the privacy of your data when you forget a key, as nobody can decrypt it.
- Security against fraud: As of today, block chains are considered “unhackable.
- Increase in customer trust – Your clients will trust you more if you can ensure a high level of data security.
- Availability– There’s no need to store your sensitive data in one place, as block chain technology allows you to have multiple copies of your data that are always available to network users.
- Protected communication – Businesses contains sensitive data, which can be effectively protected if you use a block chain.
How Cygnature uses Blockchain
Cygnature is built on block chain unlike other solutions which merely use an external block chain to store records. Cygnature stores each and every step of the signing process on the block chain and therefore offers far more security of data and documents.
Block Chain in Cygnature ensures
- Integrity: Ensuring that the copy of a document has the exact same content as the original.
- Authentication: Proving who created or changed the document.
- Non-repudiation: Not allowing someone to deny that they created or changed the document, as long as each iteration is stored in the blockchain.
Moreover, Cygnature tracks the full signing process live on multiple parameters such as device Id, IP address, browser used, Geo Tags, latitude and longitude and timestamp. With all this information, it stores a document hash that cannot be hacked. The certificate of signing provide non-repudiable evidence of signing.