Blockchain has huge potential for data security in Singapore

Blockchain has huge potential for data security in Singapore

In the past blockchain used to deal with bitcoin. However, there is an enormous potential of being used to safeguard the data. Recently, a blockchain-

Why China is expected to Lead in Fintech and Blockchain Industries
NeFF – Tackling Threat of Blockchain Technology
California-Based Company Uses Blockchain to Help Real Estate Parties Close Deals

In the past blockchain used to deal with bitcoin. However, there is an enormous potential of being used to safeguard the data. Recently, a blockchain-based verification tool was launched by a Singapore-based vendor.

According to Alan Lim, an officer for IBM Blockchain and Bluemix, the blockchain provide a tamper-proof and secure system for keeping data. Alan further said that Blockchain provides transaction privacy and verifiable identification. He further explained that these attributes could make blockchain helpful in safeguarding personal information. Moreover, the users can store and transfer data in a secure manner while prohibiting unauthorized access to that information. In this case, Blockchain will provide assurance to the service providers about the security of data shared.

Alan Lim said that healthcare could utilize the blockchain technology to protect the patients’ privacy. Recently, the IBM partnered with US Food and Drug Administration (FDA) to assess the potential of Blockchain being used to transfer the medical data safely. This is a reliable method aimed at storing and sharing medical records between various healthcare providers. In fact, Blockchain will ensure faster processing of medical information. Blockchain maintains proper tracking of the audit records.

Charles Lim of Frost & Surveillance agrees that Blockchain is an effective and reliable tool that improves the security of data-sharing as well as seamless data exchange.

Moreover, the Blockchain is further supported by the Asia-pacific industry leaders. The principal of digital transformation and cyber security said that this technology could allow seamless data exchange. In fact, this technology could provide a tamper-proof system that prevents unauthorized modification of the shared data.

The Frost & surveillance analyst said that the Australian and Singapore government want to create many Information Sharing and Analysis Centres (ISACs). These centres will become platforms for both public and private sector to share any threat intelligence. These platforms will improve the readiness against potential cyber security attacks.

However, the participants of these platforms are reluctant in revealing their weak security system when providing intelligence information after the attack. Also, Lim noted that some untrusted sources might contribute to the wrong intelligence.

Despite the much-advertized potential of Blockchain especially in the financial and banking sector, some people still have doubts about this technology.

According to Peter Sondergaad, the vice president of Gartner, the Blockchain has great potential in providing distributed ledger. However, Sondergaad is not satisfied with the short-term impact offered by the Blockchain. While speaking in Cape Town at Gartner Symposium, Sondergaad said that Blockchain has some technical issues that need to be resolved. He said that Blockchain is overwhelmed while executing multiple tasks simultaneously. So the speed of this system may become a major concern to the users.

Are there any factors to consider before adopting Blockchain for business? This is a question that is asked by potential users. According to IBM’s Lim, there is a need to define the business problems before adopting this technology. In this case, the potential users should establish clear business goals before deploying Blockchain to solve all their key problems.

Lim asked some questions concerning blockchain. He asked whether there is an identifiable business network that needs to share information. Also, he asks if the participants should have a high degree of collaboration. Lim also asks if there is a need to keep all the history of all updates. Lastly, he asks whether there is any benefit by confirming transactions in minutes instead of days or weeks.

Lim praises IBM for the open governance. He encourages the businesses to think about open source Blockchain projects. Hyperledger is one these projects that are supported by the Linux Foundation. Lim said that IBM is a member of that project.

The Singapore-based is working on numerous blockchain projects across the entire Asia-pacific. Kasikornbank in Thailand is looking forward to building a blockchain network that simplifies the bank’s credit business. Moreover, the vendor is also working with Tsinghua University and Walmart in Beijing to track the supply chain as well as improving the record-keeping.

The IBM’s Blockchain centre in Singapore is expected to roll out its services to financial and trade sectors. This will be based on the Hyperledger platform that is supported by Linux Foundation. Lim concluded that fintech companies and global banks in Singapore play a vital role in ensuring the use of Blockchain to boost efficiency in financial processes.

COMMENTS