Cryptocurrency- An Essential Medium to Protect Data

In the vast internet world, data is an easy way of damaging and disreputing someone. In such a scenario, can use of cryptocurrency lessen the damage?
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

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  • Oct 15,2018
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  • 11 Mins Read

At the inception of the internet, it was inevitably known that it would bring advantages clubbed with disadvantages. The advancing technology has borne great fruits to the people and correspondingly, it has risked confidential information of individuals and other entities. Owing to which, the internet era is still grappling with cynicism as more and more data is shared on regularity. The data basically travels through various channels before reaching its destination.  Thus, leakage of information takes place without a user’s knowledge.

Further, the infrastructure of the internet should be blamed which requires a user’s private information and also, demands to make information public in some cases. This is the major drawback of the internet as it makes necessary to share personal deets even when someone is buying articles. To subdue misuse of information, cypherpunks came in the market.

Ways of Preserving Data

The cypherpunks help protect data from illegal accessing by foreign bodies, especially government authorities.  The other way to preserve information is by using cryptocurrency. Cryptocurrency is a digital currency, which uses cryptography to preserve data. The cryptocurrency is highly secured medium to transact as it is difficult to break its security features.

The currency was used for years; however, it is now that it got eminent in the Indian economy. In the western side, it was immensely deployed to preserve data from giant companies viz. Google, Facebook, Twitter, Instagram and other companies. Mainly, the giant companies utilize the information that a user shares while corresponding with other people and also when making transactions. Later on, the retained data is used for various other works such as campaigns and other illicit works.

Advantages of Cryptocurrency

Employing cryptocurrency can avert misuse of the information. The digital money is far secured than physical money and can be spent as easily as the physical one. Unluckily, it is now that the economy has deemed it a noteworthy substitute of the cash when its price has sky-rocketed.

Some of the advantages of using cryptocurrency are:

  1.    Offer Transparency

The use of cryptocurrency is easy and simple. Everyone can use it by installing blockchain technology on one’s computer. Then, an account will be made and all users will be added to a group as to fortify connection and allow transparency.

Henceforth, any user in the group can see ledger and verify the transaction. In this way, the blockchain technology facilitates in making a transaction.

  1.    User-friendly

Cryptocurrency like Bitcoin, Litecoinm, Ethereum and Zcash are not difficult to use. The currency can be used under the initial guidance and further, the application helps the user to simplify tasks.      

  1.    Protects Information

Since cryptocurrency has an inbuilt feature to secure shared data and thus, it averts economies to access data that is out in the internet infrastructure. This protection helps to keep the information safe from the economies as many economies in the world censor its citizens to avail some products and services.

The advantages of the cryptocurrency signify that it can be a next big boon for the industry.        

     

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