Introduction and Motivation
The blockchain technology has led to a strong foundation for different applications related to asset management, medical/health, ﬁnance, and insurance. Data analytics provided by the blockchain network helps efficient data management, analysis, privacy, quality assurance, access, and integration in heterogeneous environments.
The role of blockchain in data privacy is evidently becoming more strong when the current breakthroughs in quantum computing render present encryption technologies ineffective and make them susceptible to brute-force attacks. As the volume of data that blockchain networks store is also rapidly increasing over time, let’s explore how blockchain technology can play a dominant role in Data Governance.
Its ability to store failure transactions find the huge potential of bitcoin in financial and banking services.
In this blog, let’s explore the key functionalities of blockchain to serve as a data governance framework and see it with an example using Google Cloud Platform
The blockchain architecture promotes a data store with a range of governance functionalities in times when regulatory mechanisms like GDPR has come to function. It has been known as a unique data processing platform that removes the need for a centralized authority. Moreover, as an append-only, permanent data storage, it comes with characteristic features of ensuring high-quality data across organizational units, data security, consistency, and manage regulatory risks that are discussed below:
Transparency – Data stored on a blockchain are accessible to all participants who have internet.
Immutability –This feature comes with the distributed consensus process which helps in the public audit train process. As all transactions in the blockchain network are stored as immutable records, it ensures durability where nothing can be deleted or modified.
Consistency – The data stored with distributed consensus protocol helps in single truth across the blockchain network, ensuring its consistency which is one of the essential characteristics of any governance framework.
Equal rights – The disintermediation feature allows every participant of the network has the same rights to manipulate and access the blockchain. The access rights are governed by the computation power or stake owned by the participant, dependent on the consensus protocol.
Availability – The nodes in the blockchain network allows every participant…
Continue reading: https://www.datasciencecentral.com/xn/detail/6448529%3ABlogPost%3A1006081