Blockchain technology has been in the limelight of recent. New use cases stretching across multiple industries were swelling. Governments, large corporations and agile startups deployed successful pilot projects, showing that blockchain indeed has a “life” beyond cryptocurrencies in manufacturing, investing and other industries.    

This year has also been a complicated one security-wise. Multiple data breaches have made both users and legislators question how businesses should be treating the data they are entrusted with. New compliance requirements tackling user privacy and data collection (GDPR) have emerged.  These two trends seem to merged into a single new one – businesses are now thinking whether blockchain can be that “magic bullet” for tackling data privacy issues.

“Blockchain has the technological underpinnings to ensure better data security,” said Xiaoyang He, founder of Lambda, a secure and scalable decentralized storage network with a mission to promote the decentralization of the Internet.

Blockchain is a decentralized technology, functioning as a distributed ledger, shared across multiple of devices worldwide. All the data recorded to that ledger is stored in a distributed fashion, eliminating the single point of failure – the central data repository most cyber criminals tend to target right now. According to Xiaoyang “Breaking into an individual block to steal some recorded information is virtually impossible at this point. Altering or in any other way hampering with a string of data entered to a blockchain-ledger is even less likely.”