How are my documents secured using blockchain?

17 Jul 2024

commercial property management software

A blockchain is created when an interconnected chain is formed between blocks, with each one referring to the block before it. Blockchain technology is based on distributed ledger technology (DLT). The DLT functions as a decentralised database of transaction information between various parties. Operations fill the DLT in chronological order and are stored as a series of blocks in the ledger. 

In blockchain storage, files are first partitioned in a process known as sharding. Each shard is copied to prevent data loss in the event of a transmission error. The files are also encrypted with a private key, making it impossible for other nodes in the network to view them. The replicated shards are distributed across the globe among decentralised nodes.

The interactions are recorded in the blockchain ledger, which allows the system to confirm and organise transactions across blockchain nodes. Blockchain technology is intended to record these interactions in future years, and the data can never be altered. 

Today, SaaS solutions use blockchain technology to secure data, which has numerous benefits like the users can detect any attempt to manipulate a document by instantly verifying its location, who created it, and when it was last modified.