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MyBit, a Berlin-based startup, is utilizing the Ethereum and Bitcoin Blockchain networks to solve data manipulation.
For decades, large-scale corporations in the industries of healthcare, finance, and technology have struggled to secure, store and process data in a secure ledger. If most data breaches and hacking attacks launched since the early 2000’s are evaluated, the issue of the vast majority of successful attacks stems from the inefficient and impractical implementation of security measures.
For a start, any centralized server, database or platform is vulnerable to data breaches and hacking attacks. Malware distributors and hacking groups have introduced highly sophisticated technologies over the last few years, making it that much more difficult for companies to protect their data and assets. Some multi-billion dollar companies in the insurance and healthcare industries are attempting to utilize private Blockchain networks created on top of infrastructures developed by Blockchain-focused corporations such as IBM.
However, as Jerry Cuomo, VP of Blockchain technology at IBM noted in an interview, it is not possible for private Blockchain networks to be completely immutable and unbreachable. Blockchain infrastructure providers such as IBM provide technologies such as safeguards to strengthen security measures which automatically detect hacking attempts and shut down a Blockchain network if and when necessary.
Companies in the industries of insurance and healthcare that almost entirely rely on the settlement of data prioritize immutability and are actively investigating the potential of Blockchain technology due to its unbreachable nature. This is where startups like MyBit can offer unique propositions to corporations looking for immutable technologies for data storage and transfer. Ian Worrall, co-founder and managing director of MyBit stated:
“MyBit revolutionizes asset management by enabling the secure administration of ownership via a decentralized, golden source ledger. It effectively removes the single point of failure risk, reliance on third-party escrow agents and much of the friction in traditional systems.”
The key component in MyBit’s data storage technology is its non-custodial nature, which is seen in most Bitcoin wallet platforms and infrastructures. For instance, the world’s most popular Bitcoin wallet Blockchain is a non-custodial platform as it does not hold passwords or other sensitive information of its users.
Once data is recorded to the infrastructure of MyBit, it autonomously transfers data into the Bitcoin and Ethereum Blockchains thus removing trust and offering immutability to users and companies. “We extend the functionality of MyBit to enable the transfer of ownership between users to streamline peer-to-peer commerce and offer Smart Trusts as a flexible tool to secure ownership as you desire,” added Worrall. Currently, many startups such as MyBit are leading the development of unique and innovative technologies that can be utilized to protect data of large-scale commercial companies.
Chuck Reynolds
Contributor
