MyBit, a Berlin-based startup, is utilizing the Ethereum too Bitcoin Blockchain networks to solve information manipulation.
For decades, large-scale corporations inward the industries of healthcare, finance too technology convey struggled to secure, shop too procedure information inward a secure ledger. If most information breaches too hacking attacks launched since the early on 2000’s are evaluated, the number of the vast bulk of successful attacks stems from the inefficient too impractical implementation of security measures.
The drawbacks of soul Blockchain
For a start, whatever centralized server, database or platform is vulnerable to information breaches too hacking attacks. Malware distributors too hacking groups convey introduced highly sophisticated technologies over the concluding few years, making it that much to a greater extent than hard for companies to protect their information too assets.
Some multi-billion dollar companies inward the insurance too healthcare industries are attempting to utilize soul Blockchain networks created on meridian of infrastructures developed past times Blockchain-focused corporations such every bit IBM.
However, every bit Jerry Cuomo, VP of Blockchain technology at IBM noted inward an interview, it is non possible for soul Blockchain networks to endure completely immutable too unbreachable.
Blockchain infrastructure providers such every bit IBM render technologies such every bit safeguards to strengthen safety measures which automatically give away hacking attempts too near downward a Blockchain network if too when necessary.
Immutable technologies for information storage too transfer
Companies inward the industries of insurance too healthcare that almost solely rely on the short town of data prioritize immutability too are actively investigating the potential of Blockchain technology due to its unbreachable nature.
This is where startups similar MyBit tin offering unique propositions to corporations looking for immutable technologies for information storage too transfer. Ian Worrall, co-founder too managing manager of MyBit stated:
“MyBit revolutionizes property direction past times enabling the secure direction of ownership via a decentralized, golden origin ledger. It effectively removes the unmarried signal of failure risk, reliance on third-party escrow agents too much of the friction inward traditional systems.”
Streamline peer-to-peer commerce too Smart Trusts
The key cistron inward MyBit’s information storage technology is its non-custodial nature, which is seen inward most Bitcoin wallet platforms too infrastructures. For instance, the world’s most pop Bitcoin wallet Blockchain is a non-custodial platform every bit it does non check passwords or other sensitive information of its users.
Once information is recorded to the infrastructure of MyBit, it autonomously transfers information into the Bitcoin too Ethereum Blockchains thence removing trust too offering immutability to users too companies. “We extend the functionality of MyBit to enable the transfer of ownership betwixt users to streamline peer-to-peer commerce too offering Smart Trusts every bit a flexible tool to secure ownership every bit yous desire,” added Worrall.
Currently, many startups such every bit MyBit are leading the evolution of unique too innovative technologies that tin endure utilized to protect information of large-scale commercial companies.
