One fundamental advantage of blockchain technology is the secure manner in which data is stored. At the forefront of this innovative technology, Microsoft announced a new way to secure data through the Azure Confidential Ledger. It is a blockchain technology that helps organizations store and record sensitive data.
Data insecurity remains to be an issue that millions of organizations risk. Furthermore, when organizations do not use blockchain technology to protect their ledger, they suffer from data tampering. Consequences of data tampering can result in data corruption, inefficiencies in resolving client payment disputes, and high operational expenses to refund payments.
As traditional technologies stay stagnant, there continues to be a threat of penetrability from external sources that can alter and abuse data in the system. Moreover, the absence of blockchain technology also decreases operational efficiencies and costs. For example, when resolving customer issues, it is an extensive and expensive process that involves various parties.
In addition, organizations can reduce their costs of operation by implementing blockchain technology, thereby gaining data immutability, data sharing with multiple parties at once, and lowering operational costs.
Microsoft’s Azure Confidential Ledger (ACL) can achieve such security through the power of blockchain technology. ACL utilizes a decentralized blockchain structural network with information spread across different servers to protect the data and prevent it from being imitated. Users have an added layer of trust with the ability to verify the immutability of the data themselves.
Additionally, with a growing collaborative workforce, the ACL blockchain technology will allow multiple parties involved to collaborate on the ledger’s activities. This helps various parties have access to contribute and utilize the data to improve the organization’s performance.
Microsoft’s ACL is an innovative blockchain technology that can help organizations increase security and efficiency internally.
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