Necessity and Role of Blockchain Technology in the Domain of Cyber Security and Data Science

The technology of blockchain is widely spread and used in different sectors, which include security too. Blockchain has many applications including bitcoin and handling cryptocurrency. Blockchain has recently been analyzed for exploring the applications of data science. The decentralized nature of blockchain can facilitate the tasks of data scientists more securely. Blockchain technology holds immense promises for a variety of the industry, including financial services, healthcare, academia, and more. Blockchain is a distributed digital ledger which is responsible for forming trust in an untrusted system which makes it potential for cybersecurity also. For transactions security, blockchain technology has been very effective. Sharing sensitive information among financial institutes is very difficult and there is high financial risk control cost, for this problem blockchain is the solution for securing the data. Blockchain has the ability to bring trust in decentralized data storage and also has the capacity to bring changes in business automation. This research discusses how the features of blockchain architecture can serve the purpose of data scientists and cyber security.