Blockchain for Emails: What are the Benefits?
Since 2009, blockchain technology has been primarily used in the issuance and maintenance of cryptocurrency, but the power of the technology have applications far beyond the crypto space. Features such as immutability, decentralized storage, transparency, and security are making blockchain popular in other fields.
According to Safepost, the use of decentralized technology in emails has yet to be fully utilized and a blockchain-based solution will solve the majority of problems that traditional email providers face.
Privacy is enhanced
The privacy of the users is always an issue when it comes to email solutions. Companies like Google will tell you that they do not share your data with 3rd parties. However, there is no guarantee that it will not happen because they have a centralized server. Some of these email solution providers will use personal data on their platforms to send you personalized ads. A decentralized email solution means that messages will be stored in shared ledgers so that no single authority is able to dictate how your data is used.
In 2013, Yahoo, which was of the biggest email providers at the time, suffered a security breach. The company managed 3 billion user accounts at the time. The breach affected more than 1 billion of the accounts. It was not until 2017 that Yahoo admitted that this happened. The company advised its users to change their passwords. A blockchain-based solution is more secure against such attacks. Different nodes are distributed over a network, which makes it hard to control the system. A hacker must control more than 51% of the nodes to manipulate the system which is not impossible, but a blockchain network with 3 billion accounts serving as nodes would mean that attackers would have to hack more than 1.5 billion simultaneously.
According to a report compiled by the FBI, businesses lost about $26 billion from June 2016 to July 2019 through fraudulent emails. Confirming that an email comes from the said sender is always a challenge in the current set up. Someone can easily set up an email account with someone’s name and send messages. A blockchain-based solution is tamper-proof, which makes it easy to check the authenticity of the messages. One cannot edit timestamps or even the routing data, which makes it easy to know the sender. Tracking the sender of an email and when the email was sent through a decentralized ledger is thus possible.
Blockchain email seems to be lagging behind when compared to other applications such as banking and cryptocurrencies. The possibility to combat fraud in the business world is desirable. The assurance that there will no longer be spam emails, phishing threats, and that there will be data privacy are the strongest selling points of blockchain technology in this field.
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