What benefits does blockchain offer over other security tools?

Blockchain technology includes security functions for data integrity (hashing), confidentiality (encryption), authenticity (digital signatures) as well as key management (PKI). These security functions are based on the same open standardized security algorithms and protocols that are also used in other security tools. From that perspective, there is not much difference. The key differentiator is that these security capabilities are an integral part of the complete blockchain technology stack, such as the data exchange and consensus protocols, data storage, and smart contract capability. That means one does not need to integrate the security capabilities with the other technologies, but comes-out-of-the-box with the total blockchain technology package. This makes it possible to focus directly on the functional side of the application without the intensive and long-lasting exercises to get alignment amongst the involved parties and stakeholders on how the security and the related tools are applied, as it is the case when traditional technology and tools are used.

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