Cryptelo- Using Data To Change The Way Businesses Perform

by | Mar 9, 2018 | Blockchain, Cryptocurrency News, ICO, Press Release

How Cryptelo Will Use Data to Change the Ways Businesses Perform 

Cryptelo is a highly secure layer for data sharing that allows businesses to virtually track the ownership of intellectual property across the boundaries of trust. This creates new opportunities for collaborations across industries and the creation of innovative business models. As a mutual origin of trust, it can expand the reach of the digital revolution from a single enterprise to the processes it shares with clients, partners and suppliers. Big data is a reference for the colossal sum of structured and unstructured information that industries and institutions could gather and arrange in order to obtain useful knowledge about their performance. Though this data presents a large opportunity, it is very hard for businesses to verify or access it hence most of it remains unanalysed and unused. This could all change with the advent of revolutionary blockchain technology because it can help in processing huge amounts of information in a relatively shorter time period.

Blockchain

Cryptelo is powered by blockchain and uses smart contracts. This will expand the opportunity for verifiable data sharing between many parties including attestable processes. Enterprises will be able to agree on a contract that stipulates how their business will be carried out so that they can be accurately executed with attestable records of all the interactions by all the involved parties. Once fully automated, the network can help increase accountability, settle disputes, provide end to end transparency and enforce consistency in execution. All these would greatly improve business performance. Integration of IoT with Cryptelo decentralised network does not offer any central point of error and hence solve the security problem for business owners.

Encryption as a Service (EaaS)

Cryptelo also offers Encryption as a service (EaaS). EaaS is a technology that offers a cloud-based security solution. It allows the feature of an individual encryption provider to be used on multiple devices and platforms instantaneously. One of the biggest strengths of EaaS is the fact that it offers uniformity across multiple platforms. Different encryption methods require separate key management systems, each of which will be a potential security risk. As the sole provider of encryption, Cryptelo is able to create a single management centre thereby ensuring risk mitigation and cost efficiency. Cloud encryption is a service offered by cloud storage providers that secures user data through the use of encryption algorithms. Because this service is resource intensive, most providers will only encrypt the essential fields in user databases such as account numbers and passwords. Some companies used to offer alternatives such as data obfuscation or redaction. In the past, such limited security measures were acceptable but considering recent security failures, it has become apparent that they are not enough. Cryptelo aims to revolutionise business security in this respect through its proprietary cloud encryption tool known as Cryptelo drive. With Cryptelo drive, users can take data security into their own hands. They will have the complete ownership of their data and will be accountable for sharing their data. Data can only be shared with the user’s permission to verifiable network participants.

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology , Cryptocurrencies and upcoming ICO’s.

Saurabh Singhla

Technical Enthusiastic and Business Developer on Strategy, Marketing, and Growth. I invest my tech knowledge in Blockchain or ICO startups. Looks at the future with an eye on understanding the global impact of technology on society, business and government.

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