The world is evolving at a very faster pace than we thought of. The incorporation of systems (with regards to technology) in various aspects of life, such as health care, governance, accounting and finance, and several others has led to the big data era. Sensitive financial data are being exchanged over local networks and the Internet as well, making confidential data prone to unauthorized access by intruders and breaches. The occurrence of such unethical practices has negative effects on the financial institution and its stakeholders.
The Hydro project; a public ledger for private systems built on the blockchain technology seeks to provide complementary security features to financial service providers. Even though there are already existing and great private authentication protocols such as the Google authenticator and OAuth 2.0, ODE HTP, Authy etc. A significant improvement in these technologies will yield a greater good (ie. Achieving a maximum level of data security).
Raindrop: An additional feature of the Hydro public ledger (a blockchain authentication service) to offer reliable and immutable globally viewable level of security. This service helps in verifying whether or not an accessed is coming from an authorized source. Raindrop-based verification with Hydro is analogous. A transaction is defined and the user must execute it from a known wallet. The only way the user can conduct a valid transaction is by accessing the wallet in question.
Hydrogen comes with great benefits which we would like to a review few of them in the subsequent paragraphs. Key benefits may include the following:
Hydro can exist independently, which makes it different to other services. For easy deployment, it is developed to layer around new or existing systems without requiring systemic change. This makes adoption of hydro cost effective, hustle free and easy accessible. Users plugged into the Hydrogen API can access the blockchain conveniently.
It provides additional security for highly sensitive financial data. This will curb the issues of vast data breach and unauthorized access to financial data. Indirectly, it will help financial institutions achieve a usability goal (ie. developing products or services that are safe to use).
With regards to developers, Hydro Raindrop will be made available worldwide as open source software for modification and integration with other REST APIs to aid in developing products that meets their needs and requirements.
It promotes decentralization. Smart Contracts are blockchain-based contracts that are executed as soon the underlying conditions are matched. Since there is no centralized authority, these contracts are free from frauds, interference or speculation. These contracts can be used to facilitate the exchange of anything valuable like money, shares, content, etc.
In conclusion, the HYDRO project has come to solve crucial financial problems, which makes it worth deploying. Besides, there are great team members behind the project, making it very promising.
For further inquiry and information, vital links have been provided below:
Medium — -https://medium.com/@hydrogenapi
Linkedin — -https://www.linkedin.com/company/27129175/
Twitter — -https://twitter.com/@hydrogenapi
Website — -
https://www.hydrogenplatform.com/Facebook — -https://facebook.com/@hydrogenapi
Reddit — -https://www.reddit.com/r/projecthydro
