Can Blockchain Technology Help With Data Privacy Issues? - Stl. News | The Marteq Alert |
When a bank takes your information for a transaction, it goes through multiple stages of processing.  While the transaction is being made, it is encrypted and is usually safe.  But, when the data is stored, it is on a server somewhere.  And this server is the weakest link on the chain.  If a hacker gets in, it doesn’t matter how secure the transaction is, they can get your information.

When a transaction happens on the blockchain after you’ve set up a bitcoin wallet, the ledger has to be encrypted and verified by miners who then get paid out in some cryptocurrency.  Because of this system, the transaction can’t be deleted or modified in any way or everybody on the blockchain will see it and that modification would need to be verified.

In other words, it can’t happen. It literally cannot be hacked.  So your data is protected at all times when the transaction is made.