Tokenization becoming the new trend

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Victor Vickery- Tokenization, Becoming the New
Trading Trend!
Tokenization is the process of replacing
sensitive data with unique identification symbols
that retain all the essential information about
the data without compromising its security.
Tokenization, which seeks to minimize the amount
of data a business needs to keep on hand, has
become a popular way for small and midsize
businesses to bolster the security of credit card
and e-commerce transactions while minimizing the
cost and complexity of compliance with industry
standards and government regulations. Financial
backers like Victor Vickery have begun partaking
in the digital currency market understanding its
need in future exchanging.
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Examples of Tokenization

• Tokenization technology can, in theory, be used
  with sensitive data of all kinds, including bank
  transactions, medical records, criminal records,
  vehicle driver information, loan applications,
  stock trading and voter registration. For the
  most part, any system a surrogate may use as a
  stand-in for sensitive information can benefit
  from tokenization.
• Tokenization is often used to protect credit card
  data, bank account information and other
  sensitive data handled by a payment processor.
  Payment processing use cases that tokenize
  sensitive credit card information include
• Mobile wallets like android pay and apple pay
• E-commerce sites and
• Businesses that keep a customer's card on file.

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How Tokenization Works

• Tokenization substitutes sensitive information
  with equivalent nonsensitive information. The
  nonsensitive, replacement information is called a
  token.
• Tokens can be created in several ways
• Using a mathematically reversible cryptographic
  function with a key.
• Using a nonreversible function such as a hash
  function.
• Using an index function or randomly generated
  number.
• As a result, the token becomes the exposed
  information, and the sensitive information that
  the token stands in for is stored safely in a
  centralized server known as a token vault. The
  token vault is the only place where the original
  information can be mapped back to its
  corresponding token.

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What is the Purpose of Tokenization?
The purpose of tokenization is to swap out
sensitive datatypically payment card or bank
account numberswith a randomized number in the
same format but with no intrinsic value of its
own. This differs from encryption, where a number
is mathematically changed, but its original
pattern is still stored within the new codeknown
as format-preserving encryption. Tokenization is
the process of removing sensitive data from your
business systems by replacing it with an
undecipherable token and storing the original
data in a secure cloud data vault. Encrypted
numbers can be decrypted with the appropriate
key. Tokens, however, cannot be reversed, because
there is no mathematical relationship between the
token and its original number.
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BENEFITS OF TOKENIZATION

• Tokenization makes it more difficult for hackers
  to gain access to cardholder data, as compared
  with older systems in which credit card numbers
  were stored in databases and exchanged freely
  over networks.
• The main benefits of tokenization include the
  following.
• It is more compatible with legacy systems than
  encryption.
• It is a less resource-intensive process than
  encryption.
• The risk of the fallout in a data breach is
  reduced.
• It makes the payment industry more convenient by
  propelling new technologies like mobile wallets,
  one-click payment and cryptocurrency. This,
  in-turn, enhances customer trust because it
  improves both the security and convenience of a
  merchant's service.
• It reduces the steps involved in complying with
  PCI DSS regulations for merchants.

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