Role Of Blockchain Technology In Cybersecurity

Blockchain Technology

Blockchain technology is gaining so much hype across all industries around the world. This also includes predictions about how it can change communications and data security systems and make them more secure. Being a digital solution, Blockchain has shown exciting possibilities of protection of critical data and information for security professionals. 

Modern-day hackers are getting better at hacking with the new sophisticated ways of intrusion into the networks the ways to combat them are also simultaneously improving rapidly. With Blockchain, this is not untrue. Blockchain is the technology to protect our data, make our systems impenetrable for cyber attackers, and improve cybersecurity across industries. In this article, we will take an overview of the ways Blockchain can improve the online security of any business without causing any loss or damage to data.

Blockchain And Cybersecurity

The increasing dependency on the internet and technological innovation currently has resulted in new revenue streams and business models for companies, but this has also inspired new gaps and chances for hackers to exploit the businesses. With improving technology, cybercriminals are becoming more complex. They have started targeting valuable information such as financial data, health records, personally identifiable information (PII) and intellectual property, and are adopting massive strategies like disrupting a business’s overall functioning such as monetizing information access through new ransomware techniques. So, here comes the utility of Blockchain as the technology has shown the potential of enhancing cyber-defence as the platform is capable of preventing intrusion in the network, detecting tampering with information, data encryption, audibility, transparency and immutability. Here are several features of Blockchain with which Blockchain professionals can help improve the cybersecurity of an organization:

  • Eliminating Human Factor from Authentication: Blockchain technology enable businesses to authenticate users and computer devices without requiring a password. This removes human intervention in the system, and by this, it becomes a potential attack vector. Blockchain uses a distributed public key infrastructure in a security system for authenticating users where the system provides a specific SSL certificate rather than enabling a password. This way it becomes virtually impossible for attackers to hack the system.
  • Decentralized Storage: Blockchain offers users maintaining data on their system in the network. This ensures that the chain would not collapse. Therefore, if a user, who is not the owner of a share of information, attempts to temper or alter data, the system will exclude the chain’s block, marking it false or unauthentic intrusion. Blockchain ensures that there should not be any central authority or centralized storage location, and every user in the Blockchain network is authorized to verify the shared information so that existing data cannot be manipulated.
  • Traceability: Every transaction made using private, or public Blockchain platform is timestamped and digitally signed which means that organizations can easily trace back transactions during a fixed time and locate the other party through their public address on the network. 
  • DDoS: Blockchain enhances the capability of the system to deny the transactions easily. Blockchain technology’s implementation decentralizes the DNS completely, distributing the information to more personalized designs and making intrusions almost impossible. With Blockchain, a system can be entirely invulnerable for hackers to protect data unless every participating point is accessed simultaneously.

Blockchain has shown the potential of remaining relevant for long in the future and can also protect organizations and businesses, and individuals and governments from cyber-attacks. The innovations based on Blockchain are increasingly becoming an integral component in operations in several industries and is proved useful to enhance cybersecurity. There are many ways Blockchain implementation keeps information safe, which are:

  • Tracking and Checking Changes Occur: Blockchain keeps the record of transactions, and any changes made into a Blockchain platform always stay in the database. Therefore, Blockchain doesn’t allow anyone to alter or manipulate the current information and claim it legitimately.
  • Backing up Data in Several Locations: In Blockchain network, several computers attached to the network download the data stored in a platform frequently, storing its copies locally. If any changes are made into data or the information gets compromised, numerous sources have backups of the original data.
  • Pinpointing errors and locating the origin of attack: With every change in information stored or documented in a Blockchain platform, you can quickly find the exact point in real-time where the change has occurred. Blockchain enables locating the origin of attack or tampering with data automatically and immediately.
  • Preventing Identity Theft: The users in a Blockchain platform are provided with their unique private keys. Each user’s private key is encrypted with advanced technology to ensure that anybody won’t claim the data as theirs. And a computer, instead of humans authenticates your data and ensures that hackers are out of the network.

Blockchain is for everyone, and there is a specific solution suitable for every industry and organization. Anyone can be a part of the Blockchain revolution, including your business. Entrepreneurs can choose from several options of Blockchain security, according to the needs of their business and modes of operation. Blockchain aims to protect Critical and Sensitive Data related to your business, Cryptocurrency and other smart/ digital assets, and smart contracts.

Business with employees, who are Blockchain experts and are proficient in Blockchain technology or Blockchain development, can develop their Blockchain platforms and networks. You can also find many online free, open-source platforms if you are looking to create your database. However, designing or coding for an in-house Blockchain network needs advanced skills and knowledge, and this requires some resources, which may be a concern for small or midsize businesses. Such business owners may avail the services of third-party companies and online service providers, who will develop a security mechanism for such companies using Blockchain technology to protect the crucial data without installing or building an on-premise Blockchain infrastructure. 

Businesses are presently looking for employees skilled in Blockchain technology to cash-in their expertise in building a more efficient and secure online network. Its numerous inspiring aspirants, and already working professionals learning Blockchain to obtain optimum of the potential of Blockchain in their career and to the organization for which they are performing. In this, many online platforms like Blockchain Council offer Blockchain learning and training programs that can be the key to growth in career for professionals and new aspirants.

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