How Blockchain Can Transform Cybersecurity?
Cybersecurity is one of the prime concerns of the present world in which businesses are witnessing newer threats with each passing day. Although, the future of cybersecurity will always be unpredictable, yet it is important to prepare the assessment of possible vulnerabilities and potential security innovation to keep the customer consistent. The combination of block-building algorithms and hashing makes blockchain a great solution in the cybersecurity portfolio. It enhances the data security during transactions of any value which are being processed in the distributed network. Blockchain is changing the cybersecurity solution in several ways. As per the new Breach Level Index (BLI) in 2017, more than 2.5 billion data records have been compromised. As a result, it is expected that in the upcoming digital age, comfort and flexibility will be overtaken by privacy and security. Blockchain provides data security and privacy for confidential information and is likely to be a great charmer for many business applications to provide better privacy and security.
Blockchain will impact cybersecurity by providing decentralized storage solutions. As data is going to become the most valuable asset in the future, hence there is a need of creating applications and systems which can assure the safety of data. Also, the blockchain experts would be able to combine the data security option along with other trending technologies for storing data. Safe DNS is one of the main concerns currently. As it is centralised hence is easily accessible by the hackers. DNS system can be expected to be more secure with the help of blockchain system. As blockchain system is decentralized, hence it is not vulnerable and ensures complete safety of your information.
Blockchain technology is progressive and forward-looking, and it uses a systematic way that combines a computational algorithm and a data structure to work out the ever-lasting problem of many areas. It can be used in conflict situations as it connects not only trusted parties but also the untrusted parties. Today, there is a need of system transparency. If an organization’s business model demands that it must have transparency to their customers or suppliers throughout the supply chain, distributed-ledger technology can play a significant role to provide end-to-end visibility of the supply chain operation and management system. There is also a need of data immutability. If there is a need of building up a highly secured append-only database by the organization, then it can be done using cryptography hashing and using digital signatures and help build a highly secure ledger.
In this ever-evolving age of technology, blockchain technology is providing boost to cybersecurity. Distributed Denial-of-service (DDoS) attacks where there is an attack on multiple computer systems and cause a denial of service for users of the targeted resource. These attacks have been happening at an increased rate recently and are affecting giants like Sound Cloud, Spotify and more. The implementation of blockchain technology would decentralize Domain Name System (DNS). It can surely distribute the large amount of contents to different nodes and hence making it nearly impossible for hackers to hack the system. It is also useful in identity theft and fraud protection. Criminals generally use the identity of a dead person to get away with a crime but it can be put an end to with the help of blockchain technology. Also, to keep the information secure many messaging systems use either end to end encryption or blockchain technology. The growing secure communication systems like blockchain and others are working towards developing unified communication.
The key aspect in using blockchain as a cybersecurity function is decentralization. It generally becomes more difficult for hackers to exploit when access control, data, and network traffic are kept at different locations. Many companies are further researching blockchain technology and it has become a high commodity for investors as it has the potential to mean less vulnerability and more security.
