The Blockchain is mainly known for its relation to the cryptocurrency Bitcoin. It provides a decentralized system which uses a network of computers.
Like this, reliable records are written in the individual blockchains that have no central authority. Much more can be achieved from this distributed system if it’s fully utilized.
It can also help to fight cybercrime and current internet data security issues. In this article, I want to share with you how this impressive technology can be used to prevent the cyber attacks and fight such issues.
Some of the main points covered in this article are:
- Benefits of blockchain technology
- How blockchain can prevent cyber attacks
- Decentralized system
- Immutability
- Securing external infrastructures
- Stopping data theft and alternation
- Cryptographically formed key
- Hashing feature
- Confidentiality
- Fraud security
- Keep chats private
- Transparency
- Tracing and tracking
- High availability and sustainability
Benefits of Blockchain technology
There are many possible benefits of Blockchain technology.
- Secure
- Universally accessible
- Adaptable
- Cost-effective
How can Blockchain prevent cyber-attacks?
Because of automated distributed ledgers and unchangeable ledger history, it is impossible to alter the transactions.
Like that, it can be used to prevent cyber-attacks even before they happen. The scope of Blockchain technology is limitless.
Decentralized system
Traditionally information was stored on centralized systems. Some recent cybercrime cases show that our data kept online on such centralized systems is no longer secure or at least it is more vulnerable in comparison.
Blockchain networks avoid the inflexibility and weakness in the centralized systems. They can be used in industries in which verification of an individual is required too.
Immutability
This technology ensures the irreversibility of the transactions completed. The data is resistant to hacking because of the encrypted blocks.
Securing external infrastructures
Blockchain has been successful in transforming the financial relationships globally. Its benefits are of transformative nature.
- It is a database with some unique qualities that can help in fighting against the cybercrime.
- On Blockchain, the information is stored and shared through distributed records which leave no single gateway for hackers to steal the data.
- This technique can be applied to securing external infrastructures too.
A Blockchain-based server can minimize attacks by creating a more extensive network and splitting the control between different parties.
Stopping data theft and unwanted modifications
Cybercriminals not only aim for theft. Changing a single number in your bank account can make a difference between a rich and a poor person.
Also, as data is now the primary resource for analysis and decision making, the cybercriminals attempt to undermine business by damaging the information.
They alter the information and then demand a ransom to restore it. Blockchain technology can also address this issue. It not only provides a decentralized network for storing the information but also secures it.
The information is hashed and encrypted sequentially. Thus hackers can’t alter the data, and its integrity remains intact.
Cryptographically formed key
Every time the data is inserted into the ledgers, a new block gets created.
- The block created contains a key.
- This key is formed cryptographically.
- It serves as the unlocking key for the upcoming record that is inserted into the ledger.
Hashing features
The hashing feature of blockchain is also an impressive one.
- Blockchain converts the data that is stored into the ledger using cryptography and hashing algorithms.
- Then the data is encrypted and is stored in such a way that only keys stored in the system can decrypt it.
In this way, it can help in the maintenance of data. To know more about hashing read this.
Confidentiality
- The public key cryptography authenticates users.
- It encrypts their transaction.
This help to maintain the confidentiality.
Fraud security
To attack a network, the hacker needs to get control of 51% of the nodes which is quite tricky in the case of the distributed ledger in the Blockchain.
Keep chats private
Instant messaging tools are becoming smarter by leveraging AI (artificial intelligence) technology. Some offer in-app support too.
Still, they have some weak security points.
- They might be using end-to-end protection to secure the data, but they also collect the information about the users who contact.
- Some services also ask for authentication details like an email address.
- All this data is kept in a centralized place and can be hacked easily.
Blockchain can solve this issue. The Obsidian Secure Messenger is an example of a messaging platform that keeps data private by storing it in a decentralized network.
It also divides the metadata so that the user data is not gathered in a single place.
Transparency
Services that are built on blockchain are found to be more trustful. This is because of the transparency of this technology.
Tracing and tracking
The transactions are digitally signed. Like that, it becomes more comfortable for the network users to trace the transaction host and track account anytime.
- The blockchain transactions can be easily audited and traced.
- It is also protected by ledgers and cryptographic key which make it quite difficult to come under attack.
High availability and sustainability
Even if DDoS attacks occur, the system and Blockchain can operate normally. This is possible because there is no single point of failure and stores data in multiple ledgers.
Summary
Cyber-attacks are increasing at a rapid rate. One solution to solve such issues could be to use a decentralized network to store the data having no single point of failure.
You need to follow internet security tips to stay safe while working online. Blockchain ensures the highest level of data integrity and security by providing a trustworthy and a transparent system.
It can solve the cybersecurity issues quite easily and can prevent data breaches too. What do you think?
This interesting guest article has been prepared by Allen Jame. Thanks for that!
Photo credit: The feature image has been made by Oscar Söderlund. The author image has been provided by the author for using it in this article.
Source: Allen Smiths (Zappedia) / Victor S. Adamchik (School of Computer Science – CMU)
