Cybersecurity has become a chief concern for individuals and businesses in an era when everything has gone digital. Can blockchain technology be the key to solving the problems of cybersecurity?
Recently, there has been a rise in cyberattacks and data breaches, which have caused financial losses and damage to reputation. These threats have proven to be beyond the Defense of traditional security. Experts, therefore, suggest countermeasures besides these standard measures.
The Blockchain, first invented as a technology underlying digital currencies like Bitcoin, has become famous for its potential to change cybersecurity entirely. It provides a sound response to the risks of centralized systems by dispersing data storage and using highly sophisticated encryption methods. Even some of the cyber security company chicago are implementing blockchain technology in their arsenal.
In this article, we will look at Blockchain and cybersecurity, examining how the two fields overlap in many ways. Blockchain has great potential to protect data; if fully realized, it may write a completely different chapter for the entire field of cyber security.
Blockchain Technology Overview
Blockchain Technology is a distributed ledger that runs decentralized systems, often more secure than centralized ones. It is backed by cryptography and hash functions, making the data secure; its structure also allows for traceable transactions.
What Does Blockchain Mean for Internet Security?
Since centralized networks have few IP addresses, hackers can easily penetrate them using relatively simple schemes such as phishing. After making it inside, cyber criminals inflict heavy damage. Recently, several waves of ransomware have cost companies an average loss of $ 4.24 million UCSD each! However, the distributed structure of Blockchain suggests a possible solution. This messy network is far more difficult for hackers to access than Apple’s iCloud.
Robert Napoli, a business strategist who writes about cybersecurity and digital transformation, wrote in Forbes that Blockchain’s use of proof-of-work consensus methods (like those used by Bitcoin) means hackers could only hijack ledger transactions if they control more than half the nodes. And doing so would have to be very expensive computationally — or even nearly impossible to overcome.
For instance, shifting internet domain name servers (IDNs), which link web browsers to websites, onto the Blockchain would spread resources among many nodes so that hackers cannot control the database. He also said that such a system can be still more secure through artificial intelligence technology.
Significance of Blockchain in Cybersecurity
So, how will the Blockchain affect Cyber security? Let’s take a look at three major points.
Prevent Data Theft and Fraud
Users now protect online trading with their email and phone numbers. The problem is that we can’t always be sure of the safety of a website where you submit your personal data, so there are definitely risks here. But since even SSL-encrypted websites can be broken into by hackers, the tens of thousands of security breaches discovered worldwide clearly indicate just how vulnerable conventional systems are.
However, the coming of new blockchain technology will change how data has been secured in traditional systems, thanks to dispersed networks that store and maintain data. Security and traceability will be enhanced, as advanced encryption techniques will protect the data against unauthorized modification or hacks. If data fraud occurs, internet users will have greater access to transparency. They are able to store information in many places and very securely on the hundreds of thousands of computer servers dispersed around the world at all times.
Maintaining cybersecurity by preventing data modification or fraud is assured by making it virtually impossible for hackers to gain access and steal records created on the Blockchain before being stored in databases spread across millions of computer networks. Because it eliminates the need for third-party intermediaries, Blockchain is also much more efficient than old cybersecurity systems.
Reduce Cyberattacks
At present, blockchain technology is among the best innovations that can be used to reduce the chances of data being changed by hacking attacks. This will also mean a decline in the frequency and intensity of cyberattacks.
Estonian startup company Guardtime has already used blockchain technology to protect data. In 2016, they used the technology known as Keyless Signature Infrastructure, which uses a keyless authentication process to protect 1 million health records in Estonia. (KSI). KSI upends the traditional Public Key Infrastructure (PKI), which uses only public keys with asymmetric encryption. KSI does not require the use of keys to authenticate data, thanks to Guardtime. But when some people tinker with data, the system itself researches all of a block’s chain blocks and compares them to metadata. Mismatches are immediately thrown out as garbage. Data is shared in this way among nodes of the network.
No-Password Systems
Weak passwords have always been an easy target for cybercriminals. In addition, attackers use social engineering tricks to make people reveal their login information. On the other hand, Blockchain will do away with passwords by having users and systems authenticate each other without them. Thanks to node decentralization, Blockchain can perform robust authentication and help establish user identification consensus.
In the past, networks like the Internet have had servers as their centers from which users are able to log in and access. Under this system, hackers can take over a network by stealing login information and entering illegally through any point of entry. LastPass, a password management service that stores encrypted user names and passwords in one place, has suffered repeated attacks on its users’ accounts.
With Blockchain, accessing computers without a password may even be possible. For instance, REMME has established a distributed public critical infrastructure that runs on top of the Blockchain and provides password-free system access for both devices and people. Instead of a password that the hackers can steal, each device using REMME receives an SSL certificate validated on the Blockchain.
Conclusion
The potential applications of blockchain technology range from secure and decentralized systems across all industries (spanning secure identity management, immutable data storage, safe digital transactions, secure supply chain management, and IoT connectivity) to securing digital property rights. As blockchain technology progresses, we are confident that other industries will follow its lead in using it to improve security, transparency, and efficiency.
In addition, Blockchain is shifting the paradigm of security on the Internet by using a more secure and efficient system with many promising applications. While these challenges and limitations must be addressed, the development of blockchain technology promises to shake the foundations of cyber-security and even other industries.
