Technology has its benefits and drawbacks and has managed to embed itself into each and every facet of our daily lives. Since Satoshi Nakamoto introduced Bitcoin, blockchain technology has been used for more than just digital currencies. People have learned to unlock its other capabilities and utilize their versatility for cybersecurity.
Blockchain technology has not only entered the world of banking but also healthcare, journalism, the palm oil industry, music industry, and others. Concerns regarding cybercrimes have caught the attention of blockchain developers and they’ve developed different platforms using said technology to counter these concerns.
Cybersecurity is the process where systems, programs, and networks are provided security from digital assault. Usually, attacks are aimed to change, access, extort money, disrupt the usual business procedures, or destruct sensitive information to name a few. It is an industry where its growth span has been greatly influenced by blockchain technology.
The technology gets rid of the human detail from data storage which happens to be the biggest source of data breaches. Largely, blockchain also decreases the consequences of human error and develops future paths. Usually, this applies to several industries that are dependent on high cybersecurity.
Many companies bank on blockchain to protect their personal and private data in addition to data that passes through chats, social media, applications and messaging. They are currently trying to develop a structure for trading ownership stakes in real property using blockchain technology. The procedure is known as ‘tokenization’ and Real Estate Investment Trusts (REITs) acts as the intermediary.
The digital security token gives the exact countenance much like how real property investors in investment trusts are capable of buying stakes that represent an ownership share in a segment of large prize assets. The allocated ledger technology, the chief demarcation for tokens, is instead used to record transactions and any consecutive transactions on a blockchain.
An effective cybersecurity system has a myriad of layers that protect networks, programs, computers, or data that one expects to keep an eye on. In order to provide capable protection from cyber attacks, it is vital that mechanisms, technology, and the people in an institution need to harmonize with one another.
Blockchain technology can amplify cybersecurity for the following reasons:
Decentralized State of Blockchain Cybersecurity. Blockchain executes the integrity of decentralized data storage. Data is not saved at any centralized setting in the blockchain. The full data is spread throughout various nodes in the blockchain’s network. The whole network functions as a transparent method of data storage and transactional system so that even the smallest operation can be tracked and authenticated by everyone in the organization.
In addition, blockchain’s decentralized nature gives cybercriminals a hard time when attempting to penetrate the system or snatch up data. Each activity is authorized and cross-checked by other nodes in the system. In the case that a cybercriminal is able to manipulate the data stockpiled in blockchain nodes, the complete network of nodes must be corrupted in order for them not to be caught. This, in turn, makes the system more secure thereby ensuring that data is safer from breaches in comparison to regular networks.
Decenternet is one platform that offers net neutrality along with protecting the user’s data and privacy. It’s Net-Neutral Osiris web browser establishes an absolutely free web environment that brings profits straight to the partaking peers with no intermediary manipulation.
Trackability. It works as the main source of cyber-risk analysis that can develop risk models in order to avoid cyber attacks. Using blockchain makes it simple and accessible to have transparent and tamper-proof traceability since all of the public or private transactions in a blockchain require digital signing. It also comes with a timestamp providing companies the ease and convenience of tracking any transaction.
Since blockchain is decentralized, organizations can easily audit and determine the consequences and cyber attacks on the total system. Any data that has been corrupted in a blockchain network can be easily tracked, which then allows the elimination of tampered data or transaction from the system.
Protected Confidential Messaging. While most companies prefer electronic messaging services for transmitting private information, there have been multiple occurrences of data breach. Both security analysts and industry authorities believe that enforcing blockchain technology for protection is a dependable way of electronic messaging.
Avoiding Distributed Denial of Services (DDoS). The Federal Communications Commission (FCC) admitted that the agency’s comment system was attacked by DDoS during the time that net neutrality was being repealed. DDoS is a kind of cyberattack that affects many systems with the use of malware that dismantles and devastates an online platform with exuberant traffic.
Not only can blockchain protect systems from DDoS attacks, but it also guarantees that the transmitted data stays impregnable to cybercriminals.
Solid Verification. The verification procedure requires human intervention. While it inflates capital and authentication systems cost, it could also be a source of cyber attacks. However, by using blockchain, all transactions and operations are achieved using nodes. Each node in the network has its own special detector and protection. It can also be patterned to have a password or an encryption process that enables businesses to safely mechanize the verification procedure.