How is the Blockchain network improving Cybersecurity?
Blockchain network in Cybersecurity: In the past decade, there has been an exponential rise in Cybersecurity spending, with no signs of slowing down. As per reports, several organizations plan to allocate more than $1 trillion between 2017 and 2021 across the world in order to protect themselves from threats related to cybercrime. Despite the staggering investment, hackers have been exploiting vulnerabilities and intercepting devices, applications, and network communications. Reportedly, over 6 billion confidential files were stolen between 2017 and 2018 while the number and cost of cyberattacks have increased simultaneously.
These exploitations often outsmart traditional security methods that include authentication, key management, cryptography, and the challenges related to privacy. During the coronavirus pandemic, a large number of people were working from home and the vulnerabilities increased. Therefore, instead of establishing more powerful tools, several businesses reconsidered the systems that led to the creation of these vulnerabilities in the first place.
Blockchain network’s cybersecurity approach
Notably, the Blockchain network works differently in order to maintain security and reduces vulnerabilities by providing strong encryption and verifying data ownership and integrity more effectively. It eliminates the need for passwords which are said to be the weakest link in cybersecurity.
It is pertinent to mention that the blockchain network uses a distributed ledger. The dispersed public key infrastructure model of the blockchain network helps reduce several risks related to centrally stored data by eliminating the suspected targets. Each transaction is recorded across all the nodes in the network which makes it difficult for the attackers to compromise the data.
Likewise, the blockchain network’s collaborative consensus algorithm keeps an eye on malicious actions and anomalies without the need for a central authority. You can escape one pair of eyes but not all of them. This strengthens authentication and secures data communications and manages all the records.
Although blockchain has several nontraditional features, it does take advantage of encryption which is one of the most important cybersecurity tools. It utilizes the public key infrastructure in an order to secure communication, authenticate devices, validate configuration changes, and discover confidential devices in the internet of things (IoT) ecosystem
With the help of encryption and digital signatures, a blockchain system defends connected thermostats, smart doorbells, security cameras, and other vulnerable devices. A report stated that 98 percent of IoT device traffic was unencrypted.
Besides, blockchain technology can fight denial-of-service (DDoS) attacks. The domain name system (DNS), based on blockchain, can avoid these attacks to succeed. Notably, the domain name system is a protocol for directing internet traffic.
Several organizations, from multinational companies to governments are adopting blockchain-based cybersecurity as it is considered the next big thing.
Blockchain use cases in security and privacy
The blockchain-based platforms and applications have all the potential for improved security. Here are six categories for blockchain use cases in the context of security and privacy.
Flexibility and availability
The decentralized infrastructure of the blockchain network helps support flexibility against cyber attacks, and corruption. This process mitigates the vulnerability of data exposure. The distribution of information networks helps reduce data exposure and redirects the users when a centralized database goes offline or is being attacked.
It is pertinent to mention that the data on blockchain technology cannot be altered as the nodes on the network are cross-referenced and established upon each other. It requires consensus to verify each transaction. However, the data off-chain may be corrupted. Thus, the on-chain signatures enable new blockchain use cases where security is supreme. Decentralized voting, health and scientific data collaboration across institutions, and decentralized metadata are three examples of data integrity applications.
Transparency and Traceability
Traceability and transparency are important parts of blockchain designs. In the context of the supply chain, a digital distributed ledger contains tamper-proof data of transactions. This helps reduce the risks of tampering with any single party. In financial use cases, the transparency of payment history reduces the need for a central broker. Blockchain technology can help improve the security and privacy of transactions, including remittances and cross-border payments.
Authentication of software
All the transactions on blockchain technology are not always based on finance as some of them can also be used for several other verifiable interactions. Thus, authenticating the software updates is said to be a good cyber hygiene practice because of the expansion of malicious updates. The hashes on Blockchain can also help organizations to verify updates and downloads. It also prevents attacks on the supply chain, especially because software and edge IoT devices are said to be prime targets for the network’s entry.
There are several components of blockchain technology that can be applied to identify authentication and access management among others. These capabilities have several security benefits that include sensitive data protection, data minimization, identification of theft prevention, and providing multi-signature access controls and decentralized administration.
Blockchain technology has the capability of shifting what information is there on-chain like a hash instead of information that can be identified personally. Besides, the IT teams can take the help of cryptographic techniques, like zero-knowledge proofs or selective disclosure to find out what is necessary for an application to work.
Similarly, Blockchain technology uses cryptographic keys in order to authenticate identity attributes and credentials besides preventing all actors from error, takeover, or fraud.
Validation of Ownership
Earlier, it was difficult to prove the ownership of online assets at a time when digital ledgers were not even established. Indeed the deeds can never be destroyed, just like the certifications never hold up across borders. Hundreds of millions of people fail to access stable government identity or financial services. There are various security benefits across several blockchain use cases.
– Students, teachers, and professionals can validate their ownership of their credentials.
– Creators will be able to maintain full rights over their data which improves copyright protection.
– The title and delegate rights of the property owners can be proved
– Manufacturers, like luxury brands, can attach NFTs to their goods in an order to maintain authenticity.
The applications of Blockchain technology already run projects that are connected to security, controlled access, accountability, transparency, and efficiency besides authentication. Security leaders need to understand the benefits and risks of the general design of blockchain technology before implementing these use cases into their matter.
Technology uses these cases to build trust in the digital world. Indeed the digital world is changing and almost everything is going digital. Similarly, the risks related to cybersecurity are increasing day by day. Therefore, security becomes necessary in an order to maintain privacy and safety.
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