The concept of Blockchain technology came into light in 2009, and since then, there has been a lot of mania in the tech world. This technology is present for just under a decade; it was introduced to store and sent the first cryptocurrency known as Bitcoin. But, later this technology has paved its path worldwide, and people have started using it in different ways and industries. One such way is to boost cybersecurity.
Blockchain is a distributed network that might have millions of users all around the world. Each user can add information to the Blockchain and all data in the blockchain is secured by cryptography. Another member of the network is responsible for verifying that the data inserted in the blockchain is real or not. It is done by using a system of three keys i.e., public, private, and receiver’s key that enables members to check the accuracy of the data and also confirms from where does it come.
Moreover, blockchain users are also able to store all the data in their network on their computer system. It results in two things. Firstly, they can earn more money for giving their extra storage space and, secondly, they assure that the chain will not collapse. Like for instance, if a hacker attempts to tamper with a block, the entire system will analyze every single block of data to find that one block which differs from the rest. If the system detects such a block, it only excludes it from the chain and identifies it as false.
Blockchain technology is designed in a way that there is no primary storage location. Every user present on the network plays an essential role in storing some or all of the blockchain. Everyone is solely responsible for verifying the data that is stored or shared to assure that the fake data can’t be added and any of the existing data cannot be removed.
Getting back to the main topic, we’ve compiled this article for our readers, which will surely answer their questions. Let’s read on!
Ways through Which Blockchain Technology Boosts Cybersecurity
Nowadays, blockchain technology is undoubtedly the most important invention in the information age. It has an excellent capability and power to solve problems, basically inefficiencies in various information processing systems, such as escrow services, legal contracts, and supply chain traceability.
The blockchain technology is still in its initial phase, particularly when it comes to its role in the cybersecurity industry. Enterprises in every industry are taking advantage of the perceived benefits of the blockchain phenomenon and others are also looking to adopt their versions of blockchain and cryptocurrency.
Here are some ways how blockchain technology is helping to boost cybersecurity in this evolving age of technology.
1. DDoS Protection
A DDoS attack is an attack in which several compromised computer systems attack a target, like a server, website, or some network resources, and cause a denial of service for users of the targeted support. The attack is rated as the most troublesome security threats that can easily compromise businesses. Attackers can use several ways to initiate an attack, particularly sending tons of junk requests to a site, increasing traffic to the website that can no longer keep up with the applications. The offense continues till the site gets subjugated with unwanted requests. DDoS attacks have been taking place at an increasingly rapid rate and are affecting more prominent companies such as SoundCloud, Spotify, and Twitter.
By implementing blockchain technology, the Domain Name System (DNS) becomes fully decentralized and disturbs the contents to a large number of nodes and make it impossible for hackers to attack. However, Domain editing rights are granted to only those who own them and no other person can make changes. This reduces the risks of data being accessed or changed by unauthorized parties. By using this advanced technology, a system can also make sure that it becomes invulnerable to hackers unless every single node is wiped out simultaneously.
2. Fraud & Identity Theft Protection
Identity theft is becoming a severe problem in the present age. The cyber-criminals are using this identity to commit crimes, but with the incorporation of blockchain technology, this practice can be prevented.
Within the decentralized environment, the activities and the transactions will get accessed from your device by using the Decentralized Identity App. By doing so, every completed transaction will keep on record and everyone will have access to either approve or disapprove it. If there is disapproval, the transaction will not be legal and acceptable.
3. Proving the Validity of Software Updates and Downloads
Trojan horses, worms, and viruses that invade computers appear in different forms. These are becoming challenging to identify with an untrained eye. In recent times, ransomware and malware are also masquerading as legal apps. Blockchain steps in to allocate exclusive hashes for updates and downloads. It makes a lot easier for users to compare the mixture of an intended download with that of the developer. This significantly reduces the chances of infecting your system with viruses that are well masked.
4. IoT Security
IoT is making new opportunities and is providing a competitive benefit for businesses in new and existing markets. It traces everything- not just the data, but also how, when, where, and why you collect it. The technologies that have resulted in the Internet of Things are not changing the internet but instead changing the things connected to the internet. This includes the devices and gateways on the edge of the network that are now able to request a service without human interference at certain levels.
But the question has emerged at once on the dangers and possible risks of implanting the IoT in all aspects. With hackers becoming better at hacking, they’re often gaining access to systems by exploiting the weakness in edge devices. With the help of blockchain technology, it can be used to secure systems and methods from attacks. Blockchain technology can protect the data exchanges which happen among the IoT devices. Moreover, it can also be used to gain real-time secure data transmissions and ensure timely communication between devices located miles apart.
5. Incorporating Security in Private Messaging Apps
Since conversational commerce is becoming more popular day by day, a lot of metadata is being obtained from customers during exchanges on social media. While several messaging systems are using end-to-end encryption, others are starting to use blockchain to keep that information secure and protected.
At present, most of the messaging apps lack a standard set of security protocols along with a unified API framework for allowing cross-messenger communications. The emerging secure blockchain communication ecosystems face this issue and work towards the creation of a unified interface. Blockchain technology is an excellent solution for this as it protects all data exchanges and enables the connectivity between different messaging platforms, and newer networks like Bitcoin Cash promise to transmit far more information per block, moving us closer to a system of decentralized communication.
From all the above discussion, it is clear that no industry is safe from the clutches of hackers. As there is no foolproof method to curb hackers, blockchain technology has come to the rescue and has gone a long way to prevent data from getting into the wrong hands. Hopefully, by carefully understanding the points mentioned above, you’ll also be successful in boosting cybersecurity with the help of blockchain technology.