The decentralized nature of blockchain has the ability to fundamentally restructure how businesses conduct their operations, from healthcare to supply networks. Once completely deployed, it will also allow consumers more control over their personal data and significantly increase the internet's security against cyberattacks.
Through this article let us get into the nuances of how blockchain increases internet security and how blockchain in cyber security has the ultimate potential to bring revolution in the security span.
As centralized networks frequently have a small number of IP addresses, hackers can readily access them using relatively basic techniques like phishing. As recently proved by waves of ransomware attacks that cost businesses an average of $4.24 million USD, cybercriminals may do significant harm once inside. However, since these intricate networks are much harder for hackers to penetrate, the decentralized structure of blockchain offers a potential answer.
No information system or cyber defense can be considered completely secure. Given the lucrative nature of cybercrime and the criminals' inventiveness to search out new means of attack, what is currently considered safe won't be tomorrow? Although blockchain technology is becoming more popular, there are still others who doubt its viability, security, and scalability. Blockchain-using firms must develop cyber security policies and standards in order to safeguard their organizations from external threats, even while some of blockchains' fundamental features include data confidentiality, integrity, and availability.
Cyber-attacks can continue to develop and become more effective due to the current, rapid rate of technological innovation. Hackers will undoubtedly have additional opportunities as fifth-generation (5G) networks, which offer 10 times faster download rates than current networks, go live. Greater likelihood of greater cyberattacks and the hacking of more devices will result from faster speeds.
Blockchain has developed into one of the most secure ways to conduct transactions in the world of digital networks, despite not being completely unbreakable. The technology has been praised for ensuring information integrity in the way it was intended and constructed. It can be beneficial to many industries if used properly. Blockchain technology has the potential to be used in a wide variety of applications. Utilizing its integrity assurance to create cybersecurity solutions for numerous other technologies would be one of the finest uses.
The commercial hunger for the Internet of Things is enormous (IoT). Almost everything is being equipped with internet-connected sensors, from household furniture to utility equipment. The number of items connected to the internet will rise from 14 billion to 25 billion by 2021, predicts Gartner. The security features on the majority of these new technologies are patchy, which tends to draw hackers. Additionally, home automation technologies can make more homes susceptible to thieves' cyberattacks.
The use cases of blockchain in cyber security, however, will bring advanced combatting systems and methods.
The blockchain has its sights set on upending cyber security as well. In the past, it was simpler for cybercriminals to steal money and data through worldwide anonymous transactions, which could have severe consequences, as in the instance of the WannaCry virus. Consider the Internet platform in the absence of cyberattacks! Blockchain technology may make that as soon as possible. As a result, cybersecurity professionals are starting to investigate how technology might handle cybersecurity issues on a worldwide scale.
Let us discuss three major significance of blockchain in Cyber security and its impact:
Prevent Data Theft and Fraud
Currently, users safeguard online transactions with their email and phone numbers. The risk here is that we can't fully rely on the safety of the websites where we enter our personal information. Since even SSL-encrypted websites may be broken into by hackers, the numerous security lapses revealed throughout the globe plainly demonstrate that conventional systems are still quite susceptible to attacks.
However, by establishing dispersed networks to store and maintain data, new blockchain technology will alter the way conventional systems secure data. Advanced encryption will be used to safeguard and verify data, making it resistant to unauthorized alterations and hacks. Internet users will have far more access to transparency if data fraud occurs and will be able to store information much more securely on the hundreds of thousands of computer servers located all over the world.
By making it very difficult for hackers to compromise records created on the blockchain and kept on millions of computer networks around the world, such an approach will improve cybersecurity by preventing data tampering and fraud. Blockchain is also far more efficient than older cybersecurity methods since it does away with the requirement for third-party intermediaries.
Blockchain technology is now one of the best innovations that may be utilized to lessen the likelihood that data will be altered by hackers, hence minimizing the possibility of cyberattacks.
Blockchain technology has already been used by Estonian startup company Guardtime to safeguard data. With the use of the technology known as Keyless Signature Infrastructure, which employs a keyless authentication process, they were able to safeguard 1 million health records in Estonia in 2016. (KSI). The conventional Public Key Infrastructure (PKI), which exclusively utilizes public keys with asymmetric encryption, is disrupted by KSI. Guardtime has eliminated the requirement for using keys for data verification with KSI. In contrast, when someone tries to modify data, the system automatically analyses the full block of chains and compares with the metadata, discarding anything that doesn't add up. Data is disseminated among nodes in the network in this manner.
Cybercriminals have always been able to exploit weak passwords. Attackers also utilize social engineering techniques to trick people into disclosing their login information. Blockchain, however, can help eliminate passwords by enabling user and system authentication without them. Blockchain enables robust authentication through node decentralization and aids in establishing user identification consensus.
Traditionally, networks like the Internet have centralized servers that can only be accessed by logging in, putting them vulnerable to attack if hackers obtain login information. The user accounts of LastPass, a password management service that stores encrypted passwords centrally, have been exposed to several attacks.
Blockchain may make it possible to access computers without a password. For example, REMME has created a distributed public key infrastructure that is built on top of blockchain to offer password-free access to systems for both devices and people. Every device that uses REMME receives a blockchain-based SSL certificate in place of a password that cannot be forged by hackers.
There is no doubt that peer-to-peer payments have changed as a result of blockchain technology, and this is only the beginning. But the potential of blockchain goes beyond digital financial transactions.
By removing the human aspect, which is typically the weakest link in system security, the technology has demonstrated its resiliency and is addressing security problems. Blockchain technology is enhancing cybersecurity by offering end-to-end privacy and encryption for users through a distributed ledger and verifiable procedures. Without a doubt, it will aid in our systems' and our own protection. Cybersecurity issues might soon become a thing of the past thanks to blockchain.
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