Blockchain technology has managed to get pretty much popularity in this digital era. Due to its decentralized system, many organizations and industries have started using this not so new technology in their business systems.
Know here more details,for several financial organizations which are also using Blockchain technology for making their process more secure and keeping the data safe. Cybersecurity is hoping to use Blockchain in 2021 as well.
What Is Blockchain?
It is a decentralized and distributed ledger system that is capable of keeping records of transactions between multiple devices or computers. Have you heard about the Cryptocurrency named Bitcoin? Blockchain was introduced as the primary technology of the Bitcoin network.
But later, it has started using cybersecurity. As the Blockchain technology is fully automated, it reduces the human element in the data storage system.
Possible Cybersecurity Threats
Here are some examples of cyber threats that can be prevented by using Blockchain technology.
- Several illegal activities of around $76 Billion are being done with Bitcoin. The anonymity of Bitcoin makes it popular among those who are actively connected with illegal activities. Bitcoin transactions are also convenient and easier than any other transaction.
- As per ACR or the Annual Cybercrime Report of 2019, after every 14 seconds, an individual or an organization facing ransomware attract. It also implies that in most cases, the attacks remain unreported. Every 15 seconds, a new person is joining social media platforms. This is the reason why the ransomware vulnerability scope continues to increase.
- Small businesses start with a little capital and invest the lesser money in cybersecurity. Thus the cyber threats are more here.
How can Blockchain be Used In Cybersecurity?
Blockchain technology is being adopted by cybersecurity. The transparency that Blockchain provides is unparalleled. Here are some instances of the usage of Blockchain technology in cybersecurity.
1. Securing private Messages
The internet is bringing the whole world into a global platform. The popularity of social media is increasing. Many messaging companies are switching to Blockchain technology, which previously was using end-to-end encryption technology. Here Blockchain can be properly implemented and offer more revised and standard security protocols.
2. Securing DDoS And DNS
Distributed Denial of Service attacks and Domain Name System attacks are also two cyber threats that are increasing day by day. Blockchain has the potential to eliminate these types of attacks as it will be able to decentralize the DNS entries.
When Blockchain is applied, the system will be decentralized. This will remove the central point, which was vulnerable to hackers. When the central point is eliminated, the hackers will not get any central point to attract. Here all the nodes need to be attacked, which is merely impossible.
3. Decentralizing Medium Storage
Most companies use storage mediums with centralized form. So, in order to access the entire data, the hacker only needs to attack the central point. Some sensitive and confidential data are being stolen.
And these are some serious concerns for the company or organizations. Here, the decentralized form of data storing may rescue from these serious consequences. The decentralized system makes the task much tougher or even impossible for the hackers.
4. Data Transmission Protection
In the near future, Blockchain technology can be used in order to prevent unauthorized access to data. The full encryption feature that the Blockchain technology offers will be able to secure data transmission.
It will also prevent malicious actors from accessing it, whether it is an organization or an individual. This way, the data transmitted through Blockchain will be more confident and increase the integrity.
In this age of the internet, cybersecurity is our primary and one of the most important concerns. Whether it is your personal, financial, or any organization data, it has to be safe. For organizations, the importance of confidentiality is much more. So, with Blockchain technology, the data will be more secure, and several cyber attacks can be prevented.