Since its advent in 2009, blockchain has leaked out of confines if technology and has managed to conquer grounds of every sphere of life, let it be healthcare, banking, security, or beyond. However, its role within cybersecurity so far seems to be the most versatile and robust.
As cybercrimes are an ever-growing threat, people are desperately scrambling to take cover from them. For this, cybersecurity experts are looking up new and advanced ways to stay protected online as the old ones are rapidly expiring.
Amidst this, blockchain technology promises a fresh horizon for a safe cyber environment.
Within the cybersecurity framework, blockchain technology has a massive impact, which many organizations such as NASA, IBM, and General Motors actively utilize.
The technology works by building a ledger platform that distributes encrypted data in the form of decentralized packets. With this, blockchain becomes an ideal tool for cybersecurity. It is applicable in various spheres of technology, some of which are discussed in this blog.
Fraud cases revolving around identity thefts are one of the most common cases that largely victimize people worldwide. Most of these fraudulent schemes run around schemes portraying government benefits along with portraying employment issues such as credit card payment scams and tax report scams.
A solution to avoiding such victimization is using a Decentralized Identity, commonly referred to as DID. These identities are capable of putting an instant halt to identity thefts and frauds.
While processing security parameters, all of the sensitive information is stored in a decentralized environment by the decentralized network. This decentralized environment may often be an Email Service Provider or otherwise in a personalized situation, a personal user server.
Therefore, anyone with personal credentials such as account ID and password can have easy access to it. This is quite a simple act within organizations or banking institutions where the staff has unhindered access to clientele data and uses it unethically.
However, within a decentralized network, there is a chance of reducing such activities as the transaction access will be limited to the user only through a personal DID app.
With this, there would also be a detailed record of every completed transaction within the decentralized ledger giving everyone present liberty to approve or disapprove the transaction. Upon disapproving, the transaction can be termed as non-legitimate and get rejected.
DNS are centralized systems, which remain vulnerable to threats and hack attacks. With their centralization, all hackers have to do is launch a well-planned attack by disrupting connections between website name and IP address.
Numerous instances have occurred where users were routed to scammed websites using a severed IP address and website name connection. In fact, these scams go on in an infinite loop till websites don’t pay a substantial amount, which rids them of the attack.
Generally, a solution to these attacks consisted of a long process that needed close monitoring and the use of tail log files, responsible for detecting and reporting unusual activities.
However, blockchain patches up this vulnerability by encrypting the domain information and storing it within a distributed ledger blocking every means of access. In this method, the DNS remains secure along with the whole network.
IoT devices may be the ultimate form of luxury for us. However, they are also the most common base grounds for hack attacks. Let it be routers, thermostats, cameras, or speakers; hackers are most likely to infiltrate these devices first as they form a network connecting systems.
As these devices often overlooked during usual security measures, it is therefore natural for hackers to access the credential and data floating between these devices and go on with their plan.
Blockchain can, however, stop this data exchange in cases of it being suspicious. It is even possible to design IoT devices to form networks dedicated to putting stops at suspicious node behavior. A security system that blocks nodes and discourages data exchange can ultimately reduce hack attacks.
And a decentralized system of data flow can make it hard for hackers to breakthrough. Additionally, blockchain can also communication between remote devices and spread warning messages.
It is quite common knowledge that keeping all secrets in one basket results in havoc when the basket spills. Quite similarly, having all the data stored in one place or single cloud storage makes it easy for hackers to access it.
All they have to do is breakthrough security layers of one area and grab all data available. The solution, therefore, here are blockchain-based storage systems that encrypt and store data in archives while simultaneously distributing it in various locations.
The access to these storage systems is based on cryptographic keys, which can be revoked in cases of threats ensuring safety and security. With this, hackers don’t have all the information within grasp of single-point entry as the information is protected through cryptography and scattered over the internet.
A large amount of information present on social media sites, twitter handles, and various other forms of online platforms of public interaction fall victim to malicious software. Amidst this, eCommerce websites are the largest targeted victims.
These platforms are the hub for data snoopers to extract Metadata and get hold of people’s popular interests, likes, and dislikes, etc. to design marketing strategies for increasing sales.
Even now, with cybersecurity awareness a piece of general information, most applications lack the essential mechanism for encrypting user messages. Blockchain technology offers a much-needed solution to this by allowing additional security by encrypting messages and securing nodes associated with various platforms.
Additionally, by using decentralization blockchain allows data to remain secure while allowing connections to social media platforms. Therefore, there is a secure flow of data from one platform to another.
Blockchain technology offers a broad scope of security. With organizations investing in blockchain technology, the mark it has on cybersecurity is quite evident. A field that is rapidly setting new boundaries to cybersecurity, blockchain may as well be the benchmark of a secure internet.