With an increased sophistication of technology, the onslaught of cyber attacks is on a dramatic rise.
Today, almost every business is under threat from online attacks. Cyber attack ranges from data theft to disruption of the hardware infrastructure. The investment in cyber defense systems has also witnessed a surge, both for government and private entities. Blockchain technology is widely being adopted by these companies to boost their online security systems. With advanced cryptography, companies can stay safe from most cyber-attacks today.
Key reasons for the success of blockchain in boosting up cybersecurity are:
1. Blockchain is permanent and transparent
The information storage mechanism offered by blockchain is decentralised in nature. Traditional databases are centralized, in all IT and non-IT companies. Here, each and every line of coding is concentrated in a single place. Therefore, they are prone to cyber threats. Even if the companies make back-ups of the information regularly, they are not completely secure from threats. As blockchain is more extensive, synchronised across multiple systems, it is impossible for the hackers to tamper with the information. These blocks of information are linked to each other. As they are not concentrated in a particular place, hackers are unable to steal data. It is the key reason why more and more organizations are switching to blockchain-based security system.
2. Versatile use
The increasing incorporation of Blockchain in different industries is due to its versatility. As evident in Bitcoin cryptocurrency, blockchain can be used in monetary transactions. Therefore, a number of companies are using the technology to secure their online fund’s transfer mechanism. From electronic voting to verification of bank accounts, the technology is compatible with various types of use. In a nutshell, blockchain can protect the entire business infrastructure.
The versatility of blockchain is evident in the healthcare industry as well. Different healthcare organizations are trying to utilize this concept for easy transaction of patient-related data. Apart from this, other industries are using it to track the movement of money and assets through the supply chain of manufacturers. Retailers are also using this technology to deal with their suppliers electronically. The easy identification process offered by blockchain makes the entire system fool-proof.
3. Protection of data integrity
Blockchains can maintain the integrity of data better than the ordinary systems. In normal conditions, files and documents are signed with private keys. The source of data is verified by the users. It is difficult to prove that no tampering has been made with the private keys. Altogether, the process is too complicated. In Blockchain technology, no secrets are to be maintained. It is a transparent process which makes it easy to be adopted by the professionals. A startup company, called GuardTime, is developing a project that will replace data authentication based on keys. It is known as KSI or Keyless Signature Structure. It stores original data hashes and files in the system and eases up the process. In brief, it can detect any change made to the original data. With these technologies coming up, it is obvious that blockchain is the future of cybersecurity.
The concept of blockchain rests on the integrity of the system.
People have not yet focussed on its availability and confidentiality. These are more important areas to think about. The concept is still new and a lot has to be explored to reap the benefit of the technology. If it can be incorporated wisely, it will revolutionize cybersecurity in the near future. It has a lot of potentials to be incorporated within a peer to peer transactions in different industries.