Blockchain in Cybersecurity: All You Need to Know

November 5, 2019 | Views: 2845

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Introduction

Today, we are highly dependent on the internet, and this situation has resulted in new business models and revenue streams for companies. But, along with these, new opportunities arose for hackers to steal sensitive data such as PII (personally identifiable information), health records, financial data, etc. This is a huge concern in today’s online world, and this is becoming more intense and prevalent day-by-day.

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As cybercriminals are becoming better at their job, the techniques to combat cybersecurity breaches have also improved. Blockchain is one of the major technologies in combating cyber attacks. So, what is Blockchain?

The Blockchain is defined as a digital ledger of economic transactions that are incorruptible and can be programmed to record any transaction of value, not just financial transactions. Today, many professionals learn Blockchain all over the world and master this technology for a lucrative career as it has tremendous demand across various industries, and many companies use it.

Now, let’s have a look at how Blockchain can be used in various areas of security.

Authentication

Blockchain helps businesses authenticate users and devices without the help of a password. This kind of authentication eliminates human intervention, thus avoiding it from becoming one of the potential vectors for hacking. Blockchain will prevent you from using conventional systems such as simple logins and centralized architecture. A security system that leverages a distributed public critical infrastructure for authenticating users and devices can be used in a company with the help of Blockchain1. Instead of a password, this security system offers a particular SSL certificate to every device. Blockchain carries out certificate data management, and this makes it impossible for hackers to use fake certificates.

Decentralized Storage

Nowadays, storing data in a centralized database with a vulnerable access point is reckless. This is because many businesses all over the world are under attack every week, with accounts being compromised. The magnitude of these kinds of breaches is astounding. The examples include MyFitnessPal, eBay, Equifax, etc. So, how Blockchain can be used here? By nature, Blockchain is decentralized, and this means, there doesn’t exist any single penetration point for attackers to invade. In Blockchain, there exist multiple steel-reinforced between your data and hackers, making decentralized storage highly secure instead of storing data in a centralized database.

DDoS (Distributed Denial-of-Service)

A DDoS attack can be termed as a malicious attempt in which the hacking. makes a network resource or a machine unavailable to its intended users by indefinitely or temporarily disrupting services of a host that is connected to the internet. This cyber-attack is a nightmare for organizations having large amounts of data. The partial decentralization of DNS (Domain Name System) is the biggest problem in eliminating DDoS attacks. This means, the attackers one site after the other by targeting DNS’s centralized part. This problem can be solved by integrating Blockchain technology and reduce and prevent risks due to attacks and fraud. The decentralization of systems makes them pretty hard to target.

Verifying the Validity of Software Downloads and Updates

Types of malicious software such as worms, viruses, and Trojan horses are harmful to a computer user. They perform different functions such as monitoring the computer activity of users without their permission, deleting or encrypting sensitive data, and hijacking or altering core computing functions. Blockchain steps in here and assigns exclusive hashes for downloads and updates. Then, it becomes easy for users to compare the hash of a developer with that of an intended download. Thus, this reduces the chances of infecting your computer system with well-disguised viruses.

Securing IoT Devices

Nowadays, IoT devices such as smart thermostats, security cameras, and doorbells are vulnerable to cyberattacks. Blockchain secures these devices from attacks. Joseph Pindar, the co-founder of the Trusted IoT Alliance, said that “IoT devices are vulnerable because they aren’t smart enough to make decisions without relying on a central authority. Blockchain removes this situation by enabling devices to form a group consensus regarding the normal occurrences in a given network and to isolate any nodes with s suspicious behavior.”

Messaging

A lot of information is being collected from customers with the growing demand for conversational commerce. While most messaging applications use end-to-end encryption, others are beginning to use Blockchain for security purposes. For enabling cross-messenger interactions, most messaging apps lack a unified API framework and a standard security protocol set. Blockchain communication ecosystems handle this issue by creating a new unified communication system. Thus, Blockchain enables communication between different messaging systems by securing all the data exchanges between them.

 

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Conclusion

Blockchain technology is helping us safeguard governments, individuals, and companies, and it is here to stay. Blockchain has many other applications apart from cybersecurity, and it is becoming a vital component of various other fields. With the help of Blockchain, the organizations must follow cybersecurity controls and standards within their technical infrastructure to safeguard themselves from cyber attacks.

References:

1. https://mindmajix.com/blockchain-training

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