Where Blockchain Meets Cybersecurity
Blockchain technology is a powerful public ledger that records every “block” of data as it moves across many computers. Businesses of all types and sizes have to deal with a lot of information on a daily basis. Data is usually an extremely valuable asset for their operations. But keeping it safe and secure can be quite a difficult goal to achieve.
So many cyber attacks have occurred in the past two decades. Additionally, with the ever-increasing flow of digital information, the importance of keeping that data secure is momentous.
Just recently, in 2017, Equifax suffered a cybersecurity breach that compromised sensitive information on close to 50% of the US population. Hackers gained access to the personal data of over 145 million consumers. Unfortunately, at least 209,000 of them had their credit card credentials stolen.
This is the reason why many industries consider adopting blockchain technology to prevent such incidents from occurring. You will frequently hear or read in the news that it has already disrupted all major industries worldwide.
Of course, the blockchain technology is not entirely immune to cyber attacks, but it works much better than other systems, offering higher levels of data security. Here is what it can do for the cybersecurity industry.
Data Confidentiality
Because P2P networks host data, there is no need for a middleman. This means that no third party could monitor or breach your data. This aspect is particularly crucial for safeguarding private messages.
For instance, Obsidian employs C# blockchain technology and end-to-end encryption for its messaging app to safeguard the user messages.
Trace-ability And Non-Repudiation
Since every information added to a blockchain ledger is digitally time-stamped and signed, tracing back to the time and corresponding party for the specific transaction is easy and authentic. No signature can be disputed.
Decentralized Storage
The blockchain network stores data across multiple computers which ensures that the chain won’t collapse. If an attacker wanted to tamper with the record on a single block, she would have to hack the entire system. This is nearly impossible to do as she would need to access all computers in the world that are part of the network.
Clearly, blockchain technology can really beef cybersecurity. Nearly every firm that handles transactions could benefit tremendously.
Tags: blockchain, Cybersecurity, data breach, Data Hosting, Equifax, hackers, P2P, Third Party
