We cannot deny the fact that cyber-crimes are getting worse every passing year. This is why cyber-security is attracting even more attention than ever before. It isn’t just making bold headlines, but it has become a much-debated subject among policymakers, industry leaders, CISOs, and also the public.
Safe browsing online has become a real concern over the last couple of years. Seeing how daring and sophisticated hacking attacks have grown into, unfortunately, one might predict that things will get worse if not dealt with right now.
Unraveling this global cybercrime predicament is an important process of allowing technology to continue working towards quality development. In view to cybersecurity, blockchain technology promisingly offers much more than the typical centralized system or database.
According to Transparency Market Research, the global blockchain technology market is expected to become nearly $20 billion by the end of 2024. It has a huge potential to diminish costs, mostly for financial institutes. This is precisely why Gartner recommends that blockchain as a business value-add will grow to $176 billion by 2025.
Blockchain revolution has been acclaimed as a major disruptor for various industries in 2018, leaving behind no qualms that blockchain offers significant benefits for the corporate world. For data security, the technology could prove transformational. A technology that has been built keeping security as a major attribute, blockchain offers a lot of potential in terms of cybersecurity.
Blockchain Technology is, in fact, the result of numerous striking revolutions and developments in security and cryptography rendered to protect bitcoin. If considered implementing in a domain outside of cryptocurrency and smart contracts, blockchain enhancing security procedures make sense.
Let’s take a closer look at some ways how blockchain technology can strengthen cybersecurity:
1. Blockchain is decentralized
Blockchain is a non-centralized digital ledger of transactions. This means that rather than uploading data to a cloud server and storing it in a single location, blockchain breaks down information into small data packets and distributes them across an entire network of computers. Every computer, or node, that is part of this network has a duplicate copy of the ledger. This means that even if a node crash, it will not lead to loss of any data. In the corporate sector, this can be highly beneficial because no confidential data is ever lost if it has been uploaded to the blockchain server.
The best thing about blockchain is that there is no need to engage a middle man or a third-party to complete the transactions process. Blockchain security remains intact because you don’t require hiring or trusting any independent service provider when you have a decentralized, undisputable ledger to take care of your information.
2. Blockchain can prevent certain cyber attacks
Remember the time when Github was hit in February 2018 or that DDoS attack at a U.S. service provider? These two attacks have by far been considered one of the worst DDoS (distributed denial of service) attacks ever witnessed in the history of cyber attacks.
Even though malware and viruses are no less threatening either, however, DDoS attacks target online services by hitting them with bogus traffic that comes from various sources simultaneously, resulting in an overall crash of services.
In DDoS attacks, hackers forcefully gain access to the domain name system (DNS) that is stored on a partially decentralized system and in turn, the website crashes.
By running your DNS on a blockchain secured network that is fully decentralized, the hackers won’t be able to target a single, centralized source that otherwise leads to the traffic flood that causes website crashes. In other words, the hacker would have to get access to multiple nodes, or computers in the system simultaneously for the attack. This would not only become complicated for the hacker but would also become more expensive and time-consuming to execute.
Since, the data is encrypted, decentralized and validated across the entire network, hackers will not be able to break into a feasibly hard blockchain server. Once you upload your data on the distributed ledger, it’s nearly impossible to modify or remove without it being noticed and invalidating the signature.
3. Blockchain cannot be tampered!
This technology is all about ensuring data integrity and cybersecurity. Blockchain security safeguards data to ensure that it isn’t corrupted or lost.
You can never remove data once it has been added to a blockchain. However, you can add new or perhaps edited data in a completely new block. It’s like using Google sheet with all the past revisions or changes visible and also reveals who has added or made those changes.
In the same way, every time a new block of information is added to a chain, it comes with a unique digital signature and time stamp, making it fully traceable. If hypothetically speaking, a hacker manages to change data on the chain, you can easily see when it happened and from which account did this change come from.
Fabricated data, or any data that has been modified without permission, would immediately alert everyone in the whole chain indicating an error, and for counter-action, the fabricated data would be instantly discarded from the system, keeping the original data intact.
Limitations to bear in mind
Although, this all does seem to bring a ray of light in securing cyberspace, at the same time it is crucial to remember the potential harms and limitations of the blockchain. The size of the network matters because if the data hasn’t been distributed properly, then it becomes vulnerable to attack.
Seeing how blockchain works, you would have to keep the network bandwidth demands in mind and also oversee the huge size of your network communication overhead.
Even though Blockchain technology is still relatively, there are still many questions that we don’t have answers to yet. However, we cannot deny the fact that blockchain clearly has a prospective impact on securing the data security world.
It may seem that for hackers nothing is near to impossible to hack, but then with blockchain around, it looks like it’ll be a long time till they can infiltrate the system.