What is Blockchain Technology and What Does it Do?
Despite the multiple articles that dive into the fundamental concepts behind blockchain technology, we’ve often encountered individuals that are unable to grasp the concept of distributed ledgers. This is because they don’t fully understand the alternatives that blockchain has to offer in order to change the way things are run today- including the way that the modern internet operates.
The definition of what blockchain is can be found in the name itself. At its very core, blockchain is a decentralized, distributed, and digitized public ledger, which eliminates a central entry point for cybercriminals. Using the words “block” and “chain” in this context implies that the division of data (a single block of data) across a public ledger (the chain where the data is stored) requires hackers to significantly step up their game. With the amalgamation of blockchain technology, cybercriminals won’t just need to access a single database, they’ll need to break into thousands of blocks of data.
Furthermore, as the name suggests, a blockchain ledger consists of multiple blocks of data being strung together. This actually creates a highly secure system, since it means that even if a solitary block of data is manipulated, the entire system will know. This allows for the unprecedented opportunity for enterprises to tighten the security measures they’ve employed on other databases.
In stark contrast to the centralized, internet-based architecture in use today, blockchain technology eliminates the need for a central server, which if broken into, can have devastating consequences. An example of this scenario was recently demonstrated by the Capital One data breach, in which hackers breached into the central server which led to the records of 100 million customers being exposed.
With more and more companies relying on cloud computing systems for the storage of their data, the reward (confidential data) has increased for hackers, who can now gain access to an organization’s data pool by breaking into their cloud network.
How Can Blockchain Technology Work in Tandem with Cybersecurity?
When it comes to the present state of the cybersecurity world, despite the recent inclusion of modern technologies such as artifitial intelligence and machine learning into security solutions, there are still some major discrepancies within the implementation of cybersecurity practices.
Taking into consideration the derelict state of cybersecurity implementation and compliance within enterprises, the solution presented by blockchain technology is more than welcome since it fundamentally alters the way that cybercriminals operate, and limits the abilities of cyber thieves and hackers to a staggering extent. According to security experts, to prevent the risk of cyberattacks and threats you can use a VPN on your devices. There are several free VPNs that can ensure your online privacy to a great extent.
Since there are so many parts involved in a single blockchain, cybercriminals need to invest a lot of resources into hacking blockchain, which explains why no cybercriminal has ever been brave enough to hack Bitcoin, the cryptocurrency that runs on blockchain.
Here are some useful ways blockchain technology can optimize cybersecurity solutions within an organization:
- Minimize identity theft and other financial fraud by the formulation of peer-to-peer consensus mechanisms
- Increase identity verification
- Ensure that hackers have no single point of entry into an organization’s networks
- Boost security by utilizing end-to-end privacy and encryption
- Prevent hackers from tampering with data by securing the “block” through multiple defenses
In addition to these perks, blockchain offers a rather unconventional approach to cybersecurity, by taking the “human” element out of the security equation. At the end of the day, human employees are perhaps the weakest and most exploitable link in any organization, which is where blockchain proves itself to be extremely handy.
Furthermore, with blockchain technology, the security possibilities are virtually endless. Whether it be something as simple as amping up the current password authentication methods employed in the company, or as complex as securing an online trading platform such as Forex trading, blockchain technology can be utilized everywhere.
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