For the past couple of years, blockchain technology is starting to dominate the technological landscape of the world. The breakthrough technology of blockchain helps solve several complex problems, helping to secure the integrity and trustworthiness of complex data transactions and exchanges. This is because the blockchain has the power to commoditize trust, enabling automated smart contracts to support auditable multiparty transactions.
With cybercrimes at an all-time high on a global level, the need for data security is unquestionable. There have been recent cases of several high profile attacks on large multinational companies which resulted in the compromise of sensitive customer data. This is where blockchain technology comes into play.
Advantages of using Blockchain for Cyber Security
Blockchain technology is starting to get implemented to protect against data tampering in this increasingly digital world. Use cases often involve activities such as protecting transaction logs, proving the existence of legal documents and also for copywriting. There are certain advantages when blockchain is used for cyber security, explained below.
1. Preventing Access Fraud: When it comes to the existing models of identity and access management around the world, blockchain technology can certainly add value and bring in some necessary changes in this domain. Existing models of identity and access management are plagued with problems which allow hackers to gain unauthorised access to a particular data set. Several times employees make the mistake of using as a weak password or using the same password for multiple applications. Since most servers are centralised, this increases the chances of total data theft.
By implementing blockchain technology, programmers can create a distributed PKI model, used for controlling and managing key pairs. The decentralised nature of blockchain technology makes it more secure, since cyber criminals would have to access multiple points of entry at once to affect the network. While using a PKI model is not a fool-proof method, it certainly adds an extra layer of security than any existing system.
2. Guarding Against Cyber Attacks: As mentioned before, cyber-attacks have been on the rise and the biggest threat of them all is a Ddos attack. High profile domains such as Github have been victim to a Ddos attack. DDos attacks can be considered more damaging than simple malware and virus attacks, which can render any online service disabled.
The main target for any DDos attack is the Domain Name System or DNS. Operating DNS on a blockchain would make it a loss let vulnerable, making it decentralised and avoiding the flood of traffic that ultimate overloads the server. It also radically decreases the financial incentive for hackers to attack, making the process more expensive and time consuming.
3. Prevents Tampering of Data: Integrity of data and blockchain go hand in hand, as this allows a safeguard against data corruption. Cyber criminals can no longer attempt to alter data without getting detected. This is because of the nature of the technology itself, where any change being made has to be first verified by the rest of the chain before approval. In such a case, false or altered data without the correct permission would instantly be detected and be excluded from the system.
Global businesses face threats of cyber security and data tampering almost every day. With the arrival of blockchain technology, the cyber security landscape would change completely, as evidenced by many companies worldwide who have started implementing the technology in various capacities.