Security experts praise blockchain technology’s revolutionary potential to make all digital assets more secure and prevent cyberattacks, data theft, and identity fraud. Platforms like bitcoin profit app. use fundamental and technical analysis to provide you with the best trading calls. Well, blockchain-based solutions do guarantee an impenetrable security wall for your business.
But before you start implementing blockchain projects, you need to study the issues that blockchain can solve today and those it cannot. Blockchain technology has established itself as the world’s leading digital assets and transactions solution.
For example, technology has already been applied in various fields, such as financial services, cybersecurity, and supply chain management. The trend will only continue to pick up in 2022 and beyond as more organizations start embracing this revolutionary technology in new ways. Let’s explore the potential use case of blockchain in cyber-security.
Using Blockchain for Network Governance:
As the global society becomes increasingly advanced and technology-driven, the threat of cyber-attacks is also growing. We already witnessed some of the most significant cyber-attacks in 2017. For example, the Mirai Botnet compromised over 500,000 Internet of Things (IoT) devices. It used them to launch a DDoS attack on Dyne, which caused internet outages for several major websites, including Amazon, Twitter, Reddit and Netflix. In addition, hackers installed malware on hospital networks, leading to massive data theft and ransomware attacks. Outdated security infrastructure cannot fight emerging threats effectively.
Due to the high frequency of massive cyberattacks, users must significantly improve network governance. However, this is easier said than done. It is difficult for network administrators to monitor all network resources in large and distributed networks.
Blockchain technology has promising potential in such cases, allowing networking resources to be monitored via the blockchain’s decentralized system. Every node in the blockchain can be used as a separate monitoring system that works autonomously without any manual involvement from human administrators.
This feature significantly reduces the risk of cyberattacks on large and distributed networks because it makes network administration more transparent and efficient. If there are no central points of failure, you can quickly identify any malicious activity when it occurs and implement countermeasures quickly.
A set of processes and policies that link networks with overlapping security responsibilities. It includes centralized control, security compliance, policy enforcement, software updates, data encryption and user authorization policies. It is tightly coupled with traditional IT security at the infrastructure level, such as firewalls, proxies, servers etc. Making an accurate assessment of the security of a network is crucial. Network security is a critical component of cyber-security, and organizations must take practical steps against it to prevent data breaches, theft, and other cyber-attacks.
Backup systems allow organizations to retain information on multiple backup locations worldwide in case there is any physical damage to a data storage device. The primary purpose of these backups is disaster recovery. An organization must be able to recover from any damage to their business, or they may even lose their business if their server goes down while restoring data saved in the backup locations.
Blockchain technology can help in both of the above-listed areas with utter grace. It’s a well-known fact that the IT industry is facing a crisis pushing it towards digital transformation. It will enable IT professionals to create network security solutions and accelerate digital transformation initiatives.
Confidentiality with blockchain:
Cryptography is the science of providing confidentiality and integrity to data. It involves encoding information so that only authorized users can read it. Companies can achieve it by using secure algorithms that store the information in unreadable form until decoded by authorized parties with unique keys. Blockchain allows networks and organizations to secure confidential data using cryptography algorithms in a trusted manner. The blockchain network has no security loopholes, and hackers cannot penetrate it because the data stored on private blockchains are encrypted.
Availability of Data on the blockchain:
Data availability is an issue that all organizations deal with. Companies must ensure that they run 24/7 operational systems that store essential data that needs to be accessed immediately. Blockchain offers decentralized storage solutions where blockchain is a backup service for the stored data.
It ensures faster data access because it provides transparency to the network administrators and users on which node stores specific data. It will save companies time and energy as maintaining critical business data availability will become easier for them using blockchain solutions.
Cybersecurity requires having an effective solution to business continuity. Therefore, disaster recovery is a must-have feature of all businesses. It ensures that the company will not lose any data in external threats such as natural disasters, cyber-attacks, accidents, etc.
Blockchain can help in storing critical business information in safer ways. Blockchain provides robust security to stored data due to its decentralized architecture and cryptographic algorithms. It also prevents unauthorized access to critical business information even if a computer or a storage device gets hacked, as blockchain encrypts data before storing it. In short, yes, blockchain can resolve most of the challenges subjected to cybersecurity.