Blockchain & Cyber Security

Blockchain has been widely known thanks to Bitcoin and the cryptocurrencies. Bitcoin is the best-known implementation of blockchain, and it is basically the implementation of a cryptocurrency. However, blockchain is much more than that, being seen as the service and structure behind cryptocurrencies to maintain records for currency transactions between untrusted participants. Nowadays, in addition to cryptocurrencies (hundreds of currencies exist today that use blockchain technology or derivatives), many other application areas rely on blockchain technology like energy trading, health, supply chain, manufacturing, identity management, e-government, etc.

Blockchain technology is a distributed and decentralised ledger system that can record transactions between multiple computers. Human error remains to be the leading cause of data breaches. Blockchain fully automates data storage hence reducing the human element in these data storage systems.

Blockchain can be utilised in any sector or industry. This is because any kind of digital asset or transaction can be inserted in blockchain, from any industry. The new technology is considered a reliable cybersecurity protocol due to its capabilities of indicating any foul play and providing certainty in the integrity of transactions. Blockchain technology was designed to be transparent. Therefore, opposing the famous misconception, blockchain offers no privacy or confidentiality of any transactions made through it. When termed as secure, it is meant to describe the integrity of the transactions, not its privacy.

How Does Blockchain Keep Information Safe?

• Tracking and checking every change: Any change made to a blockchain stays in the database forever. Nobody can alter the existing data and claim it as legitimate.
• Backing up data in numerous locations: Many of the computers in a blockchain will frequently download its data, storing the copy locally. If data becomes compromised, multiple sources will have backups of the original information.
• Pinpointing errors and attacks: With every change in data documented, you can find the exact point in time where things went wrong.
• Preventing identity theft: Each user’s private key has advanced encryption technology that ensures nobody will claim your data as theirs. The computer, not a human, authenticates your data, keeping hackers out.

Use Cases of Blockchain in Cyber Security

1. Securing DNS: DNS is largely centralized. As a result, hackers can break into the connection between website name and IP address and cause trouble. They can crash websites, route people to scam websites, or simply make a website unavailable. They can also pair DNS attacks with DDoS attacks to render websites utterly unusable for extended periods of time. The current most effective solution to such issues is to tail log files and enable real-time alerts for suspicious activities. A blockchain-based system can take security one step further. Because it’s decentralized, it would be that much more difficult for hackers to find and exploit single points of vulnerability. Your domain information can be stored immutably on a distributed ledger, and the connection can be powered by immutable smart contracts.
2. Securing Private Messages: While many messaging systems use end-to-end encryption, others are beginning to use blockchain to keep that information secure. At the moment, most messaging apps lack a standard set of security protocols and a unified API framework for enabling cross-messenger communications. The emerging secure blockchain communication ecosystems tackle this issue and work towards creating a new system of unified communication. Blockchain is a great solution for that as it secures all data exchanges and enables connectivity between different messaging platforms.
3. IoT Security: Hackers often gain access to systems by exploiting weaknesses in edge devices. These include routers and switches. Now, other devices such as smart thermostats, doorbells, even security cameras are also vulnerable. Blockchain technology can be used to protect systems, and devices from attacks. Blockchain can give these IoT devices enough reinforcements to make security decisions without relying on a central authority. For instance, devices can form a group consensus regarding the normal occurrences within a given network, and to lockdown any nodes that behave suspiciously. Blockchain technology can also protect all the data exchanges happening between IoT devices. It can be used to attain near real-time secure data transmissions and ensure timely communication between devices located thousands of miles apart. Additionally, blockchain security means that there is no longer a centralized authority controlling the network and verifying the data going through it. Staging an attack will be very hard if even possible.
4. Decentralizing Storage: Data is becoming a more valuable currency, than well…currency. Businesses accumulate tones of sensitive data about their customers. Unfortunately, this data is also quite attractive to hackers. And one of the most convenient thing for cyber criminals is to store all of this data in one place. Unfortunately, businesses are still using centralized storage when it comes to data. However, this appears to be changing slowly. Blockchain-based storage solutions are gaining popularity. Thanks to the decentralized nature of blockchain technology, hackers no longer have a single point of entry, nor can they access entire repositories of data in the event that they do get in. This feature is one of the main reasons why enterprises are now considering blockchain as data privacy solution.

No matter how it is utilised, the key component of blockchain technology is its ability to decentralise. This feature removes the single target point that can be compromised. As a result, it becomes utterly impossible to infiltrate systems or sites whose access control, data storage, and network traffic are no longer in a single location. Therefore, blockchain may be one of the most efficient mitigation strategies for cyber threats in the coming days. Nevertheless, blockchain, just as with any other new technologies, faces many start-up challenges as it undergoes the painful process of growth.