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Blockchain technology has purported great security benefits to organizations that have realized its potential and put it to effective use. By now we know how data is authentically stored in a chain of blocks in a blockchain database that is immutable, transparent, and traceable.
As decentralized blockchains are not owned by a single entity and all users have collective control, blockchain is ideal for use in the cybersecurity realm where many tech geeks look forward to their successful blend.
The cybersecurity landscape in recent years has seen an exponential rise in data breaches, cyberattacks, network invasions, data exploitation, and much more that caused significant financial losses and triggered business reputation.
With Blockchain’s ability to offer high-end data protection and integrity by verifying access, authenticating transactions, proving traceability, and maintaining privacy, it is felt as a need to contribute towards cybersecurity to alleviate cybercrime.
And there are many areas of cybersecurity that can be transformed, embedding blockchain solutions to enhance security in cyberspace. Let’s take a look at them:
Blockchain-Cybersecurity Use Cases: Boosting Business Security with Digital Strength
Decentralized Data Storage
Data is fuel to business growth and its storage, management, and usage should be done smartly and securely. Centralized storage systems of data are prone to manipulations, access dependency, and most importantly are lucrative to cybercriminals.
Decentralization facilitated via Blockchain enables the transfer of authority and decision-making from a central entity to a distributed independently operated network.
With blockchain’s decentralized systems, the storage capacity can be leveraged and authenticated to a great level while protecting sensitive information and digital assets from being exploited for misuse. Blockchain decentralizes systems, breaks data, and stores them in chunks of pieces/chains across multiple nodes on a network that is difficult to hack or manipulate.
Secure Private Messaging
As blockchain technology works on a decentralized ledger model, it is beneficial in securing messaging done over the web.
Private chats and messaging done over social media platforms or emails or any other internet-enabled mode of communication can be highly encrypted over blockchain via the peer-to-peer verification system. As data stored is independent of control and location, it becomes difficult for cybercriminals to hack it virtually unless the asset’s or entity’s control is in one hand.
The exchange of data over any web platform can be secured, privatized, and verified via consensus protocols embedded within a network of nodes which enables easy and encrypted data transfer between users.
Blockchain-Based IoT Security
IoT and other internet-connected devices have always been on the radar of malicious attackers for exploitation that is majorly associated with security weaknesses. Moreover, with the increasing proliferation of Artificial Intelligence, hackers have gained huge knowledge to hack smart systems, questioning their security indices.
Hackers have become more advanced and are gaining control over the security systems of IoT-enabled smart devices, making them vulnerable to attacks. This is a great need for Blockchain in IoT to be realized. With the decentralization of data and IoT security using public-key cryptography new avenues to limit cyberattacks on IoT get opened, thus, enhancing the smartness and security of internet-connected devices.
With blockchain incorporation, communication between IoT devices is facilitated securely along with encrypted machine-to-machine transactions with distributed key management techniques.
Multi-Signature Authentication Model
Username and password tampering is one of the prevalent segments hacked by users to gain unauthorized access to a business’s IT infrastructure or network and many users’ logging credentials.
This can be solved by a multi-signature authentication model powered by blockchain technology that avoids validation by confirming that users have access to multiple devices. Furthermore, in the case of executing digital transactions, multi-party authorization using a digital signature is required that allows a group of addresses to sign the transaction (known as multi-signature) that carries out the online transaction.
Increased DNS Security
A Domain Name System (DNS) is a matching system that matches the IP address of a website with its domain name to indicate to search engines and web browsers how to interpret websites.
DNS is centralized and much prone to DDoS attacks by cybercriminals as they can easily find a way between the domain name and IP address to conduct illegal activities. Some of the threats related to DNS include:
- DNS phishing
- DNS poisoning and spoofing
- DNS attack by DDoS
- DNS tunneling
- DNS-based malware
Blockchain-powered DNS systems can eliminate such issues within cybersecurity as these DNS systems will be decentralized and will not be governed by a single entity. The domain information can be stored immutably in distributed ledger and the connection can be powered by immutable smart contracts.
This way, access requests to invade web links between IP addresses and websites will be highly resisted which will let hackers fail in their criminal attempts and make the DNS less vulnerable to connection exploitation.
Blockchain For Cybersecurity Can Reduce Vulnerabilities To A Great Extent!
Blockchain improves data security which ultimately helps strengthen business security. Blockchain’s aspects of delivering enhanced visibility, security, and full traceability of digital assets make it a quintessential technology to be used in the cybersecurity realm to safeguard digital identities and improve data integrity.
Risks to a business’s IT infrastructure can be mitigated by inheriting the decentralized nature of blockchain technology to let software and applications less exposed to cyberattacks.
To know how blockchain can be embedded within your organization or how it can bolster your upcoming project in data security, get in touch with CodeGlo’s Blockchain Product Development experts.