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Blockchain Technology and Cybersecurity

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What is Cyber security?

Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information; extorting money from users; or interrupting normal business processes.

What is Blockchain Technology?

Blockchain technology enables distributed public ledgers that hold immutable data in a secure and encrypted way and ensure that transactions can never be altered. While Bitcoin and other cryptocurrencies are the most popular examples of blockchain usage, this “distributed ledger technology” (DLT) is finding a broad range of uses. Data storage, financial transactions, real estate, asset management and many more uses are being explored.

Blockchain technology enables distributed public ledgers that hold immutable data in a secure and encrypted way and ensure that transactions can never be altered. While Bitcoin and other cryptocurrencies are the most popular examples of blockchain usage, this “distributed ledger technology” (DLT) is finding a broad range of uses. Data storage, financial transactions, real estate, asset management and many more uses are being explored.

This technology is one of the most important technologies in the world. Different industries are adopting the blockchain technology to innovate the way they function effectively. It can be leveraged to drive innovation and increase efficiencies in new domains including agriculture, data management, supply chains, and healthcare. Blockchain technology is slowly becoming one of the most accepted methods of securing data storage. Many people think of blockchain as the technology that powers the bitcoin, well that is the original purpose but it is capable of doing much more, it has potential to extend to other business applications even more profoundly.

Overview of Blockchain Technology

Blockchain as a Cryptographic-Based Distributed Ledger Technology can track or record anything of value, digitally. It is designed to decentralize information across a large network of computers thereby ensuring data’s integrity which revolutionize the way we interact with each other. Regrettably, organization are still using centralized storage when it comes to data. However, this appears to be changing slowly. All Information in a the system can’t be deleted but updated with guaranteed transparency.

Blockchain stores information in batches called Block which contains of three (3) components:

  • The Data
  • The Hash
  • The previous Hash

The blocks are linked in a chronological order, any changes made to a particular block stores In a new block showing the timestamps.

Blockchain being a technology can be accessed on different levels:

  • Public and open to everyone to view,
  • Private and only close to a selected group of authorized users.
  • Hybrid which can be publicly and private used.

Organizational Benefits of Blockchain Technology

Many organizations are increasingly interested in blockchain technology because of its potential to transform the way businesses communicate and interact with their customers and other parties.

As a growing number of companies rush to explore blockchain applications, the blockchain network becomes more dynamic and better supports sustainable growth and innovation. One of blockchain’s benefits is its inherent resiliency to cyber-attack.

While not immune to all forms of cyber risk, blockchain’s unique structure provides cybersecurity capabilities not present in traditional ledgers and other legacy technologies.

Blockchains also provide participants with enhanced transparency, making it much more difficult to corrupt blockchains through malware or manipulative actions. And blockchains may contain multiple layers of security – both at the network level and installed at the level of each individual’s domain.

“Data is becoming a priceless currency. businesses accumulate lots of sensitive data about customers. Unfortunately, this data is also quite attractive to hackers. And one of the most convenient things you do for cyber criminals is storing all of it in one place. It’s a bit like storing all of your cash and jewelry in a shoe box at home, then being shocked when a burglar walks off with the entire thing.”

Blockchain as a Cyber security Tool

As more people join the internet and technology continues to develop, more data gets produced and more hackers will attempt to steal or corrupt that data. The technology behind blockchain is adaptable and incredibly useful for the future of the Internet, allowing users to better secure their data.

Innovative uses for blockchain technology are already becoming a part of other fields beyond cryptocurrencies (bitcoin) and can be especially useful to boost cybersecurity. By implementing rigorous encryption and data distribution protocols on a network, any business can ensure that their information will remain safely intact and out of the reach of hackers.

Blockchain technology provides one of the best tools we can use to protect data from hackers, preventing potential fraud and decreasing the chance of data being stolen or compromised thereby ensuring the Core objectives of Cyber Security.

In order to destroy or corrupt a blockchain, a hacker would have to destroy the data stored on every user’s computer in the global blockchain network. This could be millions of computers, with each one storing a copy of some or all the data. Unless the hacker could simultaneously bring down an entire network (which is near impossible), undamaged computers, also known as “nodes”, would continue running to verify and keep record of all the data on the network.

The impossibility of a task like taking down a whole chain increases along with the number of users on a network. Bigger blockchain networks with more users have an infinitely lower risk of getting attacked by hackers because of the complexity required to penetrate such a network.

About Author

Moses Joshua is a cyber security enthusiast.A passionate and highly motivated resource person.He also loves to research and train organizations and individuals on how to stay safe online.

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