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Cybercriminals have caused a lot of losses in small businesses and companies today. In a digital world like ours, protecting data from hackers can be a significant problem. Hackers could use one cyber-attack to breach valuable information of companies. The effect of this attack could be challenging to recover from; that is where blockchain comes into the picture.
Businesses are now rethinking their security initiatives by turning to modern technologies. Blockchain is an excellent example of one of the technologies that can protect a company’s data from cyber attacks.
What is Blockchain?
Blockchain is a shared, decentralized ledger that records transactions in the form of blocks across a network of computer systems. It is also one of the safest ways of securing data on the internet. Blockchain technology found its way into the world in 2008. It was used to deliver Bitcoin Around the globe through crypto transfers and other transactions.
With the emergence of cryptocurrencies, blockchain technology has become more popular. It has also become a very secure form of digital transactions. Companies are now leveraging this technology to protect their data from hackers and cybercriminals.
How Does Blockchain Work?
Although it was made for Bitcoin, the characteristics of blockchain make it a good bedrock for cybersecurity. Some of the significant features that this technology offers are;
- Decentralization; This term means that it is not owned by one party, meaning only accepted members can get access to the administrative system.
- Transparency; Blockchain works to keep the privacy of all parties, while data cannot be tracked by anonymous presence.
- Immutability; Data in a blockchain cycle cannot be tampered with, making it an excellent security system for companies.
So, from protecting data to privacy on the web, blockchain is transforming cybersecurity.
Blockchain Use Cases for Cybersecurity
The characteristics of blockchains ensure that their features can protect businesses from cybersecurity. Here are eight ways blockchain can positively improve the cybersecurity of companies;
Decentralized Storage Solutions
The traditional way businesses store their customer’s data was through centralized systems. This method was easy for hackers to compromise the data with one attack. Blockchain technology offers the best solution to this challenge. Businesses can now store data in a blockchain-based storage system.
This decentralized data storage system can allow you to store data and grant access using a cryptographic key. So, you can decline access to third parties that do not have the key. Companies now use this strategy to block the cyber-attacks on their storage systems.
IoT Security
The concept of IoT devices relies on their connectivity with other devices. Connecting with devices such as routers, switches, thermostats, and others may increase the risk of cybercriminals. Most of these devices may have weak security systems, making it easier for hackers to breach.
Blockchain can make IoT security better by decentralizing the safety of the systems or devices. That means each device connected can make its security protocols and decisions. Cybercriminals would find it difficult to breach through this type of security.
Secure Private Messages
Businesses now interact through direct messages to their customers and clients on different platforms. Cyberattacks could interfere with private message exchanges between companies and customers.
Blockchain can deliver standard security features for messenger apps across the world. Social platforms and messenger companies use this technology to secure their data from cyberattacks or hackers. This technology can create a safe API framework that would bring security to social platforms and messenger apps companies.
Secure DNS for Websites
One problem with Domain Name Systems (DNS) is their centralized nature. DNS is prone to cybercriminals and hackers because of its centralization. Hackers can use a simple IP address and the website’s domain name to gain access to their site while also redirecting their visitors to scam sites.
Blockchain-based security can secure your websites by distributing the data to multiple servers. A possible breach would have to go through those servers. So, websites can protect their domain names and avoid hackers compromising their data.
Prevent Foreign Interference
Computer Software Downloads, Installations, updates are patches that could be vulnerable to hackers. Hackers are always looking to leverage this opportunity to intrude some malicious software into computers. Blockchain technologies are also built to verify updates and downloads. That means you can safely download software and updates without interruption from malicious codes.
Protection of Data Transmission
Companies can secure their data on transit from cybercriminals looking to delete or change the information. Blockchain-based technologies can help you protect your data from external access. The encryption features ensure all your data is verified and cannot be edited.
This encryption makes sure that the communication channels of businesses are safe.
Track Changes
Blockchain works in a way that ensures that a third party cannot change data without authorization. However, when attempting to make changes to data using blockchain-based technology, the changes can be recorded. It makes it easier to track the source of a cyber attack.
Secure Multiple Copies
In cases of accidental and intentional tampering of your data, blockchain can ensure that you have the original information in other servers or sources. That is because data is distributed and recorded on many servers.
Real-Life Application of Blockchain
Blockchain technology has found its use in different industries today. Some of the real-life applications of this technology include;
- Barclays, Traditional Banking (England); This Banking institution looks to leverage blockchain in performing transactions. They also want to use blockchain to secure the information of their customers.
- Australian Government; The Australian government has partnered with IBM, a tech company, and is looking to store government documents in a block system.
- Chinese Military; The Chinese military is also looking to adopt this technology.
Conclusion
Blockchain has already started a foundation of cybersecurity. The features of blockchain have shown businesses can use them to secure their data. Also, the application of blockchain-based technologies is looking to take its place in various industries. The Barclays Banking sector is an excellent example of how blockchain can improve cybersecurity.
The Chinese Military and Australian government are also leading the way in proving blockchain’s effectiveness in cybersecurity.
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