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Blockchain & Cybersecurity: Assessing the security of blockchain technology

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  • Blockchain & Cybersecurity: Assessing the security of blockchain technology

    Blockchain & Cybersecurity: Assessing the security of blockchain technology

    While previous technological breakthroughs have brought evolution to the financial industry, this groundbreaking technology of blockchain distributed ledger, and its applications, seem to be part of a larger revolution that is taking place in our world today.

    The fourth industrial revolution will create the value of up to $3.7 trillion US dollars by 2025, according to McKinsey. Technologies such as blockchain are playing a key role.

    GX Blocks Energy will be part of this revolution and play an active role by making Distributed Ledger Technology and its applications available with ease, security, and cost-efficiency.

    Cybersecurity

    While technology and the internet have enabled the creation of new business models and revenue streams, they have also created gaps that cyber attackers can use to their advantage.

    Cyber attacks are increasingly targeted and complex as malware technology becomes ever more sophisticated.

    In fact, a recent report by Statista identified that there will be a significant increase in demand and spending on cybersecurity as well as blockchain technology.

    Blockchain
    So where does blockchain fit in with cybersecurity? And will it hinder or aid cybersecurity? While still in its early stages, blockchain technology is highly promising in helping organizations tackle cybersecurity risks. Potentially, blockchain can aid cyber defense by creating secure platforms, prevent fraudulent activities due to consensus mechanisms, and detect data tampering attempts due to blockchain’s fundamental characteristics of immutability, transparency, and operational resilience, among others.

    Immutability
    Blockchain is viewed as a secure technology, as it allows users to trust that the transactions on the ledger are valid. Sequential hashing and cryptography, as well as its decentralized structure, make blockchain technology difficult for anyone to tamper with compared to a standard database.

    Transparency & Traceability
    All transactions added to a private or public ledger are digitally signed and timestamped, meaning that businesses can trace every transaction and identify the corresponding party on the blockchain through their public address.

    Operational Resilience
    Nevertheless, the peer to peer network, the number of nodes within the blockchain network, and the distributed 24/7 operating manner are what makes the blockchain network operationally resilient. If a node comes under attack in a public or private blockchain network, it can be made redundant and the system will continue operating normally, due to the distributed nature of blockchain technology.
    Thus, blockchain technology has no single point of failure, meaning that if a node is taken down for any reason, data is still accessible through any other node in the blockchain network. To date, Bitcoin is the most widely used blockchain network in the world and has successfully defended itself against cyber-attacks.

    Smart Contracts
    Smart Contracts have become a core feature of blockchain technology. Smart contracts can be used to verify, facilitate, and enforce rules between parties. GX Blocks Energy will utilize smart contracts by combining open source ILP and R3 Corda Enterprise solutions for the safe execution and automation of transactions.

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