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Contribution of Blockchain to Cybersecurity

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  • Contribution of Blockchain to Cybersecurity

    The technology behind the infamous cryptocurrency Bitcoin, blockchain, is becoming increasingly popular as cybersecurity experts look for more ways to fight cybercrime and data breach. Consumers are also becoming more and more proactive in terms of their cybersecurity, opening to alternatives that can promise better connectivity at heightened security.

    Dubbed as the new and safer internet, blockchain makes it possible for data to be distributed without duplication, different from the current structure the internet has today. In this article, we’re going to have a look at how blockchain contributes to cybersecurity.

    But what exactly is blockchain technology?

    Blockchain technology is a decentralised distributed ledger system where you can put any digital asset into the blockchain, regardless of industry. It uses a time-stamped series of immutable records of information managed by a cluster of computers. Different transactions are tracked through these records, separated by blocks, and joined by cryptographic chains. Data is not owned by a single computer or entity, but by multiple users within the system.

    Once confirmed, data that has been encoded cannot be altered. They become permanent blocks added to a chain of other validated blocks. Initially devised for cryptocurrencies, the digital community is now seeing the enormous potential of blockchain technology in cybersecurity, as it can be used to prevent cyber attacks, data breaches, identity thefts, or malicious transactions, keeping data private and secure.

    Blockchain presents itself as a backbone to different technologies, providing solutions that are beneficial across different industries. It’s main characteristics are:
    • Blockchain has a democratised network and has no central authority. It is public domain, so there can be no one or no group that can come in to manipulate information within the blockchain system for any malicious intent.
    • The blockchain is a decentralised system NOT owned by one entity. Data in the blockchain system can be cryptographically stored.
    • Whatever gets stored in a blockchain is immutable, preventing anyone from tampering or manipulating information. With blockchain, it is possible, for example, to hold a completely transparent election with immediate results. People can vote at their homes, and the results tallied right away.
    • The blockchain is transparent – Whatever gets built and stored in the blockchain is openly accessible. The data stored inside can also be tracked, holding a higher standard of accountability for those using the system.
    How can blockchain technology contribute to cybersecurity?
    • Protected Edge Computing with Authentication
    As more and more real-time, on-demand data need to be accessed and distributed, there’s also a need for edge computing and fog computing devices and storage. This allows data to be processed and stored closer to the source and consumers. Cloud computing is still being used, of course, primarily to archive data previously processed through edge computing devices. Blockchain is providing a solution to secure IoT and industrial IoT by more rigid authentication, improved data attribution and flow, and updated record management system.
    • Advanced Confidentiality and Data Integrity
    Because it was initially intended to be publicly-accessed, blockchain was made without access controls or restrictions. Today, there are private blockchain systems that various industries are using to ensure data confidentiality and secure access control. The complete encryption of the blockchain makes sure that data is not accessible to external parties, whether in part or whole, particularly while data is being transmitted.
    • Secured Private Messaging
    Companies hope to communicate through more secure platforms using the blockchain technology that can be impenetrable to malicious attacks. Whether in personal, corporate or highly-classified communication, consumers can be secured with the confidentiality of such conversations without fear of cyberattacks. It can handle PKI better than encrypted apps; that is why several blockchain private messaging apps are being developed for public consumption soon.
    • Improved PKI
    People are more cautious to keep their computer and online credentials safe and secure. And blockchain technology can help in that regard. Public Key Infrastructure (PKI) rely on third-party certificate authorities to keep messaging apps, emails, websites secure. These certificate authorities that issue, revoke or store key pairs are usually a target for hackers using bogus identities trying to access communication that is encrypted. When these keys are encoded on a blockchain, it minimises false key generation or identity theft as identities of legitimate account holders are already verified on the app, and any intrusion, deception or identity theft can be identified right away.

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