Infosec Security Magazine wrote a interesting post explaining the impact of blockchain on cyber security . I’ve been asked about this a bunch of times so thought to share this explanation. The original post can be found HERE.
The high level of dependency on the internet and technology today has resulted in new revenue streams and business models for organizations, but with this arises new gaps and opportunities for hackers to exploit.
Cybercriminals have become increasingly complex and are attempting to steal valuable data like financial data, health records, personal identifiable information (PII) and intellectual property, and are resorting to highly profitable strategies like disrupting the overall operations of a business via DDoS attacks, or monetizing data access via the utilization of advanced ransomware techniques.
So, will blockchain technology be a cybersecurity help or hindrance? A blockchain is basically a decentralized, digitized, public ledger of all cryptocurrency transactions and uses what is known as the Distributed Ledger Technology. This could potentially help enhance cyber-defense as the platform can prevent fraudulent activities via consensus mechanisms, and detect data tampering depending on its underlying characteristics of operational resilience, data encryption, auditability, transparency and immutability
Blockchain resolves the ‘lack of trust’ problem between counterparties at a very basic level. Blockchain is a distributed database used in both private and public applications rather than a centralized structure where all the information is stored in few very large databases. The data pertaining to each batch of valid transactions is stored within its own block; every block is connected to the block which is situated in the position before it and grows continuously as new blocks of information are appended.
Owing to their distributed nature, blockchains provide no ‘hackable’ entrance or a central point of failure and, thereby, provide more security when compared with various present database-driven transactional structures.
Eliminating Human Factor from Authentication
Businesses are able to ….. read the entire article HERE.