The fact that blockchain is decentralized has the potential to completely change how businesses work, from healthcare to supply networks. Once it’s fully in place, it will also give people more control over their personal information and make the internet much safer against cyberattacks.
In this article, we’ll get into the details of how blockchain improves internet security and how, in the long run, it could bring about a revolution in the security field.
Because centralized networks usually only have a few IP addresses, hackers can easily get into them by using simple methods like phishing. Cybercriminals can do a lot of damage once they get inside a system, as recent waves of ransomware attacks that cost businesses an average of USD 4.24 million showed.
But since hackers find it harder to break into these complex networks, the decentralized structure of blockchain could be a solution. There is no such thing as a completely safe information system or cyber defense.
Because cybercrime is so profitable and criminals are always coming up with new ways to attack, what is safe today might not be tomorrow. Even though blockchain technology is getting more popular, there are still people who doubt its usefulness, safety, and ability to grow.
Firms that use blockchains must create cyber security policies and standards to protect their organizations from outside threats, even though some of the most important features of blockchains are that they keep data private, secure, and available.
How do Cyber Attacks and Threats Spread Out?
Due to how quickly technology is changing right now, cyberattacks can continue to improve and become more dangerous. When fifth-generation (5G) networks, which can download 10 times faster than current networks, go live, hackers will have more chances to do bad things.
Faster speeds make it more likely that cyberattacks will be bigger and that more devices will be hacked. Even though it’s not completely unbreakable, blockchain has become one of the most secure ways to make transactions on digital networks.
People have said that the technology works as planned and is built to make sure that information is correct. If it is used right, it can help many industries. There are many different ways that blockchain technology could be used. One of the best uses would be to use its integrity assurance to make security solutions for many other technologies.
Huge amounts of money are being spent on the Internet of Things (IoT). Almost everything, from furniture to appliances, is getting sensors that can connect to the internet.
Gartner says that by 2021, the number of things that are connected to the internet will go from 14 billion to 25 billion. Most of these new technologies don’t have very good security features, which makes them more likely to be broken into. Also, home automation technologies can make it easier for thieves to hack into more homes.
Blockchain in Cyber Security and the Coming Revolution
The blockchain also wants to change the way cyber security works. In the past, it was easier for cybercriminals to steal money and information through anonymous transactions that took place all over the world.
This could have serious consequences, as the WannaCry virus showed. Think about how the Internet would work if there were no cyberattacks! The blockchain could make that possible as soon as possible. Because of this, people who work in cybersecurity are starting to look into how technology could help solve cybersecurity problems on a global scale.
Let’s talk about three of the most important things blockchain means for cyber security and how it affects it:
Prevent Data Theft and Fraud
At the moment, email and phone numbers are used to protect online transactions. The danger is that we can’t be sure that the websites where we put our personal information are safe. Hackers can get into SSL-encrypted websites, and the many security holes that have been found around the world show that traditional systems are still very vulnerable to attacks.
The new blockchain technology, on the other hand, will change how data is secured by changing the way data is stored and managed. Advanced encryption will be used to protect and check data, making it hard to change or hack without permission.
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Users of the Internet will have a lot more access to information if data fraud happens, and they will be able to store information on the hundreds of thousands of computer servers located all over the world in a much safer way.
By making it hard for hackers to mess with records made on the blockchain and stored on millions of computer networks around the world, this method will improve cybersecurity by stopping data tampering and fraud. Blockchain is also much better than older security methods because it doesn’t need any third parties to keep things safe.
Blockchain technology is now one of the best tools that can be used to make it less likely that hackers will change data, which makes it less likely that cyberattacks will happen. The Estonian start-up company Guard time has already used blockchain technology to keep data safe.
With the Keyless Signature Infrastructure technology, which uses a keyless authentication process, 1 million health records in Estonia were kept safe in 2016. (KSI). KSI throws off the traditional Public Key Infrastructure (PKI), which only uses public keys with asymmetric encryption.
Guardtime has done away with the need to use keys to verify data with KSI. When someone tries to change data, on the other hand, the system automatically looks at the whole block of chains, compares them to the metadata, and throws away anything that doesn’t fit. This is how data gets from one node to another in a network.
Thieves have always been able to use weak passwords to their advantage. Attackers also try to trick people into giving them their login information by using social engineering. Blockchain, on the other hand, can help get rid of passwords by letting users and systems sign in without passwords.
Blockchain makes strong authentication possible by separating nodes and helping to reach a consensus on user identification. Usually, networks like the Internet have centralized servers that can only be accessed by logging in.
This makes them vulnerable to attack if hackers get their hands on the login information. Several attacks have been made on the user accounts of LastPass, a service for managing passwords that stores encrypted passwords in a central place.
Blockchain could let people use computers without a password. For example, REMME has built a distributed public key infrastructure on top of blockchain so that both people and devices can get into systems without a password. Every device that uses REMME gets an SSL certificate based on the blockchain instead of a password that can’t be hacked.
What’s Next for Cybersecurity With Blockchain?
There’s no doubt that blockchain technology has changed how people pay each other, and this is just the beginning. But blockchain could be used for more than just digital financial transactions.
By taking away the human element, which is usually the weakest link in system security, the technology has shown that it is resilient and is solving security problems.
Through a distributed ledger and procedures that can be checked, blockchain technology is making cybersecurity better by giving users end-to-end privacy and encryption.
Without a doubt, it will help protect both our systems and ourselves. Blockchain could soon make cybersecurity problems a thing of the past.