The implementation of blockchain in cybersecurity sector is expanding day by day, due to its countless use cases in various sectors. There are several reasons why businesses, and even governments, are using blockchain for routine business activities, including quicker transaction processing times and the elimination of an intermediary.
Blockchain technology is opening up emerging technological potential for the cyber security industry. It seems logical that blockchain is offering new ways to store information, make secure transactions, and build trust — which is the main topic of this article — given that it has roots in encryption and security.
Qualities of Blockchain in Cybersecurity
Blockchain is frequently hailed as a revolutionary technology since its fundamental qualities are difficult for any other sort of technology to replicate at the moment. Its characteristics of decentralization, immutability, transparency, and security when combined, generate the idea of “trustlessness.” Due to blockchain, this trust is no longer necessary for vendors to sell their services.
Blockchain is a decentralized technology, which means that it is not governed by a single entity. Instead, it uses consensus methods to confirm each transaction made over a network of nodes. In this case, adding a new block requires agreement from every member of the network, who must also ensure the block’s integrity.
Another crucial characteristic of a blockchain in cybersecurity is immutability. It refers to how data is protected from alterations and attacks because it is immutable once it has been stored and processed on the blockchain. Because changing the data on a single block would need a lot of processing. So, changing or modification in data is impossible.
As a result, this removes the need for the confidence that conventional centralized authorities required, which automatically increases system security. In an ecosystem where the integrity of transactions is not guaranteed by a central authority, users can engage freely and safely.
Any company may make sure that both its own information and the information of its clients will be kept secure, unhacked, and out of the hands of hackers. The characteristics of blockchain can also be advantageous to the cyber security industry.
Challenges of Blockchain in CyberSecurity
Securing and preventing Centralized Data from theft:
To protect all the data from hackers is a big challenge for cyber security industry, as all the data is stored in centralized medium. To prevent data from theft is also a big challenge, due to this problem cyber security faces a lot of trust issues.
Prevention of False Data:
Due to the centralization of storage, multiple human verification processes are necessary to ensure against erroneous data entry and data alteration.
Serverless Apps Security Issue:
Cyber-attacks can occur through server-less apps, which are occasionally beyond the control of cyber security.
Attacks on Business Data:
Major denial of service attacks on business data by hackers becomes a time-consuming procedure for the cyber security sector.
To Read More: How AI and ML Automate Cybersecurity?
Use Cases of Blockchain in Cyber Security
Blockchain enhances cyber defense by preventing fraudulent activities and detecting data theft. A major issue in the cyber security community is the inability to trust vendors. Security vendors claim about performance, effectiveness, and detection capabilities, but ultimately the claims never turned out in reality. It is the point where blockchain helps. Blockchain in cybersecurity enable user to confirm the authenticity of the web attacks being identified and stopped.
Decentralized Storage System:
To make a safer storage environment for users in this online world is necessary. Using a centralized storage environment provides hacker a path to reach and steal the data easily. Blockchain-based decentralized storage system prevents data from hacking and stealing. That’s why many entrepreneurs consider blockchain a platform for data security.
Domain Name System (DNS) Security:
As the domain name system is centralized, hackers can break the connection between the domain name and IP address. Due to this reason, the concerned website becomes unavailable. Nowadays, hackers try to attack websites in a way to make them unusable for a specific time period. Using a blockchain system makes it difficult for hackers to reach data because data or information is stored immutably on a decentralized distributed ledger.
Data Reliability:
Regardless of the industry, detecting incorrect data and rooting out frauds is expensive. Although it costs more, algorithms used to combat fraud are typically successful in spotting irregularities. Data in blockchain undergoes more verification processes, filtered and stored through a decentralized blockchain technology, and is more secure and accurate. The bar for data authenticity is therefore raised while adopting blockchain technology.
IoT Security:
Hackers have tricks to access the system via certain devices like routers and switches. Also, hackers hack the systems via CCTVs, doorbells and more. Blockchain technology helps in preventing attacks from these devices. Blockchain technology can give these Internet of Things (IoT) gadgets the “smarts” they need to choose their own security measures without consulting a supervisor or admin.
Ways Blockchain will Transform Cyber Security
Future of Blockchain Based Cyber Security
Blockchain technology helps in preventing data breaches and identifying thefts, cyber-attacks, or false transactions with data privacy and security. Blockchain technology tends to be the Saviour of data security. Only when blockchain technology is deployed as a data storage medium can cyber security be improved, cutting the incidence of cybercriminals in half.
Who We Are?
Blockchain-using firms must develop cyber security policies and standards in order to safeguard their organizations from external threats. We at OptimusFox are helping different companies by providing blockchains’ fundamental features include data confidentiality, integrity, and availability.