Navigating through the internet world safely has become a fundamental question for everyone over the last few years. Unfortunately, witnessing how things are threatened by potential data risk, online things are getting vulnerable only to get worse.
But hey! Blockchain is here to rescue you!
No one can deny how blockchain is already on the nerves and is taking over the internet’s steering. Would the blockchain revolution drive us to a whole new dimension of technology, or would it wreak havoc? There’s a lot to discuss, and we’ll get things done our way along.
Blockchain Technology 101
Blockchain, a distributed network technology, has been surrounding us for just under a decade. This technology was initially introduced as a way to store or send the first cryptocurrency, Bitcoin. However, this technology gradually started spreading globally in numerous industries in a variety of ways.
Blockchain bears a snowball effect because the growth of blockchain seems unstoppable. The way blockchain is progressively spiking up; we foresee that blockchain would rule the world in the upcoming years.
How Blockchain Technology Works?
Blockchains are distributed networks smeared with the encrypted blocks creating a specific chain of code. Blockchain networks have millions of users all over the world. Every user on the blockchain can add information to the blockchain, and all data in the blockchain is secured through cryptography.
Every member of the network is responsible for the verification of the data being added. This is done with the help of the cryptography concept, which entails the three keys i.e., public, private, and the receiver’s key, that allows members to check the authenticity and veracity of the data while also confirming where it comes from.
Where is Blockchain Being Implemented?
Entrepreneurs, investors, government bodies, and policymakers are increasingly opting for Blockchain technology to accelerate the growth of their businesses. An escalating number of companies are realizing how blockchain is paving its way to the future. Tech Giants have already ignited their venture of implementing Blockchain technology, the ecosystem has evolved to be more diverse and dynamic.
Before reading the remaining text, if you are still confused about the blockchain impact then the following simple text can help you understand;
Blockchain Technology- A Powerful Innovation
Blockchain is a mighty innovation bringing positive changes to various industries, including supply chain, logistics, finance, and many more. Blockchain in cybersecurity aims to provide a decentralized, transparent, and immutable ecosystem to ensure the mitigation of privacy breaches.
Spitting the facts here: A successful cyber-attack can make your well-positioned business to dunes in just a matter of seconds. Does it help? Do you still have to brainstorm if you want to implement blockchain in cybersecurity? No! Fuel up the game of Blockchain in Cybersecurity.
Attention-catching Cybersecurity Stats:
Cybersecurity refers to protect interconnected systems such as hardware, software, and data from sensitive information and data disclosure, thefts, data breaches, disruption of services, privacy threats, or any other cyber threat.
The cybersecurity market is anticipated to grow from 152.71 billion USD in 2018 to 248.6 billion USD by 2023 at a Compound Annual Growth (CAGR) of 10.2%.
Cyber-attacks and hackers have now become even more sophisticated, due to which the demand for cybersecurity is increasing. Emerging technologies like Blockchain are providing effective solutions for the mitigation of critical threats with faster detection.
The blockchain is gaining traction because hacker attacks are now becoming more common around the world.
Common forms of cyberattacks
Malware- A malicious software that includes worms, spyware, and viruses, it is induced as spy software in the user’s system. Malware comprises the sensitive information of the users or an organization.
Malware- A risky software is typically installed when a user clicks a dangerous link or email attachment. Once these breaches invade the system, it can do the following harms to your system:
- Blocks access to the primary components of the network
- Installs additional harmful software
- Can obtain users’ login credentials
- Covertly obtain sensitive information by transmitting data from the hard drive (spyware) submitted to an illegitimate source
- Renders the system inoperable
Phishing attack- A vulnerable scarce cyber threat transmits sending fraudulent communications by impostering a reputable source that appears to come from a, usually through email.
Phishing attacks steal sensitive data like credit cards and login information of your systems that can bring devastation to your sacred identity or organization.
Distributed Denial of Service attacks (aka DDoS) primarily targets large organizations. DDoS attacks bombard a stream of data traffic to a targeted site with the intent to overload the system and cause disruptions to system operations and it can be for a long-term either or for a short time span. Each node in the Blockchain network is adorned with the cybersecurity controls for a surpass layer of protective shield that contributes to perimeter defense in depth.
According to the 2019 ACR (Official Annual Cybercrime Report) every 14 seconds, an individual or an organization falls prey to a ransomware attack. Some of these ransomware attacks go unreported. Every 15 seconds a new person joining social media platforms, the ransomware vulnerability scope continues to widen.
A man-in-the-middle attack is huts like eavesdropping that intends to capture the information secretly by positioning itself as an unauthorized entity to access the transmissions between the user and the trusted party.
“Man-in-the-Browser” hails from the precedent attack, this type involves the use of malware that is injected into a user’s system and, without notifying the user, it records the data being sent to a trusted entity such as a bank.
How does Blockchain work to improve cybersecurity?
Chaining of Blockchain Ledger
Blockchain ledger contains blocks linked with chains to execute transactions, the blocks are organized into a specific order. The blocks are time-stamped and comprise a header and a body signed by their creators. Each block of code is encrypted and contains the history of the precedent block with timestamped transaction data down to the second. Hence, the chaining of these blocks together is termed a blockchain.
Each block on the blockchain carries the history of the precedent block linked through chains. It is worthwhile to mention that each block on the blockchain contains timestamped transactions, these blocks are encrypted using digital signatures and hashes based on the public/private key encryption.
The distributed and decentralized architecture of the blockchain network makes it hassle-free and risk-free. The nodes interlinked together are less likely to fall prey to cyber-threat. It is quite a secured ledger system because the blockchain network makes it a less appealing target to malware and other resilient cyber attacks.
If a single node is attacked, it is amply impossible for the whole network to get disrupted. The centrally focussed information is exposed to attacks than the information dispersed at multiple nodes or blocks.
Consensus validation mechanism
The consensus mechanism implements a check on the integrity of previous transactions and the new attached data blocks.
Eventually, a hacker fails in attacking the consensus mechanism by compromising enough nodes to manipulate the validation process and tamper the decentralized ledger.
The Decentralized Blockchain network helps prevent such attacks by implementing sufficient nodes and leveraging network rules to obtain a consensus among nodes.
Use cases of Blockchain in cybersecurity
Also Read: Blockchain in Supply Chain | Use Cases
Secured private messaging
Blockchain is secured and guarded with end-to-end encryption, which secures users’ data and information. Blockchain is used to establish a standard security protocol. Blockchain forms a unified API framework to enable cross-messenger communication capabilities.
The number of social media users has surged to a staggering amount, now when an increased number of people are on Facebook or Twitter. Social media apps should embrace blockchain technology to prevent any breaches and cyber threats.
A significant number of hackers have started using edge devices, such as thermostats and routers, to penetrate the central administration of the overall systems like home automation through edge devices like 'smart' switches. In most cases, a large number of these IoT devices have sketchy security features.
Also Read: How Does Blockchain Technology Work with IoT
Blockchain makes it hard for the cyberattacks to execute, it makes such overall systems or devices secured by decentralizing their administration, and device authority systems.
Blockchain technology will make the IoT devices capable enough not to depend on the central admin or authority. Blockchain escorted with AI exposes the IoT devices to make security decisions on their own by detecting and acting on suspicious commands from unknown networks.
Secure DNS and DDoS
Starting with the loophole confined within the Domain Name System (DNS), it needs blockchain implementation as it is a centralized system that makes it convenient for attackers to invade the connection between the name of a website and IP address. Attacks on DNS render the website’s personal information, sensitive credentials and redirectable to other fluffy scam websites.
Talking about DDoS attacks usually occurs when a targetted resource such as a server or a website is denied access or service. Such attacks dramatically overload the site and slow down or shut down the resource system.
Ostensibly, Blockchain technology prevents such infiltrate attacks by decentralizing the DNS entries. Decentralization expunges the vulnerable single-point entry exploited by the attackers.
Verification of cyber-physical infrastructures
Data generated on the physical infrastructure components through a blockchain network is more assuring to the entire custody of chain .
Verification of cyber-physical infrastructure has become crucial enough, as the prevalent data misconfiguration, data tampering, ruins the data integrity generated from cyber-physical systems.
Blockchain does here; it maintains data integrity and performs verification to help authenticate the status of any cyber-physical infrastructure.
Reduced human safety adversity caused by cyberattacks
Automated military equipment, vehicles, and weapons operate on a closed network; it transmits data from sensors to remote-control databases.
Hackers brute-forcibly break the security and invade the networks such as Car Area Network (CAN). Even if a single point of the network gets vulnerable, the attackers won’t miss the shot to control the automotive functions.
Such incidents can threaten the nation’s insecurity and human safety. blockchain technology can overcome such adversities effectively through data verification.
Blockchain Revolution is merely introduced to decentralize the system so that nothing goes by or happens without any knowledge of the modifications. Blockchain mitigates the risk of cyber-attacks and threats, securing the system and making it guarded against the potential risks.