Role of Blockchain in Cyber Security

What is Blockchain

Blockchains are digital ledgers that are programmed to record any valuable information. Blockchains are the brainchild of Satoshi Nakamoto, who created them to solve the double spending problems associated with?cryptocurrency. All the nodes in the network can access the nodes and data stored inside the nodes.

All transactions and data modifications in a blockchain will occur with the mutual consensus of the network members. As a result, data stored in blockchain networks cannot be corrupted. The data stored in the blocks in a blockchain network is hosted by millions of computers that are geographically separated simultaneously and are accessible to anyone on the web. Blockchains are the most secure data records because they are fully public and easily verifiable.

Blockchain in Cyber Security

Blockchain Technology?has been in existence since 1991. Blockchain was initially only used for financial transactions. However, in 2014, it was possible to observe the most recent advancements and potential in other financial and inter-organizational transaction domains where new chances were being explored.

Organisations are now leveraging Blockchain technology to build blockchain-based solutions for their customers in distributed databases, digital transactions, cybersecurity, and healthcare. The primary advantage of using blockchain technology is that it ensures transaction security due to its cryptography, decentralisation, and consensus principles.

While the adoption of blockchain has provided many benefits to global organisations, it has also attracted many cyber criminals looking to exploit the technology and target organisations with cyberattacks. In recent years, Blockchain security has become an essential component of organisations’ processes, keeping them on their toes in the face of cyberattacks and hacking attempts.

How does Blockchain enhance Cybersecurity?

Authentication does not need human intervention:

With the advent of blockchain in cyber security, businesses can now authenticate devices and users without the conventional method of passwords.

This will eliminate human intervention of any sort from the process of authentication. This will prevent it from becoming a loophole for a potential attack.

Traceability:

Every transaction added to a private or public blockchain is time-stamped and signed digitally. This facility ensures that companies can trace back to a particular period for every transaction and locate the corresponding party on the blockchain with the help of their public address.

This feature establishes a connection between non-repudiation and the assurance that the author’s signature on a document cannot be independently verified. Since every transaction is cryptographically connected to a user, this specific blockchain technology will boost the system’s dependability.

Decentralised Storage:

Blockchain users can maintain their data on their computers in their network. By doing so, they will make sure that the chain won’t collapse. On the blockchain network, every user has a role to play in storing some or all the blockchain.

Each member of the blockchain network is responsible for verifying the data on the web to ensure that the existing data cannot be removed from it and false data cannot be added to it.

Distributed denial of service (DDoS):

Blockchain transactions can be easily denied if the participating units are impeded from sending transactions. A DDoS attack on a set of entities or even an entity can disrupt the entire attendant infrastructure and the blockchain organisation.

These attacks will bring about the risk of integrity issues to the blockchain network.