Blockchain the Savior
Lately, everybody seems so intrigued about cryptocurrency and blockchain. Believe it or not, 2017 was completely ruled by Bitcoin and blockchain technology. However, it wasn’t the only thing that made headlines last year. 2017 turned out to be a disastrous year for Yahoo breach and Equifax fiasco. Those two had put billions of users’ lives in jeopardy when their personal information was compromised.
Now, given the security breaches like these, do we have to stop utilizing all our online services? Of course, not. It isn’t going to happen anytime soon. Does it mean we should just sit and watch while we are becoming the cyber victims? Nah, I don’t think so.
I believe the blockchain technology just has the right solution that we need to stop this sort of eavesdropping. The blockchain is the right online weapon we have to make drastic changes to the current internets security infrastructure without having to invest years and years in R&D conventional tech.
When it first started in 2009, Bitcoin was the first ever real application of blockchain, a secured decentralized online platform for monetary exchanges that has completely wiped out the requirement for central brokers. In recent times, blockchain technology has certainly proved its worth. It is the result of decades of intensive research and breakthroughs in cryptography and security. This online platform has a different way of storing information and performing functions and that is what it makes an exceptionally suitable for environments with high-security needs and concealed performers.
How can blockchain stop cyber attacks?
Firstly, blockchain had become widely famous because of its essential role in empowering cryptocurrencies such as Bitcoin and Ethereum. The upside of the blockchain technology is its decentralized network. It acts as an inbuilt defense against cyber attacks. Now, this decentralized ledger system stores and secured anything and everything in different ways which have not employed ever before in the history.
However, the cryptocurrencies themselves are can make lightning rise in popularity and value, the blockchain is equally evolving as the center of the attraction in the technological world.
Conventional network infrastructure usually relies on huge serves which are housed in a centralized location and are often exposed to vulnerability as there will be a single point of attack. And because of this vulnerability, those centralized locations are always subject to debilitating DDoS attacks, which often handle to distort services or bring down networks. Nonetheless, there are some people who say that the reduction in DDoS attacks is a good sign that security is enhancing. But in reality, even though the number of cases of DDoS had been fewer, they were becoming bigger and more vigorous in terms of demolition they cause.
Whereas blockchain’s decentralized ledger system is a built-in defense against DDoS attacks as there isn’t a single point of attack. It is still possible for eavesdroppers to try and hack the system by attacking parts of the chain, however, the decentralized network will continue to run as the system doesn’t have a single point of breakdown.
Blockchain’s immutability is aphoristic
Basically, the blockchain runs on a solidarity model. Which means that nearly 51 percent of its users have to accord that a transaction or a log entry is plausible before they are stored forever in the blockchain. And after that, the public record of blockchain logs and transactions are irreversible and indestructible.
To distort the accuracy of the blockchain, eavesdroppers would have to corrupt a whole division of independent recorders to exploit an organization’s data successfully. In order to maximize security, if a specific part in the chain exhausts its processing power and begins implementing more transactions or logs, the network administrators can easily find and shut down that sort of potential acquisition. This provides both control and power to administrators to make sure that their information is safe and sound while the network remains operating.
Now, this sort of idea can be applied to user network and direct access. By validating user credentials, the blockchain’s inbuilt cutting-edge tools and features make sure that the entry will be provided to only those people who are deliberately trying to have access to a firm’s network. And this is a prominent advantage of the blockchain that cannot be ignored.
Access anytime, anywhere
This fantastic technology is the right combination of security and accountability. Practically, it is the transparency of the technology that makes it so secure. The major benefit of blockchain’s technology is that even its downsides are subjected to great exposure as its records are public and completely accessible.
When a cryptocurrency, Ethereum, could have been frozen worth almost $280 million in a digital wallet due to the vulnerabilities in Parity’s crypto wallet which could have allowed users to modify the code and become the owners of wallets that weren’t theirs, the blockchain team found the bug that led to this disaster. Meanwhile, this incident instantly caused waves of doubts when the security of Ethereum got compromised but soon it becomes obvious that the issue was not in the blockchain itself instead caused by a coding error on Parity’s side.
Nevertheless, the blockchain’s records are accessible and transparent. Organizations can recover within no time from attacks, in addition to developing more advanced security system in response. When paired with its decentralized protective system and unmodifiable records, the blockchain certainly does represent the next excellent solutions for cybersecurity. Currently, both organizations and governments around the globe are beginning to notice the blockchain’s potential and integrating it into their infrastructure.