Cyber security is becoming a major concern for both businesses and individuals. Cyber security attacks are more centralised than decentralised. Servers typically use a single or a small number of IP addresses, giving concentrated attacks a better chance of success. This blog examines the reasons and the opportunities for the change in cyber security through blockchain technology.
In comparison to cyber security, there are fewer vulnerabilities, stronger encryption, and more effective data ownership in blockchain technology security. It can keep an eye out for malicious behaviour without the need for a centralised authority. Communication becomes more secure, devices are authenticated, and changes to configuration are validated. Through encryption and digital signatures, blockchain technology can protect against vulnerabilities.
What Exactly Is Blockchain Technology?
To ensure data trust, blockchain technology generates a data structure based on the principles of decentralisation, cryptography, and consensus. The data is organised into blocks, and each new block is linked to all the blocks that came before it in a cryptographic chain. Because there is no point of failure or change to the record, participation is secure.
How can Blockchain Technology improve security?
Centralised networks are more at risk. Decentralised networks provide a network that is more difficult to hack into. Because of its trustless nature, it is naturally resistant to hacker attacks. Consensus is used to distribute trust in order to validate critical elements such as access, authentication, and database transactions.
The massive amounts of data and metadata collected during social media interaction cause havoc in the digital environment and, once accessed by a hacker, expose and abuse the victim. Blockchain technologies can protect private communication in the digital world.
What are the challenges posed by Blockchain Technology?
Businesses want a more secure way to store data. Not all digital identities, decentralised storage, device edge security, and smart contracts meet business requirements. Here are some challenges that blockchain technology can bring.
Anyone can see and retrieve data in transactions using public blockchain technologies. As a result, an enterprise blockchain platform should build a permissioned network in which only trusted parties can participate in or view transactions and vote on decisions.
Individuals have the right to have their data deleted under GDPR and similar laws. Because blockchain prohibits parties from modifying or deleting data, the technology may violate government regulations.
Risks associated with technology
Blockchain technology can be vulnerable due to insufficient encryption, incorrect keys, or management errors.
Improper digital signature or certificate verification, or faking the certificate’s credibility, can make blockchain technology vulnerable and call into question the credibility of digital signatures and certificates.
What advantages does blockchain technology provide?
Blockchain technology solutions are regarded as a significant cyber security trend. Here are some of the solutions it can provide:
- Data Security: Technology allows for selective access to information. To obtain authentication, the user shares the identifier with the service provider.
- Smart Contract Security: Any contract containing digital assets, digital wallets, applications, or other similar items must be tested for access control, authentication, and validation based on a permission chain.
- Public management infrastructure: The public key defines the digital identity of public key infrastructure node participants. If there is a match, the blockchain sends an authentication request with a private key signature.
By decentralising, blockchain technology can secure individual devices. Decentralising data storage makes data nearly impossible to access; encryption protects data from unauthorised access. Blockchain technology guarantees the highest level of data integrity. By automating data storage, the leading cause of data breaches, human error, is eliminated.
We hope you enjoyed this blockchain technology blog post. With this knowledge, you can see how blockchain can help your business by securing data and preventing data breaches.