Created as the accompanying technology for Bitcoin, today Blockchain is in high-demand and even more popular than the cryptocurrency. Interest in the evolving solution grows every day, and it’s expected that worldwide spendings on the tech will reach 12.4 billion U.S. dollars by 2022.
That’s because the solution can be used and implemented in different ways in industries from banking to healthcare. Cybersecurity is a top use. Due to the increasing amount of DDoS and other attacks, the question of safety and security of the digital info was awarded the status of the highest priority for 75% of CEOs in 2019.
Blockchain technology: the next big thing in cybersecurity
Today cyber attacks happen more and more frequently. Companies with big databases are the main target of fraudsters. Thus, in October 2018, the Facebook database was hacked and cybercriminals got access to the personal info of 30 million users.
It’s a pity, but it’s a growing threat and such situations are pretty common. Living in the digital era, safety and security is a crucial aspect to think about. Blockchain technology can become the answer and a way to combat customer data theft.
Highly secure private messaging
Companies take care of the in-house confidence and security of the data. That’s why it’s a crucial thing to secure emails, messaging, chats, and social media exchanging personal and private data between the employees. Besides that, a lot of information is collected from consumers by means of exchanging via social media.
Today end-to-end encryption used by the majority of messaging ecosystems can’t ensure total security. All that can improve by implementing blockchain technology. The solution facilitates unified communication between various messaging platforms, securing all info exchanges.
Improved PKI solution
Public Key Infrastructure encrypts messaging apps and other methods of communication nowadays. The big drawback of PKI utilized in the applications is that they rely on third-party certificate authorities, which are an easy target for cybercriminals.
Thus, hackers can penetrate communications using fictional identifies pretending to be a person you write to. The system can improve by integrating blockchain solutions. Storing and publishing the keys on the blockchain, you make the app impenetrable to attacks and eliminate the risk of verifying false key generation for compromising data.
The biggest drawback of the existing DNS (Domain Name System) is that a big part of it remains centralized. That makes it an easy target for cyber-criminals who can intrude on the connection between the site DNS and IP to manage for a while. Hackers can combine DNS with DDoS attacks to crash down the service for a significant period of time.
By implementing blockchain solutions, you’ll decentralize the system. That will make the search for the single compromised target more complex for hackers. In such a way, a distributed ledger is used for storing the domain information. Plus, sustained smart contracts created will power all the connections.
IoT technology widens possibilities and makes life easier. Meanwhile, it makes your routers, switches, security cameras, doorbells, and other smart devices vulnerable. Hackers can get access to the systems by depleting weaknesses in firmware.
The integration of blockchain can decentralize the authority making devices “smart” enough to lock down any suspicious nodes without asking a central authority. Besides, the exchange of data between IoT devices will be secure too. No central authority means staging an attack harder, or maybe even impossible.
Prevention of DDoS attacks
A Distributed Denial-of-Service (DDoS) attack is a nightmare for all companies with large data holdings. Slowing down or shutting down service, no access to the service for the legitimate systems, denial of the service for users and, in the end, compromised website data. That is what a DDoS attack looks like.
Today the biggest difficulty and problem in preventing DDoS attacks is the partial decentralization of DNS, as mentioned above. That means that hackers can crash one site after another by targeting the centralized part of DNS. Integrating blockchain technology can solve the problem and reduce and eliminate the risks of fraud and attacks. Decentralizing all the systems makes them harder to target.
Is Blockchain the answer to cybersecurity?
Nowadays, blockchain technology promises better security. It expects to reduce your vulnerability and decrease a vast number of successful cyber attacks in the near future. The highlight of the solution is decentralization, the key factor in cybersecurity.
Certainly, with improved security, comes more sophisticated hackers and their skills. Anyway, the implementation of blockchain into your safety and security systems makes the task far harder for cyber-criminals and fraudsters to exploit.