Rethinking Security in IT by Incorporating Blockchain Technology
When Bitcoin was introduced as an alternative to mainstream currency in 2009, no one paid much attention to the driving force behind this innovative cryptocurrency. When the popularity of Bitcoin exploded globally a few years after it was unleashed in the digital currency market, focus was drawn to blockchain technology and its unique features. Today, blockchain technology has entered nearly every domain of our lives – from healthcare to banking, financial services to telecommunications… to almost every conceivable sector and industry.Blockchain technology is shaping the future of businesses in terms of security of operations. Click To Tweet
Industries looking at the best cybersecurity solutions are relying on blockchain technology to deliver the goods as it has the ability to eliminate errors and frauds. Blockchain technology can also be used for digitizing records. IT industry, in particular, is looking up to this amazing technology to further strengthen the security processes.
- Blockchain Technology involves a completely decentralized distributed ledger system on which data transactions can be recorded across multiple computer networks.
- Transaction of any type can be placed on the blockchain, regardless of the industry.
- The technology assures complete prevention of data breaches, cyber-attacks, and even identity thefts.
- Blockchain technology ensures that all your transactions remain fully protected and insulated from unauthorized access and foul play. Bitcoin profit gained from past transactions and guarantees total privacy and security.
With hacking instances and processes getting more intense and sophisticated over the years, navigating the online world safely had become a real concern. The situation continued to worsen for businesses and individuals and no apparent solution was in sight – till the blockchain technology came around.
This development has come as a game-changer for the IT industry, and for almost every other industry as well.
IT Security experts are of the opinion that blockchain technology offers an impregnable shield from unauthorized access and attempts at forced cyber-attacks. It can be used for keeping data protected and to enhance cyber-security across industries.
Here are the cases where blockchain can positively impact cybersecurity.
Provides Protected Edge Computing with Authentication
CISOs and CIOs often have a problem in Edge Computing management. While Edge Computing plays an integral part in IT productivity and efficiency, there is a security challenge that companies have to deal with. Blockchain technology offers solutions that can secure IoT and Industrial IoT.Aspects such as authentication, flow, and record management upgradation data attribution can be strengthened using blockchain. Click To Tweet
Offers Advanced Confidentiality and Data Integrity
IT companies are using the blockchain technology to boost data integrity and confidentiality. As is common knowledge now, Blockchain was created without any access control when it was first launched. But with advancing developments, and its usage spreading to multiple industries, features such as data confidentiality and access control have also been factored in.
Ensures Secured Private Messaging
Many IT organizations are using the blockchain technology to keep their personal and private messages and information secure. This technology is used to keep company social media chats and messages secured and out of bounds from any foreign attacks.
Provides Enhanced Protection to PKI or Public Key Infrastructure
It is imperative for organizations to keep their messaging applications, website content, emails, and other forms of communications secure. Most organizations rely on third-party certificate authorities for the same.
There is an element of risk involved in this process as these authorities can easily be targeted by hackers to infiltrate encrypted communications.
Blockchain technology can be used to prevent such instances. This foolproof system leaves no scope for penetration by hackers into PKI as the keys are published on a system where applications can verify the identity of the persons involved beyond doubt.
Keeps Domain Name System (DNS) Intact
The blockchain technology can be used for keeping the Domain Name System protected. DNS can be targeted by hackers with malicious intent to bring down vital online services. By applying blockchain technology to these DNS entries, the security level can be enhanced as it helps to remove a vulnerable target from the line of potential cyber-attack.
Diminishes Instances of DDoS attacks
The instances of DDoS attacks are increasing steadily. DDoS or Distributed Denial-of-Service attack is a process in which hackers go after multiple computer systems that appear to have gaps in them and cause a denial of service for those trying to access the targeted resource. This step can slow down the information sharing process and can even cause crash down and shut down. This results in even legitimate users being unable to use or access the systems.
By incorporating blockchain into solutions that are absolutely decentralized, organizations can provide foolproof protection against DDoS attacks.
A Network that’s Impossible to Hack
In traditional networks, all data can be found in a single repository which makes it easy for hackers to corrupt or steal. With blockchain, this is simply not possible as the data is dispersed, scrambled, and validated by the entire network. No record placed on the ledger can be altered or removed.
Transactions are conformed by multiple nodes on the blockchain network. It is impossible to hack the network as you will have to hack all the nodes simultaneously, which is well beyond the capability of cybercriminals today.