Blockchain is gaining the world's attention today, because of its security, scalability, anonymity, transparency, and sustainability of the technology. Without a doubt, blockchains' ability to provide data confidentiality, integrity, and availability at any given time puts it at the edge of being a technology one can trust.
It is no longer news that institutions use the blockchain technology for their cyber security so they can be protected from external attacks.
Additionally, a project's security cannot be totally guaranteed because, a technology that looks safe may end up being attacked as cybercriminals and the criminal’s ingenuity is always looking for ways to hack good projects hence, leaving them with nothing in the end.
So, how will blockchain revolutionize cyber-security? Before we take that dive, let's examine what cyber-security is.
What is Cyber security
Cyber security has to do with the application of information technologies, security controls and processes geared towards protecting programs, devices, systems, networks, and data from cyber attacks or unauthorized access that is capable of wrecking a project.
The purpose of cyber-security is to protect a project against any unauthorized exploitation of systems, networks, and technologies.
This is why most organizations are more focused on discovering the best way to protect their assets, on chrome browser or any other browser, computers, and smartphones, from cyber-attacks.
The importance of cyber security cannot be overemphasized as there's a need to keep sensitive information such as account passwords, private assets, data, etc from attackers. Cyber security is capable of protecting organizations, developers, and individuals from cyber threats as they will be rest assured of their products and assets security.
What are those cyber threats?
To protect a project from cyber-attacks, there's a need to identify what threats that your system or network can be opened to. Here are the different types of cyber threats an organization or individual may encounter.
1. Malware: It includes ransomware, rootkits and bootkits, spyware, Trojans, viruses, botnet software, RATs (remote access Trojans), and worms.
2. DDoS (distributed denial-of-service) attacks, has to do with having so much traffic flood the servers, networks, and systems, which in turn, knocks the project offline. This restricts the network from authorizing valid requests hence, disrupts the entire system.
3. Cryptojacking attacks allow illicit cryptocurrency mining software to get installed.
4. DNS (domain name system) poisoning attacks: This attack is capable of haggling the DNS to redirect traffic to malicious sites.
5. Formjacking attacks unknowingly malicious code into online forms.
How will blockchain revolutionize cyber-security and privacy?
The decentralized nature of blockchain will help support resilience against attacks and downtime. Using blockchain technology to develop a standard security protocol is a great alternative to end-to-end encryption. Information and communication distribution technology networks will help secure private messaging by forming a unified API framework to help cross-communication. These measures will help reduce data exposure
Blockchain technology will help store information on-chain by using a hash instead of the regular personal identifiable information. Also, cryptographic keys can be used to authenticate identity hence limiting identity scams.
Having to authenticate software updates can prove to be good for cyber-security hence eliminating malicious updates. Using the blockchain hashing system, companies will be able to verify any downloads or updates, or patches with their product developer hence preventing supply chain attacks.
Utilizing decentralized blockchain solutions will help limit the vulnerable single points exploited by hackers hence, the technology can be used to eliminate attacks by simply decentralizing DNS entries.
Examples of companies that utilizes blockchain as a cyber-security protocol
Javvy
Javvy wallet is a decentralized Universal cryptocurrency wallet, used to reduce effort spent on managing crypto assets and makes them transparent and reliable. Javvy wallet is an in-built cross-chain Decentralized exchange that connects different cryptocurrency exchanges in the crypto market.
As a company that uses blockchain as a cyber-security, its biometric login-enabled uses AI to detect fraudulent activity.
Founders bank
The Founders Bank is a corporate challenger bank that services the tech industry, blockchain, and other emerging technologies, to provide banking services on a world-class technology platform with an emphasis on customer experience and AML/KYC.
It uses blockchain as a cyber-security protocol via its extensive public ledger system, encryption methods, and decentralized storage methods to trade and store cryptocurrencies securely.
Coinbase
Coinbase is one of the most popular cryptocurrency trading and Investment exchange that offers users access to buy, sell, and exchange over 100 tradable cryptocurrencies. Coinbase uses blockchain as cyber security by running completely on encryption. All wallets and passwords on Coinbase are stored in a secure database hence, making all crypto assets safe.
Hdac
Hdac is a blockchain platform that seeks to combine blockchain technology with other existing traditional platforms with better security systems by integrating blockchain technology with IoT, big data, and the cloud.
Hdac is scalable, secure, and decentralized and its hardware wallets are immune to viruses because it runs on a hidden network.
Advantages of Using Blockchain in Cybersecurity
Data can be stored safely and securely.
Confidentiality of users will be maintained because of the public key cryptography in the blockchain system
The decentralized nature of blockchain will protect the network even if a DDoS attack occurs. The system will remain intact without being altered due to multiple copies of ledgers.
All transactions can be traced anytime. Also, transparency will be maintained since transaction data is digitally signed by members of the Blockchain network.
Disadvantages of Using Blockchain in Cybersecurity
It will take time to learn about blockchain technology since it entails a sound knowledge of various development, programming languages, and other tools.
Another major disadvantage of using blockchain in cyber-security is the inability to retrieve private keys once it’s lost. Because of blockchain’s emphasis on protecting and keeping private keys safe for encryption of data, once it gets missing, all access to encrypted data will be lost forever.
When dealing with a non-blockchain network or system the cost is quite low but with blockchain, the computing power and storage are usually high.
Because of government regulations on blockchain technology, not all countries will be able to integrate blockchain for their cyber-security.
Concluding thought
As blockchain technology is being integrated to revolutionize cybersecurity, individuals' and organizations' data will be easily protected from hackers, scammers, and other cyber goons out there.
Blockchain will see to it that the system will be able to protect itself from authorized, illegal, and duplicate transactions, hence will be difficult to get rid of.
