When you keep using different modern technologies, the problems that may arise are impossible to avoid. There are going to be cyber attacks from time to time. And that is going to make it even more difficult to protect your data, system, program, and networks.
The blockchain can make this process easier by protecting your data from cyberattacks or thefts. Blockchain has entered into our life through Bitcoin to banking, healthcare, and much more.
In this article, we will be exploring more on the blockchain, its principles, and how it benefits cybersecurity. Let us get started!
What is Blockchain and Why Was it Made??
The energy sector was one of the first sectors that embraced the internet and communication in their systems. As the sector enjoyed the numerous benefits of this movement, they weren’t able to safeguard their system from cyberattacks. This resulted in a massive energy crisis just because of a cyberattack.
In order to prevent such kinds of cyberattacks from happening, many organizations made use of OT Security vendors. Over here, they allow one to conduct every task that is related to OT security. They help in reducing the cyber risks up to 85%.
Similarly, the blockchain was created to increase cybersecurity in handling purely digital currency. It was also made to address the “Double Spend Problem.”
Blockchain can be defined as a decentralized digital ledger that works on recording important transactions between peers. This information or transactions are recorded in blocks that are being carried out on the system.
Blockchain allows access to all users to look into every transaction that has been made on the system along with the time and feedback. It is quite the same as any other computer system. Interactions within blockchain applications can pave the way for cyberattacks to take place.
But do not worry as the Blockchain provides a security that is quite stronger than the usual computing services. It detects any thefts and prevents any sort of data breaches that may occur.
In this way, the data remains protected and secured.
The Chief Principles of Blockchain
Here is a list to help enlighten you about the chief principles of blockchain and how this could be put into use. The chief principles of Blockchain are as follows:
The Power of Cryptography
Blockchain, to provide tight and strong security, makes use of the power of cryptography. They have two types of cryptographic algorithms. They are asymmetric-key algorithms and hash functions.
The Hash Functions help in providing the functionality of a single view of blockchain to every user. The most commonly used hash function is the SHA-256 hashing algorithm.
It acts according to the user. For instance, it makes everything smooth for an authentic user while it makes it complicated for unauthorized users.
In addition to that, it also protects the user’s identity and ensures to have a secured transaction. Finally, it safeguards confidential and important information.
Encrypted Security
Blockchain follows encrypted security and that is why it is predicted that it will be the future of cybersecurity. No individual hacker can destroy or hack into the system. It cannot be disrupted easily.
Due to its encrypted security, only the person with the right key gets to have access to the chain of network. That way, every transaction made by you on the system is highly secured.
Decentralized Mechanism
The blockchain has a decentralized mechanism. This means that the power is not in the hands of one person but is being distributed among every user of the system. That way, no individual has the higher power to hack or disrupt the network.
Due to this system, no single person can manipulate or shut down the chain of networks. In addition to that, it is completely free of fraud and hackers.
Blockchain Benefits for Cybersecurity
Here is a detailed explanation of all that you would need to know about using Blockchain and how it benefits cybersecurity.
Tracked and Controlled
Using Blockchain as security helps to track and control every transaction whether it’s important or not. These transactions will be digitally signed and also stamped with the time.
The network ledger tends to record every transaction with a unique serial number. With this serial number, any user can get access to any transaction history of any account at any time.
The recorded details in blockchain can never be deleted or disrupted. They are immutable. It can be updated but still, you can see what has been changed clearly on it.
Secured and Confidential
The power of cryptography is being used by the Blockchain. In that case, your pieces of information and data are secured and kept confidential.
This is possible only because of its chain of networks. As there could be hundreds and thousands of systems in the chain, it makes it difficult to attack the data. Also, as they are immutable, it prevents the data from potential frauds and being stolen.
Initially, there weren’t any private access controls set up. But as time went on Blockchain made it happen. The encrypted system of blockchain helps in keeping the participants’ information confidential.
Some projects have planned on improving and developing this technology.
Decentralized System
As the network in Blockchain is a peer-to-peer network, any user of the blockchain will be able to access every transaction. There will not be any need for third-party verification.
Since it permits access to the chain of networks, only to an authorized user, nobody can enter and disrupt the whole chain of the system.
That is, individually no one can bring down the network as they are all connected. And so, you will need access from other users to bring down the system.
Always on Guard
This Blockchain security is not like a part-time job. It is always working. That means the blockchain is always on the guard and notices every transaction that is being made in the system.
If an unauthorized behavior or alteration is happening, every participant belonging to that chain of the network is immediately alerted.
These details of the transactions are neatly recorded in blocks along with the time of happening and also make note of the account details.
Hence there is tight security with a blockchain. That makes it easier for cybersecurity.
Creates Unique Information
Once a person registers himself in this network, the information created becomes unique. For instance, if there is a transaction happening, a unique serial number will be generated for that particular transaction.
This serial number is completely different from any other user or transaction. This way no unauthorized user can gain access to the transaction details without the right serial number.
In a way, the Blockchain keeps away from illegal transactions or fake transactions from happening. Thus the unique information that is created keeps the system protected at all times.
Closing Thoughts
The Blockchain can become the future of cybersecurity with little development and as time goes on. It can strongly protect the system from thefts, fake transactions, and block unauthorized users entry.
Along with this, one will have to keep in mind the difficulties to set up blockchain for security reasons as well.
Follow Techrado for more!