Blockchain and Cybersecurity
Over the recent week I've been exploring topics on blockchain technology and it potential applications in our daily lives activities since the inception of the digital currency (bitcoin) the world blockchain has become a buzz and has find use in various industries and organizations to mention a few our industries have seamlessly integrated this technology and have harnessed it potential to expand and enhance productivity in our educational and healthcare sector it has increased transparency and trust among users ultimately blockchain have been a bedrock for privacy and security, although this technology is here to proffer solution to our alarming cyber security issues there seems to be more alarming cases of cyber attacks and phishing malware develop by malicious perpetrators this shows that cybersecurity will remain a paramount concern for individuals, organizations, and governments alike. With the increasing sophistication of cyber threats, the need for robust security measures has never been more critical and with blockchain technology this attacks are been mitigated with the use of blockchain immutability, use of distributed nodes and more.
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Blockchain distributed ledger technology
Blockchain Distributed Ledger Technology (DLT) this technology offers enhanced security by design in a blockchain network, data is stored in a series of blocks that are linked together in a chain. Each block contains a cryptographic hash of the previous block, making it tamper editing. This feature helps secure centralized systems against cyber attacks in several ways with blockchain immutability once data are stored or recorded it is near impossible for any unauthorized user to access such information, to control a portion of data on DLT one needs to have access to over 50% of a blockchain consensus nodes which are evenly distributed across different regions this means one need to collectively bribe those nodes users to agree on a collective decision before any perpetrator can be able to hack into a blockchain based system compromising a single node in blockchain based system does not give one complete access to whole information this technique makes centralized system prone to single point failure while a true decentralized network is resistant against single point vulnerable attack the use of encryption keys when authorizing a transaction on DLT network makes data distribution private and very sensitive for only involved parties to have access to such information also the use of smart contracts which also eliminates involvement of intermediaries have shown the resilient and robust features of this technology.
A good example where DLT finds application are in the development of decentralized applications (Dapps) which are mostly used in managing monetary aspects another aspect it finds use are in cryptocurrencies which requires the use of smart contracts.
How blockchain will enhance traditional cybersecurity
One of the major challenge surrounding blockchain technology is it regulatory policies of use before implementing blockchain coding into any centralized system have been a thing of concern for most developers since blockchain technology is self executing and doesn't really depends on use of intermediary by giving users control over their data it is quite difficult for authorities to completely accept ethical coding conduct behind this technology if well harnessed it can help improve our centralized security system through the use of.
A. Cryptographic techniques: blockchain relies majorly on cryptographic techniques to secure data and maintain the integrity of transactions. Public and private key encryption ensures that only authorized parties can access and verify data. Through digital signatures, users can prove the authenticity of their transactions without revealing sensitive information. With this features when implemented in out financial institutions it will eliminate unauthorized access of users funds give users complete control over their funds and enable strong users privacy over their financial data.
B. Tamper proof audit trails: another remarkable features of blockchain is its ability to create tamper proof audit trails. Each transaction or data entry is recorded as a block, and once added to the blockchain, it becomes tamper proof. Any attempts to alter past records become evident to the entire network, making fraud and data manipulation extremely challenging. This transparency and accountability are crucial for industries like finance, supply chain, and healthcare, where accurate and unalterable records are vital.
In conclusion blockchain technology is here to stay and to improve on our centralized system there is need for it integration in our system to curb incessant attacks on our end point system using this technology isn't just limited to tackling cyber attacks but it will ultimately help to boost transparency in our trade system.
Reading References
How Effective Is Blockchain in Cybersecurity
The world is not yet ready to see what Blockchain has to offer. In decades years to come, Blockchain will definitely dominate the world
Sure buddy there is more to this technology time will tell blockchain is here to stay it adoption will take time but the wait will pay off thanks for your time.