Any well-positioned enterprise can be brought down by a strong cyber-attack. Data breaches not only result in substantial financial damages, but they are also the primary source of target organisations’ poor reputations. Blockchain began as the technology behind Bitcoin, but it has now evolved into a promising mitigation technology for cybersecurity with the help of blockchain development company
Extensive hackers targeted governments, hospitals, power providers, and “big name” businesses. In 2019, cybersecurity and infrastructure investments are among the top priorities for 75% of CEOs and board members. Blockchain-based technologies are among the alternatives that are often discussed. Not only for corporate leaders.
NASA also agreed to use blockchain technologies to improve cybersecurity and deter denial of service and other attacks on air traffic networks. They can do this with the use of the same distributed ledger technology that is often associated with bitcoin and other cryptocurrencies. Clearly, blockchain is establishing itself as a very viable technology for shielding companies and other organisations from cyber attacks with the help of blockchain development companies. Here are four exciting use cases that are making the transition from the lab to the real world.
- Decentralized Storage Solutions
Data is now more precious than, yeah, money. Tons of confidential details about your customers are amassed by your company. Unfortunately, this data is still very appealing to hackers. And storing it in one location is one of the most easy things you can do for cyber criminals. It’s a little like putting all of your cash and jewels in a shoe box at home and then being surprised when a burglar runs away with it all.
Unfortunately, when it comes to data storage, enterprises need to rely on consolidated storage. However, it seems that this is evolving slowly. Blockchain-based storage technologies by reputed blockchain development companies are becoming increasingly popular. For example, a blockchain development company has developed a data cloud which allows the users to archive data on the blockchain and give access to third parties.
The cryptographic access key may be revoked at any point, lowering the chance of a hack even further. Since blockchain technology is decentralised, hackers no longer have a single point of entry and can access whole databases once they do gain access. This functionality is one of the primary reasons why businesses are beginning to accept blockchain as a data protection solution.
- IoT Security
Hackers often gain access to networks by leveraging flaws in edge devices. Routers and switches are examples of this. Other gadgets, such as smart thermostats, doorbells, and even surveillance cameras, are also at risk. Simply placed, when determining if these IoT devices are stable, rigour is often lacking.
Blockchain technology has the potential to shield networks and computers from cyber-attacks. According to Joseph Pindar, co-founder of the Trusted IoT Alliance, blockchain will provide IoT devices with enough “intelligence” to make security decisions without relying on a centralised authority. Modules, for example, will form a group consensus about common occurrences within a given network and lockout all nodes.
Blockchain technology can also secure all data transfers between IoT devices. It can be used to achieve near-real-time safe data transfers and to ensure timely connectivity between computers that are thousands of miles away. Furthermore, blockchain protection implies that there is no longer a single body overseeing the network and validating the data passing through it.
- Safer DNS
The domain name system (DNS) is essentially centralised. As a result, hackers will break through the connection between the website name and the IP address and cause havoc. They will cash out websites, redirect users to fraudulent websites, or even make a website inaccessible. They can also combine DNS and DDoS attacks to make websites completely inoperable for long periods of time. The most successful approach for such problems at the moment is to tail log files and allow real-time warnings for suspicious activity.
A blockchain-based technology will carry encryption to the next level. Since it is decentralised, hackers will have to work even harder to discover and manipulate single points of weakness. Your domain data can be immutably stored on a distributed ledger, and the relation driven by immutable smart contracts.
- Implementing Security in Private Messaging
As conversational commerce becomes more common, a large amount of meta data is gathered from consumers during these social media exchanges. Although several communications networks use end-to-end encryption, some are starting to use blockchain to protect data.
Most messaging applications currently lack a common set of authentication protocols as well as a single API architecture for supporting “cross-messenger” communications. The developing secure blockchain networking ecosystems address this problem and work on the creation of a modern distributed communication infrastructure. Blockchain is an excellent solution for this because it secures all data transfers and allows communication between various messaging networks.
The main element of using blockchain as a cryptography tool, regardless of whether or how it is used, is decentralisation. When access control, network traffic, and even data itself are no longer stored in a centralised spot, cyber criminals find it much more difficult to hack. This has the potential to result in increased stability and decreased vulnerability.