Blockchain and Cybersecurity

Naveen Joshi 08/01/2018 Blockchain 20

Cybersecurity is important because all our data is stored on the web. A hack could put our credentials on the line. How blockchain can help in improving cybersecurity is interesting to see.

The credentials that we use to gain access to our bank accounts, investments, medical records and other sensitive data are typically stored in databases owned by banks, financial institutions, hospitals and other organizations respectively. The storage architecture these organizations employ present a single point of attack for potential malicious intent. The strength and features of the blockchain technology is going to improve the way cybersecurity is implemented.

Strengths of Blockchain

Since a blockchain system is protected with the help of ledgers and cryptographic keys, attacking and manipulating it becomes extremely difficult. Blockchain decentralizes the systems by distributing ledger data on several systems rather than storing them on one single network. This allows the technology to focus on gathering data rather than worrying about any data being stolen. Thus, decentralization has led to an improved efficiency in blockchain-operated systems.

For a blockchain system to be penetrated, the attacker must intrude into every system on the network to manipulate the data that is stored on the network. The number of systems stored on every network can be in millions. Since domain editing rights are only given to those who require them, the hacker won’t get the right to edit and manipulate the data even after hacking a million of systems.

Since such manipulation of data on the network has never taken place on the blockchain, it is not an easy task for any attacker.

The Method Behind the Chain

While we store our data on a blockchain system, the threat of a possible hack gets eliminated. Everytime our data is stored or inserted into blockchain ledgers, a new block is created. This block further stores a key that is cryptographically created. This key becomes the unlocking key for the next record that is to be stored onto the ledger. In this manner, the data is extremely secure.

Furthermore, as already mentioned above, the data is stored in a decentralized form.

Cybersecurity using Blockchain

The hashing feature of blockchain technology is one of its underlying qualities that makes it such a prominent technology. Using cryptography and the hashing algorithm, blockchain technology converts the data stored in our ledgers. This hash encrypts the data and stores it in such a language that the data can only be decrypted using keys stored in the systems.

Other than cybersecurity, blockchain has many applications in several fields that help in maintaining and securing data. The fields where this technology is already showing its ability are finance, supply chain management, and blockchain-enabled smart contracts.

It is becoming increasingly interesting to see where blockchain steps foot next.

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Comments

Comments (20)

Shaswata Chatterjee

If only I had been this early in the Blockchain trend, I have a lot of research to do.

about 4 years ago

Reply
Sofia Hernandez

Great explanation

about 4 years ago

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Ronald Harris

I've always found the concept of blockchain to be rather cryptic, but at least I now understand a little bit better.

about 4 years ago

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Gourav

Superb content !!!!!!!

about 4 years ago

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William Creggett

A complete post on blockchain and cybersecurity. I also like the fact that you took your time to simplify the terminology

about 4 years ago

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Caleb Poirier

Honestly, the cyber security part is worrying me

about 4 years ago

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Shaju Miah

Blockchain has no boundaries

about 4 years ago

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Kobe Pierce

The ones that have created the concept of Blockchain are hard working people who should take pride in their jobs. This is absolutely revolutionary.

about 4 years ago

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Mike001

This is some groundbreaking stuff!

about 4 years ago

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Kevin James

I still think that Bitcoin isn't a secure cryptocurrency

about 4 years ago

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Antonio Carlos

I despise blockchain and cryptocurrencies, they are everywhere on the Internet

about 4 years ago

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Jenna Ab

Impressive

about 4 years ago

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Patrick Vargas

Finally someone who made a lot of sense on this topic and cleared up all the misconceptions

about 4 years ago

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Bryan J

This post should be trending for weeks!

about 4 years ago

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Andrew

It was easy to follow along and was relatively concise for the amount of content you provided. Thanks again!

about 4 years ago

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Masila Mani

Blockchain will have even more success this year than the previous one

about 4 years ago

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Taylor Alexander

This is helping me understand what I need to research to begin my blockchain dissertation

about 4 years ago

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Yaling Zheng

This is a really cool article that explains the mingling of blockchain and cybersecurity

about 4 years ago

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Yasuo Satō

blockchain is here to stay

about 4 years ago

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Rohit Jayswal

Now I know about the method behind the chain

about 4 years ago

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Naveen Joshi

Tech Expert

Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.