Blockchain and Cybersecurity- How Are They Related and How Blockchain Has Potential to Re-Engineer Cybersecurity
Nov 02, 2017 Posted / 12712 Views
At present, the hype around this technology has attained its peak, creating a lot of buzz in the air. And, a year back, World Economic Forum reported Blockchain related technologies will world’s 10% of GDP by the year 2025.
Just, like sharing exchanging information over the Internet in a decentralised manner, Blockchain is a kind of breakthrough innovation that allows people worldwide to transfer value- money, without going through any decentralised financial institution, like the banks.
On the other, most of the online payment methods, which are cropped up after the birth of the Internet, like the PayPal typically, ask for bank account or credit integration.
This technology brings to the table an intriguing opportunity of getting rid of the ‘middle man,‘ the banks. This is done by present you a three-tier model. Where, first, the transaction is recorded, then establishing identity, and lastly, establishing the contract. Earlier, all these were done by a traditional banking institution.
Blockchain technology has found to have an inherent relationship with the cybersecurity. After all, this pioneering technology has cropped up from decades of intensive study and research of every aspect of the Internet. Thereby, termed as a breakthrough in the vertical of security and cryptography. This technology has built an aura of its own when it comes to storing data, making transactions, performing functions, and building trust in the minds of both senders and receivers. This, in turn, makes it an ideal background with high-security features and requirements, mutually unknown actors.
To emphasise the significance of Blockchain technology in the world of the Internet, Bitcoin, the most popular cryptocurrency, value has soared over the year since its unveiling in the year 2009. Want to know why? It's because, over the last eight years, it has done well to withstand cyber attacks of high complexity coming from different parts of the world. Thereby, building trust among the investors, which is crucial for a virtual money to float in today’s society. At its core, based on Blockchain technology, so Bitcoin has lived up to its expectations.
The current scenario is as such, financial services market is the biggest sector of an industry centred around market capitalisation. If, Blockchain technology in the coming years can acquire a chunk of it by employing peer-to-peer transactions in other sectors, then, it is a no-brainer to say, that the Internet would be better cyber secure.
Blockchain distributed ledger, currently have an uncanny potential to defy threats from hackers, fraudsters of any sort- be it stealing the critical data or tweaking with the information stored.
If anyone, who wish to corrupt or destroy the data stored over the Blockchain, a transparent, distributed ledger need to do so on every user in the global network. Thus, nullifying, any possibility of manipulating the Blockchain data.
Just to mention, a hacker requires simultaneously hacking down the network, which is near to impossible, as even undamaged computers known as the nodes retrieve the lost information. And, the network here means millions of computers, with each one having the same information.
The impossibility of a such a daunting task of hacking the whole network increases significantly with the augmentation in the number of users.To boil down, the bigger the Blockchain network, the infinitely lower the risk of it getting hacked, it's all because of the complexity required to make inroads in such a network.
The complex structure of the Blockchain ledger supports the Blockchain technology to be more secure than other innovation when it comes to recording and storing data. This is the reason, why investors and big companies are investing big bucks in this technology to implement in different segments to abstain fraud and better protection of the data.
Founded by an Estonian cryptographer Ahto Buldas, Guardtime is a new kid on the block developed with the aim of offering better data security, is now investing in Blockchain technology to secure sensitive information shared with the virtual world of the Internet. Currently, this data security startup established in 2007, has coded a Keyless Signature Infrastructure (KSI), as alternate to popular Public Key Infrastructure (PKI), which operates on asymmetric encryption. This company has gained footholds over all parts of the world, making it one of the largest Blockchain company in terms of customer deployments, revenue, and headcount. In the year 2016, Guardtime hit a new high by becoming the only company with 1 million of Estonia’s health records were secured with this network
Wrapping up, after going through the above highlights and what is predicted by the experts around the world, Blockchain technology and cybersecurity are interlinked, and the former one has immense potential to revolutionise the cyber world.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.