Blockchain is one of the most trending topics around the world and yet the technology remains very elusive to many. The blockchain is a distributed ledger technology, which is a disruptive innovation which is a brain child of a group of people or a person known by the pseudonym Satoshi Nakamoto.
Blockchain technology is set to revolutionize the IT, it has the ability to remove huge amounts of record keeping and save money like never before.This technology uses the cryptocurrency Bitcoin, as its public transaction ledger.
So what sets it apart from other databases?
Unlike older forms of databases, blockchain is an online database that empowers a user, irrespective of place. Governments and banks play a key role in operating it. You may note that blockchain doesn’t belong to any particular individual. It stores information permanently across a network of personal computers. This not only decentralizes the data but distributes it across different platforms too. Thus making it hack proof to an enormous extent. Millions of users use the blockchain network. It is insurmountable for any particular user to take down the network or corrupt it. There are innumerable people who run this system. They use their own personal systems to hold an assortment of records submitted by others. These records are regarded as blocks. Each of these blocks has a timestamp which is linked to the previous block in a sequential chain. It’s like a giant Google Doc with one key difference. Here the user can add to it or view it but cannot edit the information that already exists. The blockchain accomplishes this through cryptography, a form of math. Owing to cryptography, the records can’t be forged or altered by someone else.
Why has it become so popular?
Let us capture some of the key factors which contribute to its popularity:
1. Decentralized System
Blockchain is a public document. The transactions on this network get accessed by different decentralized nodes. Blockchain technology helps to provide a peer-to-peer network. Here, the peers do not need a trusted supervisory body for interacting with each other. The transactions get validated through peers as the network is not supervised by any centralized authority. So, the peers do not need to trust each other.
2. Failure Resilient
Decentralization makes it resilient to failures. It acts as a ledger which is immutable and durable. The records once made are also immune to any further changes or tampering.
The maintenance of the network by peers makes it scalable. The network spreads as more and more peers (miners) join the network.
4. Secured & Scrutinized network
Cryptography is a good tool for securing the transactions in a blockchain network. The transactions can be easily scrutinized. Everyone on the network knows about all the transactions and cannot dispute it.
5. Autonomous Transactions
Transactions can take place freely . Different entities are made to communicate with each other beyond territorial barriers (IOT).
Does blockchain technology offer a solution for cybersecurity risks?
Blockchain has proven to be a great tool to avoid cybersecurity risks (Here’s a resource that will navigate you through cyber security attacks). This technology is a product of consistent efforts of refinement throughout the years. Its cryptography is an epitome of a foolproof barrier to a security threat.
Prevention of Data Manipulation
The Keyless Signature Structure (KSI), proved as the better version of PKI (Public Key Infrastructure). This makes PKI obsolete to an extent. This prevents manipulation of data and ensures a striking feature of immutability. Hashing and cryptography adhere to this technology. Tampering of any data is easily identified in this technology.
Several efforts are being made to remove the need of issue of certificates by a centralized authority. The chances of failure in this technology are removed. Blockchain technology has been strengthened with respect to advances made in its authentication.
Many multinational companies use this technology. It helps them to upgrade their security procedures against sophisticated cyber attacks. Resourceful and experienced cyber security professionals vouch for this upcoming technology. Rather, many industry experts say that this technology may evolve to be the new form of internet. The world has seen a rapid development in the past few decades. Keeping this view in mind one can say that this technology will evolve in no time to offer a better deal.
How does blockchain fight cybersecurity threats?
Remme solves a very commonplace problem in a very sophisticated way. They are planning to replace passwords altogether with the blockchain with SSL protocols. Enterprises hold sensitive data like scientific discoveries, customer information or health records. The employees can pose as the biggest point of failure. They are the ones who can ease a data breach knowingly or unknowingly. REMME tries to make a device-specific login. This is unlike a Facebook login. There you could log in from your phone, laptop or tab etc. which is not possible here. Blockchain anchoring and ethereum based tokenization, are going to be able to store an SSL certificate signature on a device. Then, store that SSL certificate on the ethereum blockchain for verification. Therefore that file won’t even be centralized enough for it to be stolen off of a device. The blockchain is going to take that SSL certificate type of protocol and take it one step further by removing it from the device. The blockchain part of it is the anchoring. This would verify whether one of these certificates is in a valid or revoke status. One will be able to use the telegram two-factor authentication in combination with this. This would be like Google two factor authentication where they are trying to enable the people to either remember their password or not to log in to things like their email account.
Chats today on platforms like Facebook, Whatsapp, and WeChat collectively count for roughly 3.2 billion users. The users are in danger of being a victim to hacks, social engineering, and other security issues. Blockchain technology used by obsidian makes it uncontrollable from any centralized source. It also reduces surveillance risks through digital fingerprints. There is increased privacy as the users do not have to link e-mail ids and phone numbers. Obsidian Messenger will have a parallel network for exchanging data and files. The platform will also serve as a model for the exchange of its own token.
Ahto Buldas, an Estonian cryptographer founded the Guardtime in 2007. It has now started using the blockchain technology to safeguard records that are sensitive in nature. Keyless Signature Infrastructure was created using this technology by Guardtime. The KSI technology replaced the PKI technology (Public Key Infrastructure). The PKI technology had been using an asymmetric encryption and a cache. This technology consists of public keys supervised by a central authority that is the Certificate Authority (CA). Guardtime stands largest in the world with respect to earnings, manpower, and clientele. 2016 proved to be a marvelous milestone for the company. It succeeded in securing 1 million records in health with the wonder of Blockchain in Estonia.
This startup was founded by Max Niebylski, Marcelo McAndrew, and Alex Godwin. This organization has come up with decentralized CDN (Content Delivery Network) and protection against DDoS through blockchain. Their aim is to come up with a peer-to-peer, fully decentralized and serverless node network. This is used for connecting with bandwidth and storage pools to website searching for protection against DDoS with expedited content delivery.
An application (light) installed on a system with Linux, Windows or MacOS is used in this technology. However, this works in the background according to the user’s convenience. The unused bandwidth is rented out to earn tokens (GLA) Gladius. There is no new generation of tokens that take place which is very unlikely of Bitcoins. The payment that they receive is a part of their network bandwidth.
What is the future of cybersecurity with Blockchain technology?
The blockchain technology is going to be around for a long time now with the type of security that it provides. Governments, people, and organizations will be better protected with the blockchain technology. Many governments of strong nations look at it from the perspective of a good shield with respect to cybersecurity. The human touch in the system which proves to be a weak link in the system of cybersecurity is efficiently removed by blockchain. The feature is more like an automated element. The distributed ledger mitigates any single point of failure. The end-to-end privacy provided by blockchain technology with encryption ensures user’s convenience. This prominent feature of blockchain contributes to its popularity.
I.T. and security professionals are showing a keen interest in this technology. They are following its development over time. The popularity of Bitcoin has acted as a catalyst to the blockchain technology. The emergence of blockchain in cybersecurity front is just a beginning (also consider checking this perfect guide for cyber security certification). The world is yet to enjoy the fruits of such a marvel in the I.T. industry.
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Renowned companies like Goldman Sachs and Google are showing ardent interest in development of blockchain powered cybersecurity. Interest from companies of this stature is increasing the confidence of the industry in this technology as a whole. The day is not far when cybersecurity through blockchain will be accessible even to the smallest of the companies and ventures. It will then be embraced by even the infinitesimal of players just as the internet has penetrated into our lives and has become an integral part of it.