There has been a lot of hype around blockchain technology. Since its concept first came to fame in 2009, blockchain has expanded past its initial use as the base of bitcoin into many other areas. By its nature, this distributed database provides the perfect platform for the management of cryptocurrency.
Nowadays, blockchain technology is arguably one of the most important inventions in the information age. It has a massive potential to solve problems, particularly inefficiencies in a number of information processing systems, like legal contracts, escrow services, and supply chain traceability.
However, it is clear that the blockchain technology is still in its infancy, especially when it comes to its role in the cybersecurity space. But that did not stop a handful of innovators from taking blockchain out for a spin.
Here are several promising use cases, moving from the labs to real life and how blockchain technology boosts cybersecurity in this ever-evolving age of technology:
A Distributed Denial-of-Service (DDoS) attack is an attack in which multiple compromised computer systems attack a target, such as a server, website or other network resources, and cause a denial of service for users of the targeted resource. This attack is among the most bothersome security threats that can compromise businesses. Hackers can use several techniques to instigate an attack, essentially sending myriads of junk requests to a website, increasing traffic until the site can no longer keep up with the requests. The attack goes on until the site gets overwhelmed with requests and crashes. DDoS attacks have been happening at an increased frequency recently, affecting bigger companies like Twitter, Spotify, SoundCloud, and more.
Implementing blockchain technology would fully decentralize Domain Name System (DNS), distributing the contents to a large number of nodes and making it nearly impossible for hackers to attack. Domain editing rights would only be granted to those who need them (domain owners) and no other user could make changes, significantly reducing the risk of data being accessed or changed by unauthorized parties. By using blockchain to protect the data, a system can ensure that it is invulnerable to hackers unless every single node is simultaneously wiped clean.
Identity Theft & Fraud Protection
Identity theft is a severe problem. Any dead person’s identity can be taken with ease. Criminals use this identity to commit crimes and they easily get away with it. With the incorporation of Blockchain, we can put an end to this.
In the decentralized environment, the activities and the transactions will be accessed only from your own device using the Decentralized Identity (DID) App. In this way, every completed transaction will be recorded in a distributed ledger and everyone will have the authority to approve or disapprove of it. If there is disapproval, the transaction will not be legit and acceptable.
IoT is creating new opportunities and providing a competitive advantage for businesses in current and new markets. It touches everything—not just the data, but how, when, where and why you collect it. The technologies that have created the Internet of Things are not changing the internet only, but rather change the things connected to the internet—the devices and gateways on the edge of the network that are now able to request a service or start an action without human intervention at many levels.
However, questions have emerged simultaneously on the dangers and potential risks of inculcating the IoT into all aspects. While hackers are becoming better at hacking, they often gain access to systems by exploiting weaknesses in edge devices. These include routers and switches. Now, other devices such as smart thermostats, doorbells, even security cameras are also vulnerable. Simply put, the rigorousness is often not applied when ensuring whether these IoT devices are secure.
By leveraging the blockchain technology, it can be used to protect systems and devices from attacks. Blockchain technology can also protect all the data exchanges happening between IoT devices. It can be used to attain near real-time secure data transmissions and ensure timely communication between devices located thousands of miles apart.
Implementing Security in Private Messaging
As conversational commerce becomes more popular, a lot of metadata is collected from customers during these exchanges on social media. While many messaging systems use end-to-end encryption, others are beginning to use blockchain to keep that information secure.
At the moment, most messaging apps lack a standard set of security protocols and a unified API framework for enabling “cross-messenger” communications. The emerging secure blockchain communication ecosystems tackle this issue and work towards creating a new system of unified communication. Blockchain is a great solution for that as it secures all data exchanges and enables connectivity between different messaging platforms.
In conclusion, no matter where or how it is applied, the key factor in using blockchain as a cybersecurity method is decentralization. When access control, network traffic, and even data itself is no longer held in a single location, it becomes much more difficult for cybercriminals to exploit. This has the potential to bring more security and less vulnerability.