Corporate environment is highly vulnerable to cyber attacks. As per Vormetric’s 2015 Insider Threat Report, 93% of U.S. Organizations were Polled Vulnerable to Cyber Threats. Preventing a data breach is the highest or second highest priority for IT security spending for 54% of organizations.
The current global situation is that more and more data is being stored in various repositories all over the world and influx of third party service providers and contractors has increased the risk of cyberattacks.Although compliance standards are believed to be effective, these standards run the gamut from weak to very stringent.
Blockchain is a promising platform with no single point of failure and would prove to be more resilient to cyberattacks. Blockchain and distributed ledger technology enables recording transactions in a trustworthy and efficient way. Blockchain technology solutions create transparent links that can be verified and tracked.
To invest in Blockchain is an intelligent choice as Blockchain services are incorruptible and tamperproof. This feature is attributed to the concept of “hashing”. Hashing is a type of data encryption which involves joining records in “blocks” and linking them extricably in the form of ‘chains’.Blockchain and distributed ledger technology enables data storage in a decentralized manner. It means instead of one vulnerable location the information is stored as an open source ledger.
How is Blockchain “hackproof”?
Its distributed node structure reduces probability of hacking. Blockchain is transparent and cannot be altered by an administrator or anyone else in or outside of the blockchain. There is also a public history of all transactions. Any attempt to alter the data will be immediately flagged and will require consensus amongst all participants/ nodes, making it very difficult for a hacker to achieve its aim.
Blockchain’s Cybersecurity Advantage : It goes beyond the traditional cybersecurity solutions.
Blocks Identity Theft
Each identity document validation is an expensive process involving PKI.
Public Key Infrastructure (PKI) is public key cryptography that secures information and details of communication. At the moment most PKI’s rely on trusted third parties which are centralized and vulnerable to cyberattacks. PKI’s can be easily hacked by hackers, user identities can be spoofed and access to encrypted communication is obtained. Blockchain provides a public and auditable PKI with no point of failure thereby minimizing the risk of identity theft.
Prevents Data Tampering
Blockchain preserves the integrity of data. Recent development in Blockchain technology solutions are an alternative approach to key based data authentication. Keyless Signature Structure or KSI stores hashes of original information and verifies copies of that data by comparison. Any manipulation is traced immediately as copies of original data exists on multiple nodes in the network. Blockchain technology solutions would help in verifying the integrity data shared across different organizations and create immutable audit trails for data.
Stops Distributed Denial-of-Service (DDoS) attacks.
Blockchain aims at improving security by removing a single vulnerable target that can compromise whole system’s integrity. A transparent and distributed DNS (Domain Name Server) rules out the possibility of manipulation of information.
- Transaction and communication infrastructure security
- Ensuring business security through transparency
- Auditing and security from malicious insiders
- Identifying compromised nodes or server failures.
Blockchain is a promising technology which is tamperproof and efficient. It is very aptly referred as Blockchange—because of the potential it has for transforming businesses around the world by going beyond the traditional cybersecurity approaches.
Contact us today and explore potential applications of Blockchain for your business.