Enhancing Cybersecurity with Blockchain Technologies
Posted By Asha Devi | 09-May-2019
The core features of blockchain technology are data encryption, detection of data tampering, auditability, transparency, immutability, decentralization, distributed ledger, and operational resilience. These features enhance cyberdefense mechanisms and ensure data security.
Cyber breach is an area of big concern that can cripple critical business functions. Organizations put a lot of efforts to make their data conform to confidentiality, integrity, availability, authenticity, and non-repudiation requirements. Two years since the WannaCry ransomware attack, we have witnessed that data breach and cyberthreat is increasing every other day.
Data protection and privacy have become a board-level issue. Effective measures such as security, compliance, business experience, process, technology, new legislation, and other strategies appear to be vulnerable. The main reason could be attributed to data breaches due to human error.
At this juncture, blockchain provides a more promising security mechanism. It is a disruptive technology that can transform processes in industries like healthcare, logistics, finance, education, and banking. Blockchain has also shown the potential to enable effective data security mechanisms in these industries.
Blockchain eliminates manual errors, the known cause for the majority of data breaches. The chances of data corruption are almost nil due to its immutability feature. Data on the blockchain is distributed across millions of nodes and connected to blocks. It is stored in a distributed ledger that makes an intruder’s task of publishing fake keys harder.
Let us take a closer look at how blockchain technology enhances cybersecurity.
The applications of blockchain technology in cybersecurity
Decentralized storage solutions
Blockchain-based data storage solutions enable users to archive data, grant permission for third-party access, and revoke the access key anytime.
It is a distributed digital ledger that lacks a central control point. As each node possesses a complete ledger copy, the loss of one or two nodes will not lead to data loss. The entire blockchain network can be monitored for tiniest operation and verified by all the participants in the network.
Thus, hackers cannot have a single point of entry or can access the entire data repository. This reduces the chances of a data breach.
Secured IoT devices
Hackers attempt to exploit the vulnerabilities in the routers and switches of IoT devices causing a flaw in IoT security. With blockchain, the devices form a group consensus regarding normal occurrences in the given network. The devices become smart enough to lock down the suspicious behavior of any node. The data exchange between the IoT devices is also protected by achieving near real-time data transmissions.
Thus staging an attack is really hard and the systems or IoT devices can be protected against hacking attempts.
Secured domain name system
As the blockchain in decentralized, you may store the domain information on a distributed ledger. Moreover, the connection can be powered through smart contracts.
This prevents hackers to break the website name and IP address. Because the hackers are not able to find and exploit the vulnerability. In addition, they cannot pair (Domain Name System) DNS attack with DDoS attack too.
Secured private messaging
The messaging apps for conversational commerce may lack a standard set of security protocol. However, the blockchain messaging ecosystem secures data exchange, enables data security in the messaging platforms, and creates a unified communication system.
Thus, it is possible to make private and public messaging systems impenetrable. Companies can transmit sensitive information securely with blockchain technologies.
Blockchain data cannot be altered as it contains encryption. You may verify the file signatures across the nodes in the network. The data backed up or stored by you in the cloud or any third-party vendors can be verified. If there is a change in the signature, it is rendered invalid.
Every new iteration is stored and completely traceable. This increases the system’s reliability and offers an additional level of reassurance that data is authentic or has not been tampered.
Updated software validation
The blockchain assigns unique hashes for software downloads or updates. Users may download or update their software only after comparing the hash with the developer’s hash.
Thus, fraudsters cannot hide their invasive software or applications. This greatly reduces the system infection with fraudulent or disguised malware.
Hackers intentionally flood websites with myriad junk requests leading to an unsustainable amount of traffic to trigger a crash. Generally, high-profile organizations are their biggest targets since they use a centralized part of DNS.
By implementing blockchain technology, the DNS can be totally decentralized. The contents can exist in a distributed manner across a large number of nodes so that hackers cannot intrude. Moreover, the domain editing rights are provided exclusively to authorized personnel for preventing unauthorized entry.
Digital identity authentication
The passwords should be strong and need to be updated on a regular basis. However, passwords may remain pale and predictable.
With blockchain technology, there is no need for passwords. It works on biometric data, private keys or multi-step authentication.
Automatic update hacks prevention
A network of interconnected cameras, cell phones, and others are prone to phishing scams. Automated updates may include malware that can lead to data compromises or the system may shut-off completely.
With blockchain, the algorithms can detect threatening or unknown intrusions paving the way for automated updates without risks.
If hackers succeed in gaining access to central databases, they can gain access to login credentials of all users.
As the blockchain operates on multi-signature authentication model, it reduces the frequency and ease of hacks.
Detailed computer hardware provenance
Theft of intellectual property is harmful to businesses and a nation’s economy. An ideal way of preventing this is by eliminating the invulnerability of firmware to disable remote intrusion.
With blockchain ledgers, the manufacturing of the device can be precisely traced and transport can be recorded through immutable records.
Data tampering prevention
False positives or bad data due to outdated algorithms or security measures cause an additional cost for the companies.
A decentralized blockchain network filters data with verification and prevents tampering. Here, the threshold of veracity is higher when compared to centralized networks.
How Oodles safeguards your data using blockchain technology
We deliver customized solutions as per your business case and enable you to safeguard the data. A few of them are as follows -
Provide cloud-based blockchain solutions- Blockchain-as-a-Service (BaaS) to secure your data
Implement blockchain technology to increase your network size and prevent DDoS attack
Deliver digital identity solutions on blockchain to prevent intrusion from unauthorized personnel
Reduce harmful attacks and secure funds through token platform development
Provide decentralized database solutions for interoperability and security
Smart contract development to avoid insecurity on DNS
Blockchain secures all data exchanges owing to its decentralization. As the access control, network traffic, and, the data cannot be fetched from a single point, hackers find it difficult to exploit vulnerabilities. Adopt cybersecurity standards for your organization using blockchain and protect your systems from external attacks.
For more information on blockchain in cybersecurity and avail services, get in touch with Oodles experts.