The Use of Blockchain in Cybersecurity!

The international community of the last few years saw an alarming rise in cyberattacks, and hackers have increasingly kept on evolving and keeping pace with advanced and targeted hacking. Cybersecurity has thus become a gigantic issue of concern for governments, organizations, and individuals all over the world. Blockchain technology is revolutionary in cybersecurity possibilities in this regard.

Blockchain, the Ethereum and Bitcoin cryptocurrency network, is an unalterable distributed document ledger that holds transactions in a decentralized form on a network of computers. It is only of value in the cybersecurity domain by virtue of its own inherent attributes, including resistance to tampering when stored, observability, and safeguarding.

In this article, we will observe how blockchain technology applies to cyber security, benefits, and emerging applications.

How Blockchain Improves Cybersecurity

Blockchain technology possesses certain features that make it a great tool to improve cybersecurity:

Immutable Ledger: Blockchain's distributed ledger is immutable, and once a piece of information has been added, it cannot be removed or altered. This ensures information integrity and prevents tampering.
Consensus Mechanism: Consensus mechanism in Blockchain ensures that consent of all the nodes in the network is being taken on the validity of transactions and no node can make any modification in the data.
Encryption: Blockchain uses advanced encryption methods like public-key cryptography to provide assurance that data is being locked through encrypting data so that only the information can be obtained by concerned organizations.
Decentralized Network: There will be no hackability of the organizations since there is a decentralized data confidentiality network.

Advantages of Blockchain in Cybersecurity

Application of blockchain technology for cybersecurity has a multiplicity of benefits:

Enhanced Data Security: Data security and proof against any hacking or modification due to blockchain's tamper-proof ledger and encryption processes.
Enhanced Authentication: Authentication process thanks to blockchain has a method of secure, decentralized verification of identity.
Transparency: The open ledger in Blockchain enables every transaction to be traced, and it is simpler to keep an eye on and follow information.
Less Room for Cyberattacks: The decentralized factor and consensus element of Blockchain decrease the room for cyberattackers to execute successful cyberattacks.

Possible Applications of Blockchain in Cybersecurity

Some of the potential applications of Blockchain in cybersecurity are:

Secure Data Storage: Blockchain storage solutions offer a decentralized and secure means of storing confidential data.
Identity Verification: Blockchain identity verification solutions offer a decentralized and secure means of verifying identities.
Supply Chain Security: Supply chain management solutions based on blockchain technology offer a secure and transparent means of tracking and monitoring products.
Cybersecurity Information Sharing: Cybersecurity information sharing systems based on blockchain technology offer a safe and decentralized means of sharing threat intelligence.

Examples of Blockchain Utilization in Cybersecurity

There are already a few organizations and businesses utilizing blockchain technology for cybersecurity enhancement:

Maersk and IBM: Maersk and IBM have built a blockchain system to enhance supply chain security.
Microsoft: Microsoft developed a blockchain identity authentication platform for enabling an enriched and decentralized mode of identity verification.
Gemalto: Gemalto designed a blockchain platform to ensure secured data storage, as well as identity verification.
United States Department of Defense: United States Department of Defense created a blockchain platform to offer sharing of information pertaining to cybersecurity in order to build stronger security measures.

Challenges and Challenges of Blockchain in Cybersecurity

Although blockchain technology promises to revolutionize the security landscape, there are some issues and loopholes which must be dealt with:

Scalability: Blockchain technology is in its infancy stage, and scalability is a problem of large scale.
Regulation: It lacks well-crafted regulation for blockchain technology, thereby making it unrealistic to deploy.
Interoperability: Variance in architecture between blockchain platforms creates interoperability issues.
Security: While blockchain technology is secure, it is not tamper-proof and security vulnerabilities and hacking have been exploited.

Conclusion

Blockchain technology has the capability to revolutionize cybersecurity through a secure, decentralized, and open mechanism for storing and transferring information. All the challenges and constraints to be met aside, the promise of blockchain technology in cybersecurity cannot be ignored.

As more and more individuals are becoming dependent on technology worldwide, cybersecurity will be a much greater issue. Blockchain technology can ensure an impenetrable and decentralized way of securing sensitive information and deterring cyberattacks.