Blockchain Technology Improve Cybersecurity Amidst Volatile Digital Age
The Internet has entrenched into our own lives like the air we breathe from the air. We’re dependent on it for almost everything from grocery shopping to finding our way on the streets. Not forgetting the daily social interactions, we have on it.
At this time, there are more than 4 billion active net users currently in 2019 — that comprises over half the planet’s population. In addition, globally an average person spends approximately 6 hours and 42 minutes online daily.
The benefits are plenty to be linked both for companies and individuals
Hassle-free social interactions
Last but certainly not the least reduced impact of distance and boundaries on both communication and finance
What was the drawback of this highly linked society? Or instead what was wrong within this super-connected society?
The loophole… that this connectedness came with a huge price. And the price was — our personal data like identities, financial info, addresses, and sometimes even life events became people or were leaked on the internet.
The company, Purplesec reported that an organization bears about $2.4 million at the expense of malware attacks.
An investment of $1 trillion in cybersecurity between 2020 and 2025 is predicted by IT analysts to be able to rule out malicious cyber threats.
As stated by the 2019 Global Risks Report, cyber-attacks contribute to 80% disturbance of infrastructure and operation and data theft leads to 82%.
Do you believe there’s a connection between most of these increased rates of cybercrimes and hyper-connectivity? Obviously, there’s a connection. While the world shrunk together with all the ever-evolving technology, the cybercriminals became smarter and discovered new ways to hack on the data. However, as there are just two sides of a coin, the emerging technologies also helped organizations and individuals to struggle for data sovereignty.
But where does Blockchain fits into this
Blockchain with its exclusive features like immutability, decentralization, and P2P network is a technology, that will be able to stall growing cybercrimes and prevent financial losses owing to these crimes.
Curious to know more?
- Decentralization of data: The main motive hackers had a field day until now is that each of the sensitive data was centralized or stored in one place. Blockchain with its distinctive decentralization feature ensured that all the sensitive information was saved at different computers located in various areas. This data then can only be retrieved via a cryptographic key, which is available with the associates of that blockchain.
- Gain: Hackers do not have a single stage to steal the information, as it is securely saved on different computers. Symantec reported a massive reduction in cryptojacking by 52 percent with the assistance of Blockchain. A massive success to block ransomware to reduce cybercrime.
- Blockchain makes IoT secure: When cybercriminals attack they aim fundamental devices such as routers, cameras, thermostats because these are vulnerable to strikes. According to a Symantec report, roughly 90 percent of those cyberattacks are due to infected devices linked by the Internet of Things. However, with Blockchain technology, the data passed through these devices could be stopped on a sign of feeling.
- Benefit: Together with the creation of a causal stream of information, it is almost impossible for hackers to breakthrough.
- Personal messages are secure with Blockchain: Your data is not safe on either public websites or the other websites where you may log in for online socialization. If you regularly tweet at Twitter afterward remember that even your twitter handles are not safe, since there are malicious applications lurking at the corners which steal the information. Enjoy online shopping? Beware as E-Commerce is easily the most unprotected platform from this malware.
Clients’ tastes, shopping behavior are all extracted from the metadata — which may be stolen. Blockchain by encrypting the messages and procuring each node adds a security layer on all the data/information including those on different platforms.
Benefit: The decentralization feature of Blockchain ensures that the whole info is secure and retains social media sites connected.
Organizations like IBM have invested about $200 million in Blockchain and about $2.1 billion has been shelled collectively in Blockchain by technology companies globally.