The Role of Blockchain in CyberSecurity

The decentralized communication system, Blockchain, was implemented first to authenticate bitcoin transactions, but the technology has now emerged to be the future of cybersecurity. The most common challenges enterprises face with their existing systems include the ease to locate, availability of multiple avenues for hackers to attack and overtake the system.

Cybercriminals have become increasingly skillful and are attempting to steal valuable data like financial data, health records, personal identifiable information (PII) and intellectual property, and are resorting to highly profitable strategies like disrupting the overall operations of a business via DDoS attacks, or monetizing data access via the utilization of advanced ransomware techniques. 

So, will blockchain technology be a cybersecurity help or hindrance?

A blockchain is basically a decentralized, digitized, public ledger of all cryptocurrency transactions and uses what is known as the Distributed Ledger Technology. This could potentially help enhance cyber-defense as the platform can prevent fraudulent activities via consensus mechanisms and detect data tampering depending on its underlying characteristics of operational resilience, data encryption, auditability, transparency and immutability.

Blockchain resolves the ‘lack of trust’ problem between counterparties at a very basic level. Blockchain is a distributed database used in both private and public applications rather than a centralized structure where all the information is stored in few very large databases. The data pertaining to each batch of valid transactions is stored within its own block; every block is connected to the block which is situated in the position before it and grows continuously as new blocks of information are appended.

Owing to their distributed nature, blockchains provide no ‘hackable’ entrance or a central point of failure and, thereby, provide more security when compared with various present database-driven transactional structures.

Some of the recent information security breaches exposed a large amount of customer data— such as customers’ name, contact information, and credit card or bank account data— to hackers. With bitcoin, since the customer is not required to store such information with every vendor, it eliminates the challenge of information security breach.

Blockchain technology can be used for a variety of reasons across a slew of industries. It helps prevent cyber-attacks, data breaches, identity theft, unfairness in title transactions, and makes sure your data is private and safe. This is only the beginning for blockchain. As new technology is developed, and developers build new versions, it’s only going to get smarter and better.

Blockchain can monitor and predict attacks with artificial intelligence and provide a proactive response to incoming cyber threats. It helps organizations reduce cost and puts their data at a much lower risk. If you’re interested in learning more about cybersecurity and other ways you can protect your company’s data, contact us today. Speak to a support team member on the phone now! Phone: 1-833-TXCYBER | 1-281-701-3257

About Techcess CyberSecurity Group

The Techcess CyberSecurity Group helps Small & Mid-Size Businesses establish effective security controls around sensitive assets and balances the needs to reduce cyber risk while enabling productivity, business growth, and cost-optimization objectives. Located in Houston, Texas, we strive to provide our clients with enterprise-level security services to ward off and eliminate both run-of-the-mill security issues and the most destructive security threats many businesses face.

Learn more: https://www.techcesscyber.com

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