Will the Face of Cyber Security Change with the Implementation of Blockchain?

Gone are the days when the hackers were only interested in stealing the money or the data. Today, penetrating through the walls of security of the big brands that boast of their technology is like a challenge for the hackers. They would do anything to break the codes to prove their skills and caliber. Whenever a cyber attack happens, a group of hackers proudly assumes responsibility for it. To counter this menace, organizations need to prepare themselves for anything that hackers would throw at them.

This is where cybersecurity steps in, as it protects all hardware, software, and data that are connected to the internet from any harm. There are many types of cyber threats in the online world, these are but not limited to:

  • Malware - It can be any file that damages a computer, computer network or server, like spyware, trojan horse, etc.
  • Ransomware - It is a type of malware that locks down user’s specific computer system files through encryption and the hacker demands payment from the victim for decrypting them.
  • Phishing - It is a type of fraud where fraudulent emails are sent by the name of a reputable organization in order to steal sensitive data like login or credit card information.

The major threat that every cybersecurity systems are facing today is the constant evolution of the cyber-attacks. Not only their numbers are increasing but new forms of cyber threats are observed daily. The traditional approach protocols focus all the resources on critical computer systems and protect them from any major threats. This leads to other components vulnerable to minor threats.

Investments in cybersecurity services and technologies have increased due to increased risk of cyber attacks. Gartner, a global research company in IT, Finance, HR, etc has predicted that cybersecurity products and services investments would increase by 7% from 2016 reaching $83.4 billion and will continue to grow in 2018.

An upgrade is required to deal with current cyber threat scenario. According to a recent guidelines update on risk assessment framework, The National Institute of Standards and Technology recommends an adaption to a real-time assessment and continuous monitoring.

Secure and Incorruptible Distributed Ledger – The Blockchain

Why should Blockchain Technology be considered for enhancing cybersecurity? The answer is the Blockchain Technology’s approach to recording and transferring information. It can effectively prevent security threats since it is the same technology that enables the secure exchange of cryptocurrencies such as Bitcoin and Ethereum.

Distributed Keys

A Blockchain can be utilized for publishing pair of keys for PKI (Public Key Infrastructure) that secures pretty much everything online including website, emails, apps etc. PKI relies on centralized trusted certificate authorities for issuing, storing and revoking pair of keys. An attacker can compromise these centralized certificate authorities to imitate user identities, and thus crack encrypted communications. Blockchain enables tagging identity attributes of a person to a tamper-proof hash that makes it impossible for someone to forge the identity.

In the Blockchain approach to document signing, keeping the private keys secretly is replaced with transparency, having the distributed evidence makes it practically impossible to make changes in the data without being caught.

Distributed DNS System

Similarly, by implementing a Blockchain network, DNS entries can be stored on a distributed system that could improve security since there is no single central target that can be attacked. Another benefit of storing DNS entries on a Blockchain is that it will remove the network fees associated with DNS reads.  The cost will be imposed only on the new entries and updates

Moreover, a distributed DNS can’t be manipulated by any single entity including the governments at their will, since the domain records are under their owners’ control and not any central authority.

To Conclude

With new technologies getting discovered every day, there will always be some unethical people that would try to misuse them. The last couple of ransomware attacks such as ‘WannaCry’ and ‘Petya’ are great examples of how vulnerabilities in the old software can be exploited to create havoc. The Blockchain technology is not a magic wand that can remove what all is wrong with the internet. But if implemented in the right way, it can surely plug security loopholes in today’s connected world.

The Blockchain technology is flexible enough to offer a solution to many of the future threats, especially where centralized data and single points of failure are the major concerns. There is no doubt that with the implementation of the Blockchains, cybersecurity would have an extra layer of protection. It would instill confidence in the people and the businesses that they can transact online securely, and that their identities are well protected.

Enuke Software is a leading software and web development company that provides customized software development and web-based solutions around the globe. Their aim is to improve efficiency for companies by providing professional consultancy, optimized decisions, Blockchain services and high-quality software systems. Currently, they have successfully developed and deployed 100+ healthcare applications including a Medicine Delivery Application which is revolutionizing the online pharmacy business by delivering 100% genuine medicine and other healthcare products to your doorsteps.

Also Read: Traditional Databases Vs Blockchain

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