Every area of civilization has been influenced by technology. It has transformed communication, increased our ability to travel, and even affected social change inside our civilizations. The more the growth of technology, the greater its impact on society.
The internet, cellphones, and technology are quickly dominating our lives. Everything is just a click away, whether it is watching movies, conducting banking operations, or even shopping. However, rising reliance on the internet and the cyber world has resulted in significant risks for individuals as well as organizations. The rise of cybercrime is one of the most serious threats.
Cybersecurity is a critical issue that affects everyone. And, during the last decade, the exponential growth of cybercrime has put us in a bind. Hackers have broken into organizations and steal vital data. The threat posed by cyber criminals grows in tandem with technological advancement. Cybercriminals have penetrated and disturbed huge organizations’ operations.
Cybersecurity and its impact on our lives today
The world we live in is becoming increasingly digital. There are already over 7 billion devices connected via the Internet. That implies that if one device gets hacked, everyone else on the network may be impacted. By protecting our digital environment, we can prevent criminals from disrupting our online environment and profiting from their activities. Cybersecurity has grown in importance as breaches and assaults have increased in recent years. These instances have been observed in nearly every sector of the economy, from factory floors to energy distribution systems, and from networked motor vehicles to domestic Wi-Fi networks.
The new generation of cyber threats continues to offer substantial challenges for enterprises in their quest to achieve digital transformation. Based on the type and intent of these crimes, we may classify cybercrime into three primary categories:
- Property: Unauthorized use of intellectual property such as songs, stories, images, logos, colors, and so on.
- Individual: Spamming, malware, spoofing, and phishing assaults.
- Enterprise: Trojan horses, distributed denial of service (DDoS), server hacking, and salami attacks.
At a high level, cybersecurity procedures may be used to safeguard victims by assuring the security of networks and infrastructure.
As businesses rethink their cybersecurity strategy, innovative methods need to be explored to protect their critical assets not only from today’s attacks but also from those of tomorrow.
Why blockchain technology may hold the key to cyber security?
Blockchain technology was designed to ease the safe transfer of Bitcoin and other cryptocurrencies. But increasingly, it is attracting the attention of banks, governments, and businesses for its potential to combat cybercrime. The data on a blockchain is hashed sequentially to create an indelible fingerprint. Blockchain is a distributed ledger that allows data to be transferred between different parties in a completely transparent manner.
Blockchain technology may be deployed in a variety of ways, including public, private, and permissioned. The nature of the platform is determined by the accessibility or block generation capability of the nodes in a network. Any node can join the network and participate in the consensus and block formation processes at any time. Private blockchain maintains private ledgers among trustworthy participant nodes to provide more confidential service.
Though Blockchain was originally intended to be a network for virtual currency, its uses have grown into a plethora of intriguing use cases. Many businesses, notably those in the fintech and banking industries, are focusing on using it as the foundation of their data-management systems.
Utilization of blockchain development to improve data security
Blockchain is one of the most reliable and secure types of digital transactions. This technology offers better information tracking and safe data decentralization than any other known solution.
It can be used to improve cybersecurity in the future by:
- Protecting Private Messaging
- IoT Safety (OT-Cloud-IT)
- Medium Storage Decentralized
- DNS and DDoS protection
- Cyber-physical infrastructure verification
- Data transmission security
Blockchain can be used to establish better and more secure identity and access management systems for a variety of applications, from DNS chains to OTP generation. Let us take a closer look at this to understand the additional level of security that blockchain offers to the table:
- There are several types of access management systems, namely DAC, RBAC, and ABAC. Attribute-based Access Control (ABAC) can be re-envisioned for the future with a decision of user accessing transactions based on identification. The data stored and moved inside the blockchain-based solution is encrypted. It can be thus used to establish a stronger and more secure identity and access management.
- The PKI paradigm is often recognized as a good security technique. It is however based on a few identified challenges. A smart contract can be configured to invoke specific PKI operations, entities can have multiple attributes to authenticate using a public key/Ethereum address.
- DNS chain has emerged as a well-known initiative to alter the DNS infrastructure and secure it against spoofing attacks. It substitutes X.509 certificates with MITM-resistant public key infra. This advocates the use of an Ethereum-based DNS network to connect clients and name servers rather than the centralization of the system root server. DDoS prevention services may also deploy a distributed ledger to blacklisted IPs at the same time, decreasing the danger of a single point of failure for the centralized web application layer.
- An Ethereum-based OTP generation that does not directly interact with the user app but is heavily restricted by a smart contract can be built.
The future of Blockchain security!
In today’s world, cyber security is continuously growing and is intertwined with a variety of scenarios. Attackers will develop new ways to get access to networks, emphasizing the importance of staying up to date on the newest trends. While artificial intelligence has provided crucial input to cybersecurity experts by anticipating potentially risky circumstances, it has not yet realized its full potential.
Blockchain technology offers a novel approach to improving cyberspace security and privacy. Cryptography, distributed computing, clever algorithms, hashing, blocks, consensus, and dependable cloud infrastructure are all part of the technology. While the technology has drawn the malevolent attention of hackers, and there have been incidents of attempted breaches, its reach is unquestionably critical in strengthening and defending the system.
Industry leaders’ perspectives on the way to blockchain security:
The industry pioneers have a comprehensive vision for the next level of cybersecurity, and blockchain is an essential component of the security architecture. With a strong understanding of cryptography, they are effectively leading various implementations of secure process and device integration efforts in various sectors. They are aware of the specific challenges and are constantly developing services to unlock business value across verticals and industries