Is Blockchain Technology The Answer To Fortify Cyber-Security?

Is Blockchain Technology The Answer To Fortify Cyber-Security?

Everything is available and happens online these days. You can make friends and connect with people living in any part of the world through social networking sites. There are e-commerce sites where you can buy and sell goods and services. You no longer need a television to watch your favorite movies and series; there are online streaming platforms for that. From simple bank transactions to complex trading, all can be done through mobile phones, tablets, or laptops, provided you have access to the internet.

However, any such transaction or interaction involves a good amount of data, the security of which is a major concern these days. When using any online service, an individual must enter a few basic information to complete the procedure. This data is supposed to remain protected and secured, which is what is claimed by the service providers. But is it truly protected?

Major data breaches

Last year a massive data breach of social media giant Facebook came to light. The breach that happened about 2 years ago exposed profile information, friend networks, private messages, and political beliefs of more than 87 million users.

Then there is also the famous Yahoo and Equifax data breach scandals. In 2017 world’s leading consumer credit reporting agency Equifax reported unauthorized data access, which exposed names, social security numbers, addresses, birth dates, and driver license numbers of about 145.5 million users.

Yahoo has multiple instances of such security breaches that compromised the information of the user’s accounts. The above-mentioned examples only solidify the concern over data breaches. These kinds of incidents compromise the valuable information of the users and lead to heavy financial losses as well.

However, any redundancies in technology can be countered by technology itself. That’s where Blockchain comes to the rescue. According to experts, blockchain can prevent such cybersecurity breaches and protect user information and enterprise data.

Blockchain in Cyber-Security

Blockchain technology comes with the boon of three unique features that can be the answer to preventing any cybersecurity breaches:
– Blockchain technology runs on a trustless system because it assumes that anyone from the inside or outside can compromise the system. So there is no human trust involved.
– Blockchain comes with immutability. The blocks in the blockchain store data and secure it by using several digital signatures and other cryptographic properties like hashing etc. Once the data is entered inside the block, it cannot be changed or tampered with.
– Since blockchain works as a decentralized distributed system, there is no central authority. It is made by comprising multiple nodes. Any decision is made and confirmed after all the nodes come to a consensus.

All of these properties does a great deal in fortifying cybersecurity and prevent any data breach.

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