In this digital world, nothing seems to be immune to cyber attacks and cyber crooks. But if the technology of blockchain can be carefully explored and emphasized, it can help a public or private agency to build a network which has no single point of failure and is super resilient to cyber attacks.
Bitcoin, a form of digital currency introduced in 2009, can be touted as the leading cryptocurrency of this modern world. And it is a known fact that bitcoin transactions depend on a publicly distributed ledger known as blockchain that usually challenges the need for central brokers.
The concept is innovatively simple and that is to enhance cyber security and protect organizations and applications against cyber attacks. As the blockchain uses hashing and cryptography, it is highly immutable.
So, organizations that are looking for utmost data security can use the technology of Blockchain to handle sensitive information from being tampered in a proactive way.
Already some companies are coming up with techniques such as Keyless Signature Infrastructure (KSI) to replace the traditional Public Key Infrastructure (PKI). The KSI uses an asymmetric encryption and a cache of public keys maintained by a Centralized Certification Authority (CCA).
Accordingly, instead of depending on access keys which can be compromised, blockchain offers a security which is predicated on distributing evidence among a number of parties, which makes it almost impracticable to manipulate data without being detected in time.
In the case of DDoS attacks, the reliance of users on cache systems is high. But blockchain which offers a decentralized infrastructural operation can make the failure of infrastructure impossible with excess requests.
Encryption of data is nowadays regarded as the best security technique to isolate sensitive info from hackers. Nevertheless, to access that data, it has to be decrypted at some point in time.
Generally, encryption is possible when data is at rest or during the transit. But when it is in use, you cannot encrypt the info and this is where a vulnerability to expose info to hackers’ increases as a cybercriminal can easily have access to a system and can see plain text. The risk factor increases in cloud computing environments where IT services are available on demand. As in such scenarios, data is usually accessed or is processed by third parties.
A blockchain technology can help the business world to collaborate their cloud environments without revealing sensitive info due to security, privacy, and regulatory concerns. They are certain companies which take the help of Multi-Party Computation (MPC) – a part of cryptographic technology based on blockchain concept. This technique helps parties maintain complete privacy by distributing data and tasks even when they are jointly storing data and running computations.
Subsequently, Blockchain offers a completely different approach to cyber security. The technology can go beyond endpoints and include user identity security, transaction and communication security. Therefore, on an overall note, it helps organizations protect their critical infrastructure supporting operations across an organization.
Thus, we can conclude that blockchain can help in making the best use of shared online services while abolishing the trade-offs related to privacy and security.