Blockchain has been known form quite a while now as a mean of transaction which doesn’t require a bank, credit card or cash to be handed over. Bitcoin being a digital currency was an evolution when came into the digital world but very few of us know how blockchain works and what it exactly is.
Malaysian kindly read Bank Negara Malaysia notice on Digital Currency should you intend to engage in the business.
What is a Blockchain? Blockchain as the name suggests, is a chain of digital blocks connected together, keeping the record of all the transactions being performed anywhere in that network. The network is basically distributed peer to peer network which is used to pass on the digital currency transaction records. For each and every transaction, the record is saved on the peer which is making the transaction and the ones which are connected to it which means all of the peers in the network. Where peers are the personal computers being used by the people in the network making any kind of transaction or are involved in one.
Bitcoin was the first currency of its type. Cryptocurrency started form Bitcoin and this day around has more than a hundred currencies to exchange or trade. In the future the number of cryptos is expected to be increased because of the high security level provided by the blockchain technology as it not only stores the records to all the systems in the network but the records are encrypted and hashed so that they can’t be accessed or modified directly.
Blockchain technology is supposed to be the most secure of this time as the data can’t be tampered with. Once someone tries to play here or there at any connected peer from the whole network, the other peers in the network would be informed and that in fact wouldn’t make a change in the whole safety because data is stored everywhere. Everyone in the network can authenticate it. Getting into details, strong encryption and hashing algorithms are used to keep the records safe from being tampered with or directly read. Hashes are used to authenticate the records where the encryption techniques are used to keep the data hidden.
Asymmetric encryption algorithms are used to protect the data, which uses two different keys to encrypt and decrypt that data. Every peer has its own public and private key pair. The record information encrypted with the private key of one peer can only be decrypted on the other side by using only the public key of that peer. We need to know that all blockchains are not the same. Not all of those provide the same security level.
Today, there are two main types of blockchain, public and private, with a number of variations. Public and private blockchains differ in a couple of key ways that can affect the level of security they provide. So, you better investigate proper before you choose one for yourself.
Now, blockchain being one of the most secure currency techniques, worked as a revolutionary idea in the field of security. The idea of distributed systems attracted many larger organizations and made them what to have the similar security architecture for their applications in which they’d have distributed architectures for data storage and transfer protection will be provided by cryptographic algorithms.
In short, Cryptocurrency and Blockchain technology not only worked as a technology but also as an ideology. And that ideology is most probably going to be the base of the security architectures for the future.
Some of the key features of blockchain and cyber security that are going to take over the future of cybe rsecurity can be discussed in the perspective of significant prediction. Protected edge computing being the most beneficial feature of blockchain is going to be the base for the future of cyber security architectures.
Blockchain providing solutions to secure IoT and industrial IoT will help strengthen data authentication, data flow, data attribution and also record management. Furthermore, the confidentiality and data integrity provided by blockchain is a dream come true. It will serve as the building block for the future integrity techniques and confidentiality measures.
Access control system introduced by blockchain is no less impressive anyway. Companies this day want blockchain to take control of the security provisions for their messaging apps and communication channels. For the future, they hope to make their apps a secure platform with the help of blockchain.
PKI or Public Key Infrastructure keeps messaging applications, emails, websites and other forms of communication secure. But they all rely on third-party certificate authorities to issue, revoke or store key pairs. These certificate authorities can become an easy target for hackers with spoof identities trying to penetrate encrypted communications.
On the other hand, when keys are published on a blockchain, it leaves no scope for a false key generation or identity theft as the applications verify the identity of the person you’re communicating with. A distributed denial-of-service (DDoS) attack is an attack in which multiple compromised computer systems attack a target, such as a server, website or another network resource, and cause a denial of service for users of the targeted resource.
This forces the system to slow down or even crash and shut down, thereby denying service to legitimate users or systems. This problem can be solved by integrating blockchain into decentralized solutions which can provide protection against such attacks. Since security issues will keep on rising with the passage of time, we need strong security strategies to protect ourselves from being vulnerable.
And for that purpose, for larger companies with distributed systems for communication or record keeping, blockchain is a great base to build up a cyber security architecture which is worth giving a while. The scope for attackers to make a successful attack almost dies with the integration of blockchain technology into a system.
Extracted from Mibrand Business Magazine Printed Version. Download a Copy today