2018 was an unforgettable year for security. From governments to well-established enterprises, power companies and universities, almost everyone became victims of cyber attacks. 75% of the board members and 62% of the CEOs consider cybersecurity and technology acquisitions as their top priorities.
Blockchain comes as a solution to the security issues by decentralizing data and saving immutable records as hashes which are difficult to tamper. Recently, a renowned company, NASA planned to integrate blockchain technology to enhance cybersecurity and stay protected from denial of service and other cyber attacks on air traffic services.
So, it is clear that blockchain is emerging as a transforming technology for businesses to prevent cyber attacks.
Here are some of the promising use cases of blockchain in cybersecurity
- Decentralized Storage Solutions
Data is considered more valuable than currency. Your business deals with tonnes of sensitive and confidential data of your customers. Hackers make all possible attempts to steal the data. Storing all the data in one place opens more opportunities for cybercriminals to hack it. It’s more like storing all your essentials like jewelry and cash in one box and then being surprised if a robber walks away with the whole box.
It happens because businesses use centralized storage for saving the data. Blockchain-based storage solutions can disrupt this approach with decentralization. Users of Apollo Data Cloud are allowed to archive their data on the blockchain and permit access to third-parties. Since any single entity does not control the data saved on the blockchain, hackers do not have a single point of entry to steal or alter the data. Therefore, enterprises have started to consider blockchain as a data privacy solution.
- Secure DNS
DNS (Domain Name System) is wholly centralized due to which hackers can quickly attack the connection between IP address and connection. They can route people to spam websites, make a site unavailable, cash websites and combine DNS attacks with DDoS attacks to make websites unusable for a long time. One solution is to use software for tailing log files and enabling real-time alerts for unsure activities.
Another solution is a blockchain based solution which can make it difficult for hackers to identify and attack single points of vulnerability. Domain info is stored immutably on a distributed ledger and immutable smart contracts manage the connection between the web site’s name and IP address.
- Security in Private Messaging
Since conversational commerce is gaining a lot of popularity, metadata is gathered from customers during product/service exchanges on social media. Many messaging apps integrate end-to-end encryption in their systems while some have started using blockchain to keep messages secure. Currently, many messaging apps lack a security standard and API framework to enable cross-messenger communication.
However, blockchain tackles the issue and creates a new unified communication system as it can enable the connection between multiple messaging platforms and secure the exchange of data.
- Security for IoT
Hackers usually gain access by attacking weaknesses in edge devices including switches and routers. Since smart IoT devices put the data in a centralized location with a single point of entry, security cameras, smart thermostats and doorbells are also vulnerable.
Blockchain technology can be used to protect IoT devices from cyber attacks by allowing devices to make security decisions without depending on a centralized authority. For example, connecting a smart electricity meter with blockchain can bring transparency and generate an accurate meter reading using smart contracts.
Blockchain can protect the exchange of data that happens between IoT devices. Security with blockchain means that no centralized authority exists to control the network and verify the data going through IoT devices.
Building a blockchain based solution for cybersecurity could be a better decision for all businesses and enterprises. It will become challenging for cybercriminals to exploit the system when network traffic, access control, and data are no longer kept in a single location.
Contact LeewayHertz for Blockchain Development.