Know More About the Role of Blockchain Technology in Cybersecurity
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Know More About the Role of Blockchain Technology in Cybersecurity

By CIOReview | Wednesday, June 29, 2022
Cio Review

Cio Review

Blockchain is a distributed, decentralized digital ledger that records transactions as blocks. This ledger facilitates transparent data storage because of its immutability and restricted member access.

FREMON, CA: Cybersecurity is defending systems and networks from digital attacks that seek to access, modify, or destroy digital information to extort money or sensitive data. With a growing reliance on technology and data, it is crucial to strengthen security measures to safeguard digital data and transactions. Malware such as viruses, Trojans, Rootkits, etc., can be utilized to execute cyberattacks. Phishing, Man in the middle (MITM) attacks, Distributed denial of service (DDoS) assaults, SQL injection, and Ransomware attacks are typical types of cyberattacks.

Blockchain is a distributed, decentralized digital ledger that records transactions as blocks. This ledger facilitates transparent data storage because of its immutability and restricted member access.

Blockchain's Application in Cybersecurity

In cybersecurity, the CIA triad model (Confidentiality, Integrity, and Availability) is a reference for evaluating an organization's security model. Blockchain ensures compliance with all of these regulations.

Confidentiality: Ensuring that only authorized and interested parties can access the right data. Complete encryption of blockchain data ensures that the data is inaccessible to unauthorized parties while passing over untrusted networks. To avoid assaults from within a network, security measures such as access controls should be applied directly at the application level. Blockchain technology can offer extensive security measures by using public critical infrastructure to authenticate participants and encrypt communication. Theft of private keys is highly likely if private key backups are stored in secondary storage. To circumvent this, methods for key management, such as IETF or RFC, and cryptographic algorithms based on integer factorization issues should be established.

Integrity: Blockchain's inherent immutability and traceability aid enterprises in maintaining data integrity. Protocols based on the consensus model can assist companies in implementing methods to prevent and regulate ledger splitting in the case of a 51 percent cyber control attack. In Blockchain, the past state of the system is saved with each successive iteration, creating a completely auditable history log. Smart contracts can verify and enforce rules between parties that prohibit data mining.

Availability: In recent years, cyberattacks targeting the availability of technology services have increased, with DDoSs being the most prevalent sort of assault. However, DDoS assaults are costly in blockchain-based systems because the attacker attempts to overwhelm the network with many small transactions. The lack of a single point of failure in blockchains reduces the likelihood of IP-based DDoS attacks affecting normal functioning. At all times, complete copies of the ledger can be accessible by the availability of data through many nodes. Multiple nodes and distributed operations provide platforms and systems with resilience.