Preventing and Fighting Cyber Attacks with Blockchain

By CIOReview | Thursday, March 8, 2018
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The decentralized communication system, Blockchain, was implemented first to authenticate bitcoin transactions, but the technology has now emerged to be the future of cybersecurity. The most common challenges enterprises face with their existing systems include the ease to locate, availability of multiple avenues for hackers to attack and overtake the system.

Blockchain makes for a far more secure system since it is highly decentralized and is offline. Since it works as a distributed database, with the data duplicated across a network of computers, it is not immediately accessible, making it harder for a hacker to attack. Since the contracts and transactions are regularly updated and distributed, sharing and collaboration become easier through blockchain. Hence, being considered to solve challenges in economic, legal and political systems potentially.

Some of the recent information security breaches exposed a large amount of customer data— such as customers’ name, contact information, and credit card or bank account data— to hackers. With bitcoin, since the customer is not required to store such information with every vendor, it eliminates the challenge of information security breach.

Although customers are easily storing their currencies remotely in offline bitcoin wallets, is secure in limiting the attacker to hack the decentralized network, the hackers would then opt to exploit the user’s machine through keylogger software that enables them to identify codes to a bitcoin user’s wallet. Members of bitcoin network need to take precautionary measures against such applications.

Bitcoin could have been expelled as a craze early, but now, the cryptocurrency and the technology it is developed on is permanently transforming the digital landscape. Cybersecurity experts need to comprehend the effect bitcoin has on their calling and how it could influence their business. It’s high time cybersecurity experts understand that Blockchain is affecting their profession and its impact on their business.