Blockchain, to most people, is simply a decentralized ledger system for recording cryptocurrency transactions. But there is more to it as it is proving to be a critical system for solving cybersecurity issues.
While blockchain was initially invented for bitcoin, its features like the cryptographic hash make it highly resistant to cyberattacks. This is a breath of relief to companies and people looking to share and store sensitive data, uphold privacy or do an online transaction. So, how is blockchain transforming cybersecurity in 2021?
A Ransomware Attack Solution
Ransomware is one of the most common forms of cyberattacks affecting users and companies globally. It involves the attacker locking victims out of critical networks and files. Some of these activities are so severe that victim organizations resort to traditional means of handling assets.
Consequently, blockchain technology can solve ransomware attacks and other related events. It accomplishes this by eliminating a single point of failure in organizations. This helps in maintaining the cloud systems and protecting against any form of threat.
Data Sharing Safety
Transmission and sharing of data between individuals and organizations in the private and public sector is the order of the day. While such activities are beneficial to a business optimal operation and productivity, it poses serious cybersecurity threats. A good example is when someone shares a confidential file mistakenly with the wrong person.
Companies also risk a lot by sharing private messages with several people and cannot restrict access. Fortunately, blockchain is providing a solution for such users to take control over data access and sharing.
Solving Password Challenges
An individual’s password is the gateway to cyber-attack vulnerability. More often than not, everyone tends to choose a password they will easily remember, and the problem is, other people will find it easy to guess the passwords as well. Plus, when a user forgets the password, recalling it may be a frustrating burden on its own.
The blockchain is offering a pretty fantastic solution to these controversial cases. One is a self-sovereign ID, a process requiring users to get a personal identifier linking a public ID on the blockchain.
When users are prompted or receive a message requiring a password, they use a private identifier to verify who they are. The decentralized approach in blockchain addresses the password challenge by preventing hackers from accessing organizations’ information and networks.
Reducing Cases of Deepfake Content
One of the areas raising concerns from cybersecurity experts is how to solve Deepfake content. Such acts pose significant threats to businesses operation, credibility, and general productivity. This is primarily crucial whenever the criminals create fabricated material to incite people against a particular brand. It is unimaginable the consequences and damages such activities can bring whenever a renowned leader is a victim.
The good news is, blockchain is proving useful by offering much-required assistance regarding verification of information. For instance, many videos and other types of data shared online have authenticity question marks. And many businesses, especially the supply chain, are already leveraging blockchain to verify products and handle counterfeit goods sales.
Time for Safer E-commerce Transactions
Since the COVID-19 pandemic hit, the E-commerce industry has soared to greater heights. This is highly related to the restrictions in place to combat the virus’s spread, which saw an increased number of online transactions. Yet, in the face of these new developments, cybercriminals also got the chance to advance their evils by hacking more online stores.
Even though blockchain is not a popular concept for e-commerce, it is an option with effective potential. Only a countable number of e-commerce stores are using blockchain technology, but this is expected to increase with time.
Cybersecurity experts should, by all means, include new technologies like blockchain into their field for adequate protection. This technology proves to be highly reliable regarding cybersecurity. The most significant concern is the need to implement more innovative and protective ideas in blockchain’s decentralized approach.