The collection of data and private information has been at a constant upward trend, and the value has crossed that of oil’s. These never-fathomed-a-decade-ago events have resulted in cybersecurity threats being on the rise. In 2018 alone, governments, universities, global enterprises, and power companies have become victims of elaborate and well-planned hacks. It has become so much of an alarming concern that 75% of the CEOs of global giants plan on acquiring companies that handle cybersecurity, or at least, put that acquisition on priority.
With NASA deciding to use blockchain technology to enhance their cybersecurity, it is quite evident that it is not just companies but also government organizations that plan on leveraging the security advantages of the new technology. NASA has decided to incorporate blockchain to prevent denial of service attacks for air traffic.
Blockchain has the potential to be the technology that can aid in shielding businesses and other entities against cyber attacks. Let us discuss the use cases where blockchain can help in this endeavor.
Decentralized Storage Solutions
As we talked about in the beginning data is becoming more valuable than oil, and it is not a surprise that businesses are accumulating customer data to make their marketing more effective. Anything that is so lucrative becomes a prime target for hackers. Since all the data is stored in one place, all that a hacker needs to do is find a backdoor to that particular place. This makes all the information is available for those with malicious intent to use them for anything that they’d want to.
However, with blockchain in place, there is no single point of entry, and not all repositories of data can be accessed even if hackers manage to get in. This feature is precisely why blockchain-based storage solutions are slowly gaining traction. The Apollo Data Cloud uses the blockchain to grant permission for third parties with the catch that the cryptographic access key can be revoked at any time. With companies like IBM and General Motors opting to use decentralized storage, it is only likely that blockchain-based data storage will become a global trend.
Internet Of Things Security
It is an unwritten rule among hackers that the best way to gain access into the system or network is by exploiting the weakest points in the ecosystem. With IoT kicking in, the number of devices like thermostats doorbells security cameras, and other household devices that are prone to cyber attacks has considerably increased.
With blockchain technology, IoT devices can be protected from attacks. Experts like Joseph Pindar say that IoT devices can make security decisions without relying on an external authority if blockchain is in place. Devices can form a group consensus that any violation of normal occurrences can lead to the lockdown of any node that has been exhibiting suspicious behavior.
One of the key purposes of IoT is to transmit real-time data. With blockchain securing the transmission and eliminating the need for a centralized authority to control the network, the transmission can happen without any lapses in security from one corner of the world to another.
DNS is largely centralized. With this attribute, hackers can capitalize on the vulnerability to break into the connection between the website name and IP address to create havoc. This opens up a plethora of malicious possibilities – caching websites, redirecting users to spam platforms or simply, making a webpage unavailable. A DNS attack can also be coupled with DDoS attacks to make a website or its utilities unusable for extended periods of time. While the tail log files can be used to issue real-time alerts for suspicious activities, the blockchain can take it a notch further.
Thanks to the decentralized nature of the blockchain, it would not only be difficult but almost impossible for hackers to find and exploit a single point of vulnerability. Further, the domain information can be stored immutability on a distributed ledger, an inherent property of blockchain. Meanwhile, the connection can be powered by smart contracts.
Security in Private Messaging
The first word in the phrase ‘private messaging’ holds a lot of importance. Conversational commerce is gaining popularity, and a lot of metadata is being collected from the customers during these exchanges. We have seen messengers like WhatsApp use end-to-end encryption. Some other messaging platforms are beginning to use blockchain to secure the information. Today, a lot of messaging applications are using a standard set of security protocols and a unified framework to enable cross-messenger communication. Introducing blockchain technology can tackle this issue and create a new system of unified communication. Blockchain not only secures all data exchanges but also enables connectivity between the different messaging platforms.
There can be innumerable use cases for blockchain technology in cybersecurity. However, all the advantages come down to three important properties of blockchain – decentralization, immutability, and security! If the access control, network traffic, and data are not held in a single location, there is no way that hackers can exploit an isolated vulnerability to gain access to sensitive data.