01.11.2022 09:30

How can Blockchain Technology Boosts Cybersecurity

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The Internet(www) has entrenched our own lives such as the air we breathe from the atmosphere. We’re dependent on it for practically everything from grocery shopping to finding our way on the streets. Not forgetting the daily social interactions, we’ve got on it.

The Internet has entrenched into our lives like the oxygen we breathe in the air. We are dependent on it for almost everything from grocery shopping to finding our way on the roads. Not forgetting the daily social interactions, we have on it.

According to Global Digital 2019 reports, there has been a steady increase in Internet users by an average of more than one million new users every day. Currently, there are currently over 4 billion active internet users in 2019 – covering more than half of the world’s population. In addition, an average person globally spends about 6 hours and 42 minutes online every day.

The hyper-connected society: Pros and Cons

The benefits are plenty to be connected both for businesses and individuals:

  • Grow productivity
  • Hassle-free social interactions
  • Last but definitely not the least reduced effect of distance and borders on both communication and finance

What was the drawback in this highly linked society? Or instead what was incorrect within this super-connected society?

The loophole… that this connectedness came with a massive cost. And the cost was — our private data such as identities, fiscal info, addresses, and sometimes even life events became people or have been leaked on the internet.

Today report:

  • The company, Pursek, reported that an organization spends $ 2.4 million as the cost of malware attacks.
  • A $ one trillion investment in cyberspace between 2020 and 2025 has been predicted by IT analysts to combat malicious cyber threats.
  • According to the 2019 Global Risk Report, cyberattacks disrupt about 80% of operations and contribute about 82% to infrastructure and data theft.

Do you believe there’s a connection between most of those increased rates of cybercrimes and hyper-connectivity? Obviously, there’s a connection. While the planet shrunk together with the ever-evolving technologies, the cybercriminals became more intelligent and discovered new ways to hack on the information. But, since there are just two sides of a coin, the emerging technologies also helped individuals and organizations to struggle for information sovereignty.

However, where does Blockchain fits into this…

Blockchain using its exclusive attributes like immutability, decentralization and P2P system is a technology, that will have the ability to stall rising cybercrimes and protect against financial losses because of those offenses.

Interested to know more? Keep reading how…

1. Decentralization of data:

The most important motive hackers had a field day until today is that each of the sensitive information was centralized or saved in 1 spot. Blockchain using its distinctive decentralization characteristic guaranteed that the sensitive information was saved at various computers located in various locations. This information then can only be retrieved via a cryptographic key, which can be accessible with all the members of the blockchain.

Benefit: Hackers do not have one purpose to steal the information, because it’s securely stored on various computers. Symantec reported that a enormous decrease in cryptojacking by 52 percent with the assistance of Blockchain. A massive success to obstruct ransomware to decrease cybercrime.

2. Blockchain makes IoT safe:

When cybercriminals assault they aim fundamental devices such as cameras, routers, thermostats since these are vulnerable to strikes. According to a Symantec report, roughly 90 percent of those cyberattacks are because of infected devices linked from the Internet of Things. But with Blockchain technologies, the data passed through those devices may be halted on a sign of feeling.

Benefit: With the creation of a decentralized flow of data, it is nearly impossible for hackers to breakthrough.

3. Private messages are secure with Blockchain:

Your information isn’t secure on either public websites or the other websites where you may login for internet socialization. Should you frequently tweet at Twitter afterward keep in mind that your twitter handles aren’t safe, since there are malicious applications lurking at the corners which steals the info. Enjoy online shopping? Beware as E-Commerce has become easily the most unprotected system from this malware.

Clients’ tastes, buying behaviour are extracted from the metadata — which may be stolen. Blockchain by encrypting the messages and procuring each node provides a safety layer on all of the data/information including those on various platforms.

Benefit: The decentralization feature of Blockchain ensures that all the information is safe and keeps social media sites connected.

Organizations such as IBM have invested approximately $ 200 million in blockchain and a collective investment of approximately $ 2.1 billion in blockchain by tech firms globally.

These are some of the ways blockchain can promote cybersecurity for organizations around the world. And if reports are to be believed, around 75% of CEOs have prioritized their investment in blockchain technology, as it has become a prestigious name in cybersecurity.

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