Over the last few years, cyber attacks have become increasingly common, sophisticated, and dangerous. According to recent data, 4,000 cyber attacks have occurred every day. This is a 300% increase from 2015, demonstrating how the problem is only getting worse. No industry is safe. However, as hackers’ methods grow more intricate, we become more resilient when it comes to safeguarding valuable data. Blockchain technology is one of the cybersecurity’s newest techniques. The technology has very quickly proven itself the future of cybersecurity.
Prevent Data Theft and Fraud
Blockchain works as an incorruptible virtual ledger that can be updated in real time. The systems don’t have a single point of storage but instead are connected between a wide variety of points, such as millions of computers. This means that if a hacker wanted to corrupt a blockchain, they would have to destroy the data stored on every user’s computer in the system. Otherwise, any undamaged computers would continue to verify and keep a record of all the data.
Protecting Software During Downloads
Malware such as viruses, worms, and Trojan Horses are another danger that blockchain can help fight. Blockchain could work by giving downloads or updates a special hash unique to the developer. This way, users could check and compare the hash on the app or other download to the developer’s hash. This would reduce the chance that they will download dangerous malware and infect their system.
Improved Security for Login Information
Currently, usernames and passwords for websites are stored in central databases. This centralized information is very vulnerable to hacking. If a hacker is able to bypass security, they then have access to thousands, if not millions of login credentials.
Blockchain can combat this by decentralizing all of this information. A single corrupted node wouldn’t present a significant threat. Blockchain also utilizes a multi-signature authentication model. Rather than having a user enter a username and password, blockchain would have that user confirm that they have access to multiple devices.
Preventing False Positives
Most algorithms used to fight fraud are good at flagging inconsistencies, but often they cast too large of a net. These false positives lead to high administrative costs, lost time, and negative user experiences. In one study, only 19% of alerts reported by surveyed companies turned out to be legitimate.
Data that goes through a blockchain system is more likely to be trustworthy, as the security measures in place demand greater verification. Data stored on a blockchain is also more tamper-resistant, which inspires more confidence in its users.