Blockchain has been, without a doubt, making waves in the world of technology. From banking, to supply chain, to healthcare, to cybersecurity, and many other sectors, all have benefitted from this technology in one way or another. But to leverage blockchain entities it is necessary to have a reliable network connection on your devices. So, if you haven’t met this basic requirement yet, subscribe to Spectrum One or the bundle of another ISP and start your blockchain journey now.
Let’s take a look at how this new technology is having an impact on cybersecurity and data protection.
What is Blockchain Technology?
To start off, it is important to first understand what blockchain actually is. Essentially, it’s a distributed ledger technology that allows for secure and transparent transactions to take place between multiple parties without the need for a centralized intermediary. Each block in the chain is cryptographically secured, making it virtually impossible to tamper with or hack into.
Impact on Cybersecurity and Data Protection
One of the biggest challenges facing organizations today is the threat of cyber-attacks and data breaches. Even global leading companies can fall prey when it comes to cyberattacks. The largest DDoS attack against Amazon Web Services (AWS) point was launched against a customer of the company in February 2020. It was also one of the biggest attacks against anyone that had been officially publicized. Traditional security measures, such as firewalls and antivirus software, can only do so much to protect against increasingly sophisticated threats of such sort. This is where blockchain comes in.
Keeps Data Record Secure
Risk Based Security’s study on data breaches for 2020 states that “the overall record count compromised in 2020 topped 37 billion, a 141% rise over 2019.” This stat declared an urgency of finding plausible data record security solutions. One of the key benefits of blockchain technology is its ability to create a highly secure and tamper-proof record of data. By using a decentralized system that’s spread across multiple nodes, there’s no single point of failure or vulnerability that can be exploited by hackers. This means that data stored on a blockchain is far less susceptible to being stolen or corrupted.
Blockchain can also be used to secure identity and access management (IAM) systems. By using a blockchain-based IAM system, organizations can create a highly secure and transparent record of user identities and their access rights. This can help prevent unauthorized access and protect against identity theft.
Another important aspect of blockchain technology is its ability to create trust between parties who may not know or trust each other. This is achieved through the use of smart contracts, which are essentially self-executing digital contracts that are programmed to execute when certain conditions are met. Because these contracts are stored on a blockchain and can’t be tampered with, both parties can have confidence that the terms of the contract will be upheld.
Enhances Data Protection Practices
Blockchain can also help organizations improve their data protection practices. By using a decentralized system that’s highly secure and transparent, organizations can ensure that sensitive data is kept safe from prying eyes. This is especially important for industries such as healthcare and finance, where data privacy is a top concern.
Blockchain can be used to create secure data-sharing networks. In many industries, such as healthcare and finance, there’s a need to share sensitive data between multiple parties. By using a blockchain-based data-sharing network, organizations can create a secure and transparent system for sharing data while maintaining the privacy of individual users.
Secures IoT Devices
Finally, blockchain can be used to improve the security of IoT devices. With the rise of the Internet of Things (IoT), there’s a growing need to secure the vast number of connected devices that are now part of our daily lives. By using a blockchain-based system for managing IoT devices, organizations can create a highly secure and transparent system for tracking device ownership, managing firmware updates, and ensuring that devices are not compromised by hackers.
Blockchain is having a major impact on cybersecurity and data protection, and it’s only going to become more important in the years to come. Whether you’re an individual or an organization, it’s important to stay up to date on the latest developments in this exciting new technology. Who knows, maybe one day we’ll all be using blockchain to secure our online identities and protect our sensitive data from prying eyes.