Is Blockchain Technology Transforming The Cyber Security?
- January 12, 2018
Cyber-security remained a hot topic in 2017 and even now in 2018, it continues to stay under surveillance.
2017 has made us all witness massive information and software testing failures in the form of NHS attack, WannaCry, Equifax, etc. However, so far, Blockchain Technology is expected to knock out cyber-attackers scheming evil attacks against confidential firewalls.
It is interesting to note that many mega enterprises such as Microsoft, Maersk, Visa, IBM, Walmart, Foxconn, Nasdaq, and JPMorgan Chase are already expediting BlockChain as a focal source to retain and maintain security as well as development models.
But Why BlockChain Technology?
BlockChain Technology emerged as a financial technology to hold cryptocurrency and Bitcoin trends. The underlying technology behind bitcoin is not only restricted to function worldwide transactions, currency management, and fintech. But, it also scrutinizes data, identifies transactional gimmicks, protects identities, and decentralizes sensitive information.
Will it transform the Cyber Security?
As per an article in The Washington Times, secret analysts at Pentagon believe that not only world’s information but US military will also greatly benefit from the Blockchain mammoth. They consider it to prevent them from mega-hacks, tampering, and cyber-hijacking of transportation.
Besides, Dimension Data’s Group Chief Technology Officer, Ettienne Reinecke, says:
It’s ironic that the cybercriminals who perpetrated the recent WannaCry ransomware attack could hold a federal government to ransom and demand to be paid in Bitcoin. Bitcoin might be a crypto-currency, but it’s based on the blockchain, and if cybercriminals are confident that Bitcoin provides a safe mechanism for the payment of ransoms, it indicates just how secure the distributed ledger approach is.
He added that blockchain has the potential to re-engineer cybersecurity completely, but the industry has yet to come to terms with it.
BlockChain Technology is based on a node system that stores data in hash function keeping up with the time records. This is how data remains safe and far from tampering.
How it keeps cybercriminals away?
The node system does not allow data to be overwritten or tampered, data manipulation is nearly unmanageable, consequently meddling and eliminating any centralized data points is nearly impossible for the cybercriminals.
The Information Decentralization is the hallmark of Blockchain that has evolved it as a cyber-savior.
The infrastructure of Blockchain is concrete and unbreakable that ensures the imminent demise of evil geniuses!
Uses of Blockchain Technology for Cyber Security
Blockchain technology is robust enough to tackle the severity of cybersecurity. Let’s discuss how this technology will secure the alpha cyberspace:
Using Blockchain technology, banks will enjoy uninterrupted data scrutiny and identity and user record protection. The credible node structure will detect any data mishandling allowing banking security systems go beyond the distorted encryption codes via cached public keys.
Moreover, with the incorporation of blockchain, it will secure the identities and user private profiles even without the need for passwords
The powerful decentralized ledger is capable of turning a well-planned attack in a mathematically failed attempt.
The Internet of Things dispersion is enormous and unstoppable – in other words, offers an open threat to consumers’ privacy. With every one of us having our own smartphones, we all are equally prone to cybersecurity dangers.
Due to the snowballing of smart devices, security failure risks are increasing. For this particular purpose, Blockchain is ready to mark its territory in the tech ground. The IoT will enjoy an enhanced security structure that will be quite cumbersome to be broken by a cyber-malice.
Internal communications are generally vulnerable to malevolent data leaks and cyber-spying. The leaked information is caused by the failed end-to-end encryption of the metadata. However, in applications running on Blockchain systems, the private information is secured in the distributed ledgers that cannot be manipulated at any centralized point.
No more Passwords
The Blockchain technology focuses on decreasing human error index by eliminating the need for passwords. Businesses will now be able to authenticate users and devices without keeping a security pin code on.
Securing the Digital Chats
Getting your private chats read by unknown people feels like a nightmare. Well, with blockchain-based methods you won’t feel the fear anymore. A security threatening cloud floats over the heads of zillion users using Facebook Messenger, WhatsApp, Viber, WeChat. But in the future, most of the social networking sites would be secured by a decentralized web which won’t be manipulated by a single source.
Additionally, Blockchain will also secure the future from identity theft, tamper-free data, and sensitive data sets. Putting it concisely, we are somehow assured that this terrific technology will be a challenge for the hackers to break through, giving stakeholders of different products a sense of relief for at least some period of time.
However, testers need to develop their skills in Blockchain Testing to meet the increasing demands of the market.