Blockchain is a digital ledger that records cryptocurrency transactions. But, can this same technology offer cyber-security solutions to your business? Yes! Blockchain is a potential game-changer in the cyber-security battle.
How can blockchain technology bolster your business’ cyber-security? Find out everything you need to know about the security promises of this technology.
Blockchain and Cyber-crime
Cyber-crime refers to criminal activities that involve bad people using computer networks to destroy or to steal sensitive data. Once they gain access to your private data, cyber-criminals can hack your systems or even blackmail you.
The spate of cyber-crime threatens the security of many business establishments, from big firms to small scale enterprises.
As the rampant cyber-crime prevails, companies must invest in the right tools to strengthen their security. With any failure to adequately revamp security, a company risks losing a significant amount of money to hackers.
But if you can protect your company’s data from being penetrated by hackers, then you will save money and ensure the future of your business. In this information age, a company’s database is its lifeblood. Therefore, losing your database to hackers is like losing the company itself, as we have seen some businesses go bankrupt after suffering cyber-attacks.
So, what’s the way forward to defeating hackers? Smart businesses are going all out to make sure they find the most effective security solutions. For instance, according to reports, almost 75% of business owners believe in investing in cyber-security technologies.
Blockchain technology is fast gaining ground as the best security tool against cyber threats. No wonder tech giants such as NASA and IBM have already tapped into blockchain technology to secure their data.
What’s that one cool thing that gives blockchain technology the lead in cyber-security?
It uses a digital ledger to distribute encrypted data in decentralized pockets. This feature sets blockchain apart from other cyber-security technologies.
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How Can Blockchain Technology Boost a Company’s Cyber Security
Here are some reasons explaining how blockchain technology can help you to secure your company’s data.
- Offering a Decentralized Storage
With regard to security, it’s a very bad idea to store data in centralized locations (e.g. in a single cloud location or server). If a hacker succeeds in penetrating one single storage area, then they could access a vast pool of information at once.
On the other hand, blockchain uses decentralized storage to archive data in several locations. A cryptographic key is required before anyone can gain access to blockchain data. The icing on the cake is that you can revoke this key at any time when you become aware of imminent threats.
This way, it’s impossible for hackers to break through one point and steal all of your data. Blockchain data is encrypted and stored all over the web, not just in one place. This technology has helped to reduce cyber-attacks in organizations that use it.
- Barring IoT Data Exchange When Security is Compromised
Hackers usually target Internet of Things (IoT) devices like routers, cameras, and switches which network systems together. About 90% of successful cyber-attacks occur as a result of hackers being able to infect IoT-connected devices.
When these devices are infected, then it becomes easy for cyber-criminals to intercept the data that flows between the devices.
Using blockchain technology, data flow between IoT devices can be blocked when threats are suspected. When the nodes are blocked in the events of suspected attacks, hackers can’t achieve their goals.
- Removing DNS Vulnerabilities
Because domain name servers (DNS) are centralized systems, it’s possible for hackers to carry out their attacks by breaking the connections that exist between websites and IP addresses.
However, with blockchain technology, DNS breaches can be prevented because data is encrypted and stored in a distributed ledger.
- Securing Private Messages
It is known that some malicious hackers get their information by eavesdropping on people’s interactions on social media platforms.
Blockchain technology adds an extra security barrier to your online communications by encrypting private messages. This deals a big blow to malicious software which compromises private communications.
Conclusion
Because of its unmatched encryption, decentralization, and anonymous features, blockchain technology can potentially impact many security systems today.
Top tech companies like IBM and General Motors are already investing heavily in blockchain technology to secure their information.
Experts predict that billions of dollars will be spent on blockchain as the technology gains popularity for its cyber-security potentials.
It’s now or never! The earlier you invest in blockchain the better your future.
