Here's How Blockchain Technology Can Increase Cybersecurity

Here's How Blockchain Technology Can Increase Cybersecurity

If you have been around long enough you would know that Cybersecurity is an ever growing industry with significant growth. The more our society advances in technology the greater the need to remain a head of the potential threats.

Due to this an entire sector of program developers, field testers, cyber specialists and tech guru's have continued to try to stay a head of the field. With traditional web 2 technology it is a constant cat and mouse game. Developers have to be on the look out for new techniques that cyber criminals use.

while there is a lot of reported hacks in crypto currency you'll notice that a lot of the attacks centre around code weaknesses. That being that their not direct trojan's, malware or typical hacking to what people think of. Typically it focuses on finding an aspect of the code that operates the blockchain and making it think it has undertaken a task or that it hasn't yet.

The other method in Blockchain hacks require direct communication with a victim and are more of a scam where an unsuspecting victim is conned into providing access to their crypto wallet often by a malicious link. but ultimately it involves the victim approving and giving the scammer access.

Blockchain's are impenetrable

That's because in most instances Blockchain technology is impenetrable from the outside unless let in by someone with the authority to do so. While many can debate the success of it, it is without doubt now that the sector has been in operation for over a decade and Bitcoin being the first still continues to operate without hacking issues.

although Crypto currency and Blockchains do suffer from another form a threat which fortunately hasn't happened all that many times and that is called a 51% Attack. These can only occur when one single person owns and controls 51% of the mining force and they can cause the Blockchain to move backwards and undo certain tasks.

Bitcoin remains one of the best digital assets to have the least risk in undertaking this form of an attack due to the cost to purchase all the equipment to undertake such an attack would most likely cost more to undertake than it would yield.

Unlike Web 2 which has moved to cloud based storage and accessibility which is a high risk for many companies, governments, organisations and everyday people in general. We often see and hear about celebrities targeted and having their intimate pictures leaked or even private information.

What is Cloud Storage?

Easiest way to explain cloud storage is much like an invisible detachable hard drive. I use the detachable hard drive because they are quite mobile and can be taken anywhere. Much like cloud storage which can be used from any location all that is required is that you log in.

But Cloud storage isn't just you, think of it as your main hard drive where you can create new folders for different things except in this instance those new folders are new people and all their information. While the company you entrust to keep your information safe does their best. Sometimes one of those other folders can get corrupted and external people get in.

Kaspersky recently identified the above tactic used in Eastern Europe where other people's assets were compromised and the hackers were able to gain access to the cloud storage shared libraries in an elaborate hack.

How Blockchain Technology Prevents This

Blockchain technology is built on Distributed Ledger Technology (DLT) which came about with three core features Security, Privacy and Trust. Data on Blockchain technology can also be delivered in real time making it fast and with every transaction recorded and showcased publicly it is extremely transparent.

This is the first hurdle cyber criminals encounter and time and time again we see when a hack is undertake and assets stolen the entire community comes together to follow where the assets go. This leads to the stolen assets often being locked and becoming worthless. Exchanges are often tipped off and await for the criminal to send funds and then can prevent them from selling.

Consensus algorithm networks which is how Blockchains operate also make a constant unified confirmation model so it is near impossible to modify a blockchain without the community becoming aware of it. Unlike compromising someone's computer with a virus, one would not survive on a Blockchain because everyone else would see it.

Unhackable Code

So strong Blockchain technology is that DARPA the Defense Advanced Research Projects Agency is investing in developing an unhackable code that not only will inform people of when they are being hacked but isolate and track the hacker while monitoring them.

Hackers don't always just jump right into a system, they will often spend a lot of time accessing the site looking for ways in and trying to deploy a number of strategies until one works. DARPA hopes that they can utilise Blockchain technology to create a system that will notify them of when someone is trying to gain access and than monitor them continuously.

So as you can see, there is a lot of benefit to Blockchain technology and significant benefits to investing and growing the industry.

image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.