Of Corporate Security Magazine | Wednesday 18 November 2020
Businesses use blockchain technology to help them protect their database from cybercriminals.
FREMONT, CA: The reliability of the Internet and technology has provided the company with income streams and business models. Such innovative technologies can also give rise to new errors and openings for hackers to exploit.
With the help of technologies, cyber criminals have become complicated. They are trying to steal valuable data such as personally identifiable information (PII) and intellectual property, financial data and medical records. They are also using highly profitable techniques such as disrupting entire operations of a company with the help of DDoS attacks and monetizing data access using advanced ransomware methods.
Blockchain technology can be useful for cybersecurity. Blockchain technology can be defined as a public, decentralized and digitized ledger of all cryptocurrency transactions and popularly uses known as distributed ledger technology. Technology can help companies improve their cyber defense because it can prevent fraudulent activity with consent mechanisms. The technology can also detect tampering, which is dependent on the underlying characteristics of data encryption, immutability, operational resilience, verifiability and transparency.
Blockchain technology can solve problems related to the lack of trust between counterparties on a fundamental level. Blockchain is a distributed database that can be used in private and public applications rather than a centralized structure where all information is stored in large databases. The data relating to each batch of valid transactions is stored in its block. Each block is linked to the block located in the previous position and continuously grows as new blocks of information are added.
The distributed nature of the blockchain does not provide cybercriminals with a hackable entrance or a central point of failure. It can offer better database security for companies than many database-driven transactional structures today.
Elimination of the human factor from authentication
Businesses can authenticate devices and users with blockchain technology and don’t need a password. The process will help reduce human intervention during authentication and prevent it from becoming an attack vector.
Decentralized storage
Users of the blockchain can keep their data on the computer in their network thanks to which they can ensure that the chain does not collapse. The blockchain is developed in a way where the storage location or central authority does not exist. In the network, each user is responsible for storing part or all of the blockchain.
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