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How Blockchain Is Changing Cybersecurity

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The fact is that blockchain technology is changing the world as we know it. Originally used to support cryptocurrencies such as Bitcoin, this fast, transparent online ledger is now being used across a variety of industries. Just a few examples are the startups Fr8 Network, who are creating a freight coin that will revolutionize the freight industry in the US, and Nanovision, who have created a health blockchain system that can be used to tackle global health issues. Yet another industry in which blockchain is going to make a difference is cybersecurity.

Especially with the most recent Facebook information scandal and our constant connectedness to smart devices such as phones and tablets, cybersecurity is becoming an issue not only for governments and offices but for everyday people, too. Blockchain technology making a difference in cybersecurity is now something that affects us all–and here’s how:

More privacy 

Since the most recent Facebook scandal, we’ve found out that, no matter how private and safe we think our conversations are, that information is always stored somewhere. It’s already a scary thought–but if you work at a business where much of your information is confidential, and you’re sending work messages discussing it, that’s a worry, too, because of its legal repercussions. In fact, according to the Ponemon Institute, seven out of ten organizations said their security risk significantly increased in 2017. But with the power of blockchain, this is going to change.

According to Forbes, Obsidian, a blockchain-decentralized network “cannot be censored or controlled by any single source. In addition, communications meta-data is scattered throughout the distributed ledger, and cannot be gathered at one central point, reducing the risk of surveillance through such digital fingerprints. Users need not link to their email addresses or telephone numbers, thereby increasing privacy.” This means that if you implement this platform, the next time you send a message, you’ll be at a much lower risk of having your messages read, and the personal data you share in messages won’t be shared, either.

Faster recognition–and fighting off–of cyber attacks 

Currently, one of the best defenses we have against cyber attacks is antivirus software. But considering how quickly malware is updated, and find new routes around antivirus software programs, this isn’t a reliable solution. Especially considering that we’re spending so much time on our devices these days, from our phones to our laptops to our desktops at work, and storing personal information on them such as banking information, it’s scary that in 2016 alone there were 4,000 ransomware attacks a day. The fact is, antivirus software is outdated, and it’s time for a new solution.

According to Tech Bullion, blockchain-based companies such as PolySwarm are fighting threats by creating a “decentralized, distributed marketplace, where security cyber experts could compete to solve world wide security threats…The PolySwarm market runs on Nectar, a token that will make it easy to submit and classify potential threats on the PolySwarm market. The token replaces traditional lump anti-virus and threat scanning subscription payments that are inefficiently distributed to a single vendor that doesn’t cover a variety of threats well.”

Password security 

Right now, we almost always use passwords to log into everything, whether that’s our email accounts, a log-in at work, or to access social media platforms such as Facebook and Twitter. Even credit card information and banking information is available via simply log-ins that anyone can hack into if your passwords are too obvious or personal. Simply, this means we’re leaving ourselves exposed to lots of potential risks–and considering that, by 2019, cybercrime will cost businesses over $12 trillion, a four-fold increase from 2015, it’s scary to think of how much at risk we truly are.

However, blockchain can change all this by making passwords completely redundant. According to Risk Solver, it works like this: “Rather than having a user store a single password, the password for any user can be identified as a given hash of a block. This hash password creates a certificate for the user to log in. Once a login occurs, the certificate is revoked, and a new certificate on the blockchain hash is created for the next login.”

Whether you’re looking to protect your privacyor that of your business, the fact is that blockchain is going to make cybersecurity stronger than ever before–keeping you safe from complex malware attacks and ensuring you won’t need MarketWired’s Aaron Kelly to protect your interests in a legal battle after a security breach. This means that your information, bank account, and employees will be much safer than they were before.

What potential uses of blockchain do you find exciting?

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