Use cases of Blockchain Applications in Cybersecurity Space
Meta Description: The use of blockchain technology can help bring down the threat of cybersecurity attacks by decentralizing a single storage hub into smaller data points.
Introduction
Cyberattacks are the leading cause behind the downfall of many popular companies across the globe in the decade just gone by. Data theft not only results in huge financial losses but also inflicts irreparable damage to victim organizations. No wonder, companies today invest billions of dollars to keep their operations safe from potential data theft.
Blockchain technology, which started out as an underlying mechanism for Bitcoin, is a powerful mitigation tool for enhancing cybersecurity. It’s decentralized, comes with the powerful feature of immutability, and the best part is that its integration is not a very costly affair either. Let’s look into detail some of the prominent use cases of blockchain that are strengthening the prospects of cybersecurity by safeguarding data and denying unauthorized access.
1) Securing Social Media Platforms: The existing system of end-to-end encryption for data security is vulnerable to attacks — as evident from a large number of incidents involving data thefts on various social medial platforms including Facebook, Twitter, etc., in recent times. These data breaches leave millions of users exposed with their sensitive information falling in the wrong hands.
Sensing the severity of this issue, many social media giants have now started warming to the idea of blockchain technology for securing their platforms. Using blockchain, a standard protocol for security could be established that offers far superior safety against hacking attempts. Similarly, the open ledger can also be used for defining an Application Programming Interface (API) for enabling cross-platform communications in a completely safe and secure manner.
2) Security of IoT: With advances in artificial intelligence (AI), it has become easy for hackers to get access to centralized data storage through the devices like routers, thermostats, etc. For example, hackers can easily gain control of the entire home automation system by securing access to Smart Speakers, Smart Switches, or Smart Lights. In most cases, the security profile of these smart devices is patchy, making the entire system susceptible to cyberattacks.
The use of blockchain can help to reduce vulnerability by decentralizing the administrative control of Smart and Connected devices. This will enable individual devices to make their own decisions, thereby significantly reducing the likelihood of systemic theft or collapse.
3) Shielding DDoS and DNS: Blockchain technology can be used effectively against the cyberattacks on the Domain Name System (DNS) and Distributed Denial of Service (DDoS). While the attack on the former can potentially block access to a website, the breach of the latter can lead to the shutting down of the entire resource system.
The application of blockchain will decentralize the entries made to the DNS which, in turn, remove the single point attack vulnerability from the system. This will ensure that even in case hackers get access to one or another loop, the whole system won’t fall prey to a complete shutdown.
4) Data Security in Transit: The application of blockchain can help secure the integrity of the data during the transmission process. The encrypted feature of the open ledger will keep the malicious software at bay and prevent unauthorized access to data. Often hackers tap into the data in transit and tamper it by either altering the information or completely deleting it. This results in miscommunication on account of incomplete information exchange between sender and receiver. The use of blockchain will deny access to any such unauthorized access and help to curb the distortion of the information.
5) Decentralized Data Storage: The perils of storing data at a single point are well-documented today. Many companies in the past suffered enormously because they stored all their crucial data under a centralized storage architecture. While the centrally administered data provide a superior sense of control, the downside of such an arrangement is its vulnerability to cyberattacks.
By using blockchain technology, companies can store their sensitive information in a decentralized manner so that the risks of a data breach can be managed effectively. The data system backed by the philosophy of decentralized storage will be impossible to be penetrated by the hackers and therefore, save the organization from being held hostage by cybercrooks.
6) Verification of Cyberinfrastructure: The integration of blockchain can make it easy for organizations to verify the credentials of their suppliers — be it suppliers of hardware, software, or any other service provider. The records on a blockchain are immutable and timestamped which means the authentication of the open ledger is the best way to check and ascertain the status of parties involved in supplying data, systems, internet connectivity, etc.
Conclusion
Although used in various ways, the underlying philosophy behind the use of blockchain is to decentralize the data storage points in the field of cybersecurity. Without any centralized data storage, the threat of systemic hacking gets eliminated completely. This makes blockchain technology one of the most effective tools in mitigating cyberattacks in the current scenario. That said, as with any new technology, blockchain is also going through a lot of trials and tribulations even as it continues to face regulatory hurdles and legal challenges around the world.
