Blockchain Technology & the Future of Cybersecurity (2024)

This week our post is from guest Myrtle Bautista, discussing how BlockChain technology and CyberSecurity are converging.

Over the past few years, we’ve been hearing more and more about crypto in emerging markets, digital money, blockchain technology, and other financial terms that have filled our digital platforms — from the articles we read to our social media feeds. While most people tend to associate blockchain with cryptocurrencies such as Bitcoin, the potential use of this innovation goes far beyond that.

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One area where blockchain has the potential to revolutionise the way things work is cybersecurity.

Below, let’s explore how blockchain technology works and the potential impact it could have on the future of cybersecurity.

What Is Blockchain Technology?

There’s a good reason why the demand for blockchain engineers keeps going up and why more and more people are getting into the cryptocurrency scene.

At its core, blockchain is a distributed ledger technology that enables secure and transparent transactions without the need for intermediaries. In a blockchain network, each participant has a copy of the ledger, which contains a record of all transactions that have ever occurred on the network. These transactions are verified by network participants, and once verified, they are added to the ledger and become a permanent part of the chain.

One of the key features of blockchain is its decentralised nature. Unlike traditional centralised systems, where data is stored on a single server, blockchain data is distributed across the network. What this means is that there is no single point of failure, and data cannot be easily hacked or corrupted. Plus, because each participant in the network has a copy of the ledger, it’s very difficult to manipulate the data without being detected by other network participants.

How Can Blockchain Technology Impact Cybersecurity?

Now that we have a broader understanding of blockchain technology, let’s explore some of the potential ways in which it could impact the future of cybersecurity:

1. Improved Data Integrity

One of the most important benefits of blockchain technology is its ability to provide immutable data integrity. In a blockchain network, once a transaction is verified and added to the ledger, nobody can alter or delete it. This just means that data stored on the blockchain is much more secure than data stored on a traditional centralised system, as it can’t be easily tampered with or manipulated.

This has significant implications for cybersecurity. For example, blockchain technology could be used to create a secure system for storing sensitive data such as medical records, financial data, and personal information. When you store all of this important info on a blockchain network, cybercriminals will have a more difficult time gaining access and manipulating it.

2. Decentralised Security

In traditional centralised systems, security is typically provided by a single entity, such as a company or a government agency. If this entity is breached, all the data stored on its servers could be compromised.

With blockchain technology, security is provided by the network as a whole. Each participant in the network is responsible for verifying transactions and ensuring that the data on the ledger is accurate. This means that even if one participant is compromised, the rest of the network can still function normally, and the data stored on the network remains secure.

3. Distributed Denial of Service (DDoS) Protection

Distributed Denial of Service (DDoS) attacks are a common form of cyberattack in which an attacker attempts to overwhelm a website or network with a flood or traffic. These attacks can be difficult to defend against because they often come from multiple sources and are designed to overwhelm the targeted system.

One potential solution to this is to use blockchain technology to create a decentralised network for handling website traffic. By distributing website traffic across a network of servers, it becomes much more difficult for attackers to overwhelm any one server. Plus, because the network is decentralised, there is no single point of failure, making it much more resilient to DDoS attacks.

4. IoT Security

Artificial intelligence (AI) is currently making a lot of noise. Over the past few years, hackers have increasingly targeted AI-integrated edge devices, such as thermostats and routers, to gain access to larger systems, such as home automation. These edge devices often have inadequate security features, making them vulnerable to attacks.

Blockchain technology can provide a solution by decentralising the administration of these devices, enabling them to make security decisions autonomously without relying on a central authority. This approach improves security by allowing edge devices to detect and respond to suspicious commands from unknown networks, making it more difficult for hackers to gain control of devices and systems.

By eliminating the central administration of devices, blockchain technology makes it harder for hackers to launch attacks and take control of systems.

5. Ensuring Human Safety

Advancements in technology have allowed for the development of unmanned military equipment and automated public transportation. The internet has made it possible for sensors and databases to exchange data, enabling remote control of weapons and vehicles.

Cybercriminals have been targeting networks like the Controller Area Networks (CAN or CANBUS) used in vehicles, giving them complete control over critical automotive functions and posing a threat to human safety.

To address this, the use of blockchain technology for data verification could help prevent such breaches. By implementing blockchain-based data verification on all information entering and leaving such systems, potential threats to human safety can be mitigated.

6. Secure Private Messaging

While many messaging systems are already using end-to-end encryption, some are also beginning to explore blockchain technology to safeguard data. The development of secure blockchain messaging ecosystems aims to address data protection concerns and establish a standardized communication system. Using blockchain is beneficial for this purpose as it encrypts all data transactions and facilitates communication across multiple messaging services.

Blockchain Technology Is The Future Of Cybersecurity

As technology evolves, so will the cyberattacks that individuals and businesses experience. As it stands, blockchain technology has the potential to revolutionise the way we approach cybersecurity by enhancing the security of contracts, money, and assets.

Whilst blockchain technology is still in its infancy, it’s clear that it has the power to make a significant impact on the future of cybersecurity.

For more insightful articles about cybersecurity, check out our blog today!

Myrtle is a journalism major, a social media marketer and is now exploring freelance writing. She’s fond of anything related to health and wellness, and when she’s not writing, you’ll find her doing long-distance cycling, ultramarathons, hiking, or in a local cafe enjoying a good cold brew.

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