Use of Blockchain in Cybersecurity - the 2019 Perspective
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People that have escaped from the dangers of the real world by digitizing all parts of their everyday lives are starting to realize that the Internet is no longer a safe place compared to offline. In 2018 we saw many catastrophic breakdowns caused by cybercriminals, and it looks like in the upcoming year we’re going to have yet more of them.
Fortunately, hackers are not the only ones who are working on their power arsenal - for several years, blockchain in cybersecurity has been growing strong and exploited in all possible industries. Although, the technology was used solely to store the cryptocurrency Bitcoin, its influence and impact have now spread across more varied areas. In this article, we’re going to talk about what Blockchain means in 2019, as give you some use cases for Blockchain in security.
What Is Blockchain? Blockchain refers to a number of decentralized spread out networks with users throughout the world. The users contribute to the info field of the network. The role of blockchain in cybersecurity lies in cryptography and a sophisticated system of data verification - each piece of datum to be added is encrypted and verified by the members in three consecutive steps: private, public, and receiver’s verification keys. The process also involves using a mathematical algorithm to solve a problem that will thereby allow the data to be added into the system. Once included, it cannot be removed and remains there securely forever. This complex process enables three-factor confirmation of the authenticity of the data, as well as its origin, hence enhancing cyber security using blockchain.
Use of Blockchain in Cybersecurity in 2019 The use of blockchain to improve cybersecurity has shown to be an incredibly profitable business - in the past years, it has been demonstrated as a powerful investment and a rapidly developing crypto movement.
Due to the highly advanced encryption and data protection system described in the previous section, blockchain and cybersecurity now go closely together, as one of the most efficient ways to safeguard sensitive data. Why?
To compromise blockchain, an offender would have to demolish the data contributed by each of the possibly millions of the computers in the chain - no trivial task; The computers that have not been destroyed would still keep record of the data, and if there’s any suspicion it’s under threat - take additional measures to protect it; The more computers there are in a chain, the smaller the chances of destroying it. Industries that have to deal with personal and valuable information on a regular basis are turning to blockchain more and more frequently - insurance, banking, healthcare, real-estate, social media, and even the government. We would like to demonstrate a few most recent blockchain cybersecurity use cases by big corporations.