Blockchain and cryptocurrencies might be the key to improved cybersecurity

Unsurprisingly, in the digital era, everyone focuses on data security and integrity, considering that organizations worldwide rely on digital data. However, their reliance on information comes with a unique set of challenges because cybercriminals cannot miss the opportunity to exploit unsecured data. Cybersecurity threats impact data availability, integrity, and confidentiality, which are paramount for security. 

Blockchain technology is often associated with cryptocurrencies because it serves as an underlying layer for developing crypto projects. Its evolution directly impacts their value, and when investors usually check the btc price chart, they also check the status of blockchain technology. However, many people don’t know that blockchain has extensive use cases, and organizations can also employ it to improve security and transfer data in a way that prevents cyber criminals from accessing it. So, discussing blockchain’s role in improving cybersecurity would be a great idea. 

What is blockchain?

Before exploring the ways in which blockchain could support cybersecurity, it’s essential to figure out what it is. AIBM defines it as a public and immutable ledger that facilitates transactions and records all activities completed with its help in a transparent way. It can also be viewed as a system that enables monitoring valuable assets in a cost-effective, transparent, and secure way. The innovative technology gained its name because it records and associates a block of data with each transaction. Then, it adds the block of data (that could contain information about location, price, or quantity) to a chain, which places the transaction in a sequence. Blockchains are immutable. Hence, no user can alter them in any way or insert another block between the existing ones. The fact that it’s impossible for anyone to tamper with the cryptographic chains has motivated developers to explore the ways in which they can use the technology to deter cyberattacks. 

How can blockchain become the go-to solution for improving cybersecurity?

Even though organizations worldwide have invested in cybersecurity exponentially over the last couple of years, hackers continue to exploit vulnerabilities and intercept data from networks, applications, and devices. They steal billions of confidential files every year through sophisticated methods that outwit traditional cybersecurity measures. So, organizations have to come up with innovative solutions to safeguard their systems and devices from unauthorized access. 

The cybersecurity approach could do the trick

Blockchain is a relatively new technology, so it offers an alternative solution to greater security, one that is quite a deterrent for cybercriminals. This new approach enhances encryption, leaves fewer vulnerabilities to exploit, and improves data integrity.

Here are the main reasons organizations have turned to blockchain to boost their cybersecurity.

Blockchain is immutable

Due to this feature, no one can modify it without leaving a trace after the data is added to a block, which joins the chain. Immutability is of paramount importance for data integrity because it guarantees customers and businesses that the records are genuine. Blockchain prevents data tampering and unauthorized success, so it proves a valuable tool in fighting cyber threats. 

Blockchain is decentralized

Blockchain is innovative technology because it’s decentralized, meaning that it has no single point of failure. A network of notes stores data, making it more resilient to traditional cyberattacks. The fact that blockchain systems are decentralized also implies that there is no central authority to control the activities or make decisions, lowering the risk of a malicious entity gaining control over the ecosystem. 

Blockchain offers unparalleled accountability and transparency

Blockchain has allowed the world to access data related to all transactions completed on the network, improving transparency and accountability. When companies employ blockchain technology, they can immediately solve disputes and verify information to minimize risk and fix issues. Blockchain can be used to monitor activities like software installers, security patching, and firmware updates to improve cybersecurity and keep online threats like DDoS and DNS at bay. 

Blockchain makes it easier to control access

Blockchain has gained popularity because it enables the creation of secure digital identities, which improves the control over systems. Each user has a unique cryptographic key they can use to gain access to a system or database. This feature is extremely useful in lowering the risk of cyberattacks because it cuts down the risk of identity theft and unauthorized access. Blockchain can also be used to create end-to-end encryption and secure protocols which level up security. 

Blockchain offers smart contracts

Ethereum was the first blockchain to facilitate the creation of smart contracts which are self-executing programs that include a set of requirements written into their code. The contracts execute automatically when all the conditions are met, without the interference of third-parties. Smart contracts can add a layer of extra security because they remove the risk of fraud or disputes. 

What’s more to say?

Blockchain technology relies on a collaborative consensus algorithm, which prevents malicious activities in the network by monitoring all transactions and immediately identifying and eliminating any anomaly. Because there is no central authority to assume this role, it’s quite impossible to trick all the pairs of eyes that watch over the network. Blockchain technology is innovative; hence, it features several nontraditional characteristics that could be used to develop efficient solutions. 

The cybersecurity future looks promising as organizations globally are willing to accept blockchain and integrate it into their various processes to take advantage of its capabilities. Blockchain is no longer considered a useful tool solely for the financial sector; it has proved to have increased versatility and potential for use in all industries. It could bring the groundbreaking shift cybersecurity experts have been looking for, for years because it reinforces information security and secure data integrity. Blockchain is a transparent and immutable ledger that removes traditional digital vulnerabilities and enhances data protection. The trust in its potential is great, and specialists believe that it will mark the beginning of a new chapter in fighting digital crime.