Recently, blockchain technology has developed for several tasks in numerous industries. Cybersecurity is one of the areas where blockchain potential has been greatly exploited. Data protection and privacy are becoming increasingly important to both individuals and businesses, because they affect not just their reputation but also their safety, security, and political integrity. In this article, VNEXT Global, a blockchain development company in Vietnam, will define 4 significant blockchain cybersecurity solutions around the world in recent years.
Significant Blockchain Cybersecurity Use Cases
1. Decentralized storage
One of blockchain cybersecurity use cases is decentralized storage. Every business seeks to gather and capitalize on data, which has turned into a very profitable asset. It is because much information today is contained in a single network, and because companies go to great lengths to capture all manner of personal data from both their clients and staff, hacking or cyber theft becomes a simple process. Just consider how all customer personal information, including identity and banking statements, could be compromised if a central bank's data storage system were to be breached.
One of the biggest concerns for cybersecurity and data protection is this centralized storage, which is where Blockchain Security comes in. Since the Blockchain Network lacks a central repository or centralized authority, hackers no longer have a single point of access through which to infiltrate the network, as was previously mentioned. Even if hackers do succeed in breaking in, they are unable to access the entire chain. With the creation of the Blockchain, there are numerous gates with numerous people active in securing the data collectively, as opposed to one central gate and vault to protect the data.
2. Biometric private keys
Another blockchain cybersecurity use case is biometric private keys. Traditional passwords have proven to be a rather porous barrier to our most sensitive personal information. Traditional passwords are particularly vulnerable since, in order to maximize them, we must replace them constantly and make sure they are unusual. Only a relatively small percentage of people do periodically update their passwords, though.
Passwords are not used by blockchains to validate transactions or a user's identification. Instead, blockchains use biometric private keys and a very intricate, multi-step verification process built into the system's algorithms to make sure that the data and users are real. Biometric keys offer a very accurate and safe substitute for conventional passwords because they are recognizable and particular to each individual. In contrast to document checking or text passwords, the biometric identification system is based on "Who You Are" rather than "What You Know or Have." Face recognition, palm prints, and fingerprints are a few examples of biometric keys. Biometric keys are easy for users since they are constantly with them and require less paperwork, in addition to the fact that this new identity system is very secure and virtually impossible to fabricate.
3. Private messages
The third blockchain cybersecurity use case mentioned in this article is private messages. With all the many digital tools and communication channels available today, we are ingesting more information than ever before. As a result, text-based communication has progressively merged into our daily lives. Not surprisingly, information is frequently leaked through our online discussions and the communications we send.
Developers are beginning to incorporate "end-to-end" encryption into their messaging programs, ensuring that only those who are intended to receive the message may access the data. "End-to-end" encryption, which is more complex than standard encryption, keeps the data encrypted even after it reaches the server, preventing hackers from accessing the data just by breaking into the server. Encryption hasn't, however, totally succeeded in keeping hackers out or met businesses' demands for data protection. To prevent the risk of erasing or losing data, blockchain technology secures and thoroughly records data on the chain.
Because blockchain technology is decentralized, any attempt to hack the information necessitates changing all the data on one device or the entire chain at once. Additionally, blockchain's verification algorithms make sure that only those with permission can decode and access the data, even though the data is always available on the chains. These four uses for blockchain technology are only a small sample of the numerous potential applications that might be used to progress and enhance cybersecurity. However, regardless of how or where blockchain is used, decentralization would be the most important aspect of blockchain in terms of cybersecurity. Invading the network and stealing data become considerably more difficult for hackers once all network traffic and data aren't kept in one single location.
4. Autonomous System Security
The last blockchain cybersecurity use case mentioned in this article is Autonomous System Security. Internet Protocol (IP) routing prefixes are grouped together into autonomous systems (AS), which operate under one or more network operators. This definition may seem esoteric. But autonomous systems are a part of every aspect of contemporary life. Autonomous systems include things like self-driving automobiles, domestic service robots, cloud infrastructures, and intelligent transportation systems.
In addition to making our lives easier, the development of smart devices like mobile phones and computers, which have become essential in our daily lives, has also created opportunities for new levels of hacking and data compromise. In these centralized, autonomous systems, we are keeping more crucial data than ever before. According to a Forbes estimate, 156 million emails and 16 million text messages are transferred globally every minute, putting our information at severe risk if these networks are breached. However, when it comes to convenience, the majority of us frequently disregard the security of our gadgets and how exposed the data stored on them is.
Blockchain technology is a potential solution for the problem of IoT security since its algorithms can instantly identify any suspicious and "fake" piece of input or command.
Blockchain uses the consensus amongst nodes paradigm, which requires that the majority of nodes, which can be stored in computers all over the world, reach an agreement before an activity can be carried out on the network. As a result, if one computer node attempts to corrupt data, the other nodes would immediately notice and reject this inappropriate behavior. In order to enable the ease of the Internet of Things without putting data in danger, experts are looking at the capacity of blockchain technology, which automatically detects intrusions and dismisses data compromising.
If you are looking for a trusted IT partner providing blockchain security services, VNEXT Global is the ideal choice. With 14+ years of experience, we surely can help you to optimize your business digitalization within a small budget and short time. Currently, we have 400+ IT consultants and developers in Mobile App, Web App, System, Blockchain Development and Testing Services. We have provided solutions to 600+ projects in several industries for clients worldwide. We are willing to become a companion on your way to success. Please tell us when is convenient for you to have an online meeting to discuss this further. Have a nice day!