It has been around a decade since blockchain technology has been around. Initially, it was introduced along with the first-ever cryptocurrency, Bitcoin.
Today, blockchain technology has spread throughout the world. People at large, have now begun making use of blockchain in a number of different ways in a range of industries. This also includes the cyber/data security industry.
Essentially speaking, blockchains are distributed networks with millions of different users on the network. Information to this blockchain can be added by every user, which is secured using cryptography.
Moreover, every member verifies that the data that is adding up to the blockchain is real. This happens through a system consisting of three keys (the public key, the private key, and the key of the receiver). These keys primarily allow the members to check the data and to confirm where the data is coming from.
Today, one of the biggest users of the blockchain is the protection of data from fraud, and hackers. This is because, with the advancement in technology, a greater number of hackers are trying to get hold of sensitive data.
However, with blockchain, it would nearly be impossible for a hacker to break into a blockchain. In order to destroy a blockchain, for instance, a hacker will have to destroy the data existing on every other computer on the global network. This number of computers could be as many as millions, with each computer storing a copy of all or some of the data. Unless a hacker finds a way to bring down the whole network simultaneously (something that is virtually impossible), the computers on the network will continue to verify and record the data.
As a result of this, the bigger the blockchain is, the greater its security becomes. Hence, bigger blockchains have an infinitely small risk of being attacked due to the increased complexity of getting into such networks.
Due to such a complex structure, blockchain technology happens to be extremely secure. This is the prime reason why many companies are making use of blockchain technology in order to share and store their information online.
Apart from preventing the data, blockchain technology can also be implemented to prevent DDoS attacks. This can be done by decentralizing the DNS, as a result of which the contents get distributed to a high number of nodes (computers). Hence, it is virtually impossible for hackers to attack such a system.
At the same time, the domain editing rights are given only to the authorized personnel other than which, no one could make changes. This reduces the risk of access by unauthorized people by a great amount.
As an increasing number of people are joining the internet, a massive amount of data is being produced every day. While the risk of security breaches also increases simultaneously, blockchain technology saves the day as it is incredibly versatile for use cyber/data security. All in all, the blockchain can be used in a variety of innovative ways for boosting cybersecurity.