Sailing through the online world reliably has become one of the biggest concerns over the past few years. With the rise in revenue streams from the online world, hackers’ gaps and opportunities have also risen exponentially. Looking at the worst attacks of 2017, it is clear that superior solutions are needed to tackle cyber-crimes.
Cybercrimes have become complicated and are focused on getting their hands on valuable data like personal identifications, financial data, healthcare, and trademarks. They are dawdling to some very profitable techniques like paralyzing the business operations using DDoS attacks, radical ransom techniques.
Table of Contents
Blockchain and Cyber Security
Blockchain has an in the grain connection with cybersecurity. After all, this technology is the summit of years of research and breakthrough in security, fraud, and cryptography. It offers a unique approach to store information, do transactions, ensure trust; which makes it the best solution for high-security requirements and collaboratively unknown actors. Due to this many Blockchain Application Development Company are in demand now.
In this post, I am providing the cortical potential of how blockchain can help in tackling the problems of cybercrimes and boost the cybersecurity of businesses and an individual.
How Guardtime perceives and curtails cybercrimes
Guardtime is a startup aiming at data security since 2007 and was established by cryptographer Ahto Buldas. It is now placing gambles on Blockchain technology to protect sensitive data. They have already created KSI – Keyless Signature Infrastructure using blockchains, an advancement to the legacy system of PKI – Public Key Infrastructure.
The company implemented blockchain in a way that removed the need for using keys for authentication. Rather, they spread every piece of data to nodes across the system. If someone tries to change any data, the system examines the whole pile of chains, compares to the metadata packet, and then excludes those who don’t match.
This implies that there’s only one way to destroy the entire blockchain is by destroying every single node. If only a single node remains with the right data, the whole system can be restored even though all other nodes are corrupted. In 2016, the company achieved an out of the ordinary milestone by securing 1 million Estonia’s health records.
REMME made passwords old hat
With REMME’s blockchain’s help, authentication of users and devices can be done with the need for any password. Thus, eliminating the authentication process becoming prey of potential attack.
REMME is built on the assumption that a decentralized system is more eligible than a centralized system.
For example, the various attacks on LastPass, the centralized password manager, left millions of personal and business accounts vulnerable to theft. REMME powers a distributed key structure to validate devices and users.
The way REMME blockchain works is that it provides a specific SSL certificate to each user and device. This certificate is managed on the blockchain, thus barring the attackers from using fake certificates. It further uses two-component authentication to enhance the security of sensitive data.
Obsidian guarantees the security and privacy for chats
Today, messaging services account for a big portion of internet usage across the globe, and these are used for payments and engaging users in chatbots. The synthesis of messaging and commerce grips that many promises. As of today, Facebook and WhatsApp each have around 1.2 million active users; however, there’s a danger of hack, social engineering, and other security threats.
Obsidian uses the decentralized blockchain platform, which can’t be controlled or concealed by any single source. Along with this, the communication meta-data is spread out over the distributed ledger, and can’t be collected at a single central location, curtailing the risk of vigilance through digital fingerprints.
This messenger will also devise a parallel network to share data, files etc. and will also provide a way to exchange their own token, ODN, as a means for value trade.
Preventing Distributed Denial of Security attacks
Techniques like malware requests to websites, advancing traffic, etc. are used to provoke DDoS attacks. Such requests keep hitting the website until it crashes and can no longer keep up. Implementing a decentralized DNS using blockchain will distribute the data over the large pile of nodes to solve this problem. This will make it nearly knotty for hackers to instigate an attack.
- Blockstack company provides a decentralized DNS; the concept is to remove third-party involvement in managing databases, ID systems, and web servers.
- MaidSafe is a UK-based company that provides a substitute internet to do online work. To remunerate for space usage, the company provides its own cryptocurrency ‘safecoin.’ Every single file placed in this network is fragmented, encrypted, and then shared.
The future looks full of promise for Blockchain-based cybersecurity.
The human factor is the feeble link in the security aspect, and the blockchain addresses this by removing the human factor. By forcing a distributed ledger, blockchain provides end-to-end encryption and privacy and ensures the convenience of customers.
The blockchain is going to help protect businesses and individuals from cybercrimes. It is erstwhile becoming a part of fields beyond cryptocurrency and mostly been used for enhancing security.