5 Important Blockchain Use Cases for Cybersecurity
What is Blockchain?
Generally, blockchain is accepted as a digital record of duplicated transactions and shared across a network of computer systems on the blockchain network. Each block on these chains has a history of transactions that, anytime a new transaction happens, it is documented on every participant record on the blockchain.
Put mildly, blockchain is like an end-of-the-year balance sheet that is shared with everyone in the company. They can see these accounting records, but no one has the power to corrupt or balkanize them.
Blockchain technology is highly secured, decentralized, and capable of quick automation, making tasks easy to carry out.
What is Cybersecurity?
Cybersecurity implies protecting computers, servers, devices, and other internet systems from vicious attacks that may slow them down or annihilate them.
Cybersecurity has many threats and risks, including malware, phishing, and the like. And this is why cybersecurity firms and experts need to continue looking for ways to overcome those bent on corrupting our internet-enabled systems.
One such method is utilizing blockchain technologies to improve further the security apparatus of internet-based servers, websites, and others that fall into cyber security.
Blockchain and Cybersecurity
Blockchain can help plug cybersecurity holes through its encryption and data privacy features. With the implementation of blockchain technology, transactions will be verified well, leading to trust. Other blockchain interventions in cyber security include introducing smart contracts to further aid automation and eliminate tampering with information online.
Blockchain has several ways it can improve cybersecurity, and in this post, we will talk about 5 blockchain use cases in cybersecurity, and at the end of the post, we hope you get new perspectives.
5 important blockchain use cases for cybersecurity
Secure Private Messaging
One of the most outstanding features of blockchain-based messaging is that it is decentralized. Blockchain encryption is superior to peer-peer verification methods to safeguard the chats on social media mediums.
Because blockchain is decentralized, data are not stored in one location, and everyone can see what is happening. This ensures that it is tough for an entity to hack into or compromise the system because no single person has everything in their control.
Also, the consensus protocols in blockchain protect users’ metadata when they chat on social media applications, messaging tools, or communities, and it aids privacy.
2. Blockchain IoT security use case
Alternatively, the internet of things includes innovative operations, identification, authentication, and securing these systems is challenging.
With the smart concept, data sensors are stored in cloud-based systems. Blockchain can help here because of the Distributed Denial of Service (DDOS) cyber-attacks.
These days, hackers have improved their mode of operations and tend to target the thermostats and routers, both of which have significant control of security operations.
Also, these hackers crawl into home automation through attacks on smart devices, which is an elevated risk of theft and other heinous crimes.
However, with a distributed ledger technology of the Blockchain, IoT can be secured through public key cryptography, robust cryptographic hash, and total decentralization.
All these will help new ways of resisting cyber hacks and eliminate threats on the internet of things.
3. Increasing PKI
Public Key Infrastructure is the key cryptography that helps us protect our emails, messaging apps, and websites against attacks and compromise.
However, it depends significantly on a centralized certificate used to allocate, reserve, and withdraw key pairs, which can be easily exploited to compromise and falsify identities.
Putting the keys on a blockchain system helps to eradicate the risk of false identities and allows apps to verify the details of the person you are speaking with.
4. Ownership validation
Before the advent of digital ledgers like blockchain, it was difficult for people to prove absolute ownership of assets.
People may argue that there have been deeds for asset ownership, but deeds can be torn up at any time or destroyed by natural disasters. Also, certificates of some assets are not eligible outside their countries.
Most nations don’t have centralize government databases or financial services too. However, people can now watermark their digital assets through the NFT, and blockchain offers a range of security use cases.
For example, students, teachers, or scholars can now own their certificates anywhere. Creators have more control over their media works.
Producers can build NFTs for their innovative creations to ensure originality. Real estate owners can establish their ownership through smart contracts and so on.
5. Authentication of software and device interactions
Usually, not all activities on the blockchain are financially inclined, and they can be used in other activities. Blockchain is perfect in helping to authenticate software updates and avoid malicious cyber-attacks in the process.
Hashing on the blockchain networks allows the company to monitor and check their updates and downloads through their developer. Also, blockchain is a good protector in fighting supply chain attacks, especially as IoT devices and software are baits for network entry.
Blockchain technology, in a short time, has shown its incredible strength and features to help improve the internet and a host of other sectors. It has helped with security, access, transparency, and efficiency in company operations. Cyber security leaders must internalize the benefits and challenges of blockchain technology before utilizing any use cases to ward off and tackle cyber-attacks.