Why Blockchain is the Future of Cybersecurity
Before I tell you how blockchain will revolutionize Cybersecurity, let me explain what blockchain is:
A Block in BLOCKchain is basically made of 3 things: the data stored in that particular block, the hash of that block, and the hash of the previous block.
If it helps you visualize, think about how a cube has 3 measurements: the length, height, and width. Similarly, a block has 3 components to it.
The hash is like an identifier for a certain block which is calculated with the data inside the block. Think of a hash like your driver’s license; it is made up of information that is yours(like birth date, gender, and other information specific to you).
Now you might’ve also heard that blockchain is a “distributed ledger”. What this really means is that the data, or blocks, aren’t stored on a single server or mainframe. The blocks are given out to multiple nodes(think of nodes as people, multiple nodes = multiple people).
Each node stores and verifies information and in order for it to be added to the chain. Now, this makes things difficult because you can’t change the data on one block and have all the other blocks change as well. Simply put, all the nodes have to reach a consensus on the changes made to a block for it to be verified.
This is what will change the face of cybersecurity!
The biggest difference between conventional cybersecurity and blockchain-based cybersecurity is that conventional relies on mainframes or servers have multiple layers of security to one singular core, if a hacker can bypass those layers of firewall, they have access to the entire mainframe and its data. This data can be altered, stolen, or used to steal money, just ask Sprint, Facebook, CapitalOne, State Farm(the list goes on).
Although Facebook data can be insignificant as in what your favourite TV show is but think of the kind of data an insurance company like State Farm or a financial institution like CapitalOne has. That sort of data can lead to some serious damage.
Damage like $4 Billion USD(yea billion, with a B) to the global economy, per year! And it's only getting worse.
Blockchain-based cybersecurity is the solution that will reduce cyber attacks drastically.
As previously mentioned, the blockchain is a distributed ledger, so let's say a hacker hacks into one node(one person’s blockchain) and tries to make changes to it. In order for it to work, all other nodes have to have the same changes made at the same time and the consensus has to verify the proof of work.
The next layer of security lies in how the blocks are made, remember the 3 components(Data, Hash of the block, Hash of the previous block). If someone changes the data in a certain block and the hash is generated using the data in said block, now that hash has changed. This causes a domino effect in which the hash that was given to the next block as an identifier of the previous block(the block that was tampered with), is no longer valid and the chain simply can’t be valid.
Big institutions are already switching over
From Cryptocurrency data to financial institutions to healthcare, more and more industries are seeing the benefits of storing mass data using blockchain as it makes it immensely hard for hackers to break past multiple layers of security, recalculate and reassign hashes, and verify it. At every node. Simultaneously.
The sheer difficulty of it will take small hackers that can cost institutions millions out of the game since they don't have the facilities for this.
To name drop a few examples that use blockchain as a cybersecurity measure to store data:
Barclays has patented its own blockchain fund transfer method in order to keep personal details of every transaction secure, across the institution.
Hashed Health is using it to store patient information so that it cannot be accessed externally. They also use it to secure internal communications throughout the firm. They are looking to partner with various hospitals across the states to advance their security measures.
Even governments are using it to store personal information of citizens and government documents to protect them from cyber threats. Namely, Australia, United States, China(for military training and documents), and other big countries across the world.
This is the next step in cybersecurity.
We live in a world that is experiencing automation on a rapid scale. With this exponential growth, things that were secure two decades ago don’t hold the same level of security today.
Think about how much of your own personal data/information is available online or in some mainframe. Today we aren’t as afraid of another country attacking us as we are of our identity getting stolen along with our money.
Blockchain, despite being in its developing years is still more secure than prior methods of data storage and security, and blockchain is only going to grow. For the foreseeable future, it looks like blockchain is our best bet at keeping our information and data safe from cyber threats.
If you enjoy articles on emerging technologies, check out this article on Augmented Reality:
