The collection of data and private information has been at a constant upward trend, and the value has crossed that of oil’s. These never fathomed a decade ago; events have resulted in cybersecurity threats being on the rise. In the year 2019 alone, governments, global enterprises, universities, and power companies have become victims of well-planned and elaborate hacks. It has become so much of an alarming concern that 75% of the CEOs of global giants plan on acquiring companies that handle cybersecurity or at least put that acquisition on priority.
Blockchain has the potential to be the latest technology that can aid in shielding businesses and some other entities against cyber-attacks. So, let us discuss the use cases where blockchain can help in this endeavor.
As we talked about in the beginning, data is becoming more valuable than oil, and it is not a surprise that businesses are accumulating customer data to make their marketing more effective. Anything that is so lucrative becomes a prime target for hackers. Since all the data is being stored in one place, all that a hacker needs to do is find a backdoor to that particular place. This makes all the information available for those with malicious intent to use them for anything that they would want to.
It is an unwritten rule among the hackers that the best way to gain access to the network or system is by exploiting the weakest points in the ecosystem. With the IoT kicking in, the number of devices like thermostats, doorbells, security cameras, and other household devices that are prone to cyber-attacks has considerably increased.
One of the key purposes of IoT is to transmit real-time data. With the blockchain securing the transmission and eliminating the need for a centralized authority to control the network, the transmission can happen without any lapses in the security from one corner of the world to another.
DNS is largely centralized. With this attribute, hackers can capitalize on the vulnerability to break into the connection between the IP address and website name to create havoc. This opens up a plethora of malicious possibilities – caching websites, redirecting users to spam platforms, or simply, which makes a webpage unavailable. A DNS attack can also be paired with the DDoS attacks to make a website or its utilities unusable for extended periods of time. While the tail log files can be used to issue real-time alerts for suspicious activities, the blockchain can take it a notch further.
The first word in the phrase ‘private messaging’ holds a lot of importance. Conversational commerce is gaining lots of popularity, and a lot of metadata is being collected from the customers at the time of these exchanges. We have seen messengers like WhatsApp use end to end encryption. Some other messaging platforms are beginning to use blockchain to secure the information. Today, a lot of messaging applications are using a standard set of security protocols and a unified framework to enable cross messenger communication. Introducing a blockchain technology can tackle this issue and creates a new system of unified communication. Blockchain not only secures all data exchanges but also enables connectivity between the different messaging platforms.
Clavent hosts a free webinar on emerging technologies and practices every week and this week’s free webinar is on ‘Blockchain and cybersecurity’ on 04th April at 12 PM IST. Register yourself for free form here.