The cyber-attack landscape has evolved exponentially in recent years. The last few years have seen an unbelievable spike in data breaches that have caused significant financial damages for business. In this case, blockchain is beginning to gain momentum, emerging as a promising cybersecurity mitigation technology. The evolution of blockchain has been compared to the Internet’s early growth as a distributed ledger technology. It has potential in multiple industries, including healthcare, banking, manufacturing, energy, and others.
In general, blockchain is known for its secure distributed ledger network that holds sensitive data secure. In addition to this, technology makes the daily experiences of people with technology more responsible. If they know where to consider them to safeguard vital and confidential data, businesses can effectively incorporate blockchains into their cybersecurity initiatives at their fingertips.
Let’s take a look at the five most successful cybersecurity cases for blockchain usage.
- The Essential Data Decentralized Storage Solution: Data is undoubtedly a new feature for any business development. Because businesses collect sensitive data from different sources, solutions are needed to store and process those data smartly and securely. Many companies still use centralized storage today to store their data, which is quite lucrative for cybercriminals. Thus, organizations can protect their digital information and assets by leveraging blockchain-based storage solutions that provide decentralized storage capability. Typically, decentralized storage platforms break users’ files apart and distribute them on their network across multiple nodes.
- IoT Security: Security weaknesses and challenges have long been associated with IoT and other connected devices. With the increasing proliferation of AI, hackers can now gain access to available systems, companies, or individual uses through edge devices. In this context, the integration of blockchain into the IoT system’s security framework enables IoT devices.
- Mitigating DDoS Attacks: A distributed denial-of-service (DDoS) attack is a malicious attempt to disrupt a targeted server’s regular traffic. It is done through a flood of Internet traffic, overwhelming the target or its surrounding infrastructure. To launch attacks, these attacks are in observation to compromise connected devices such as webcams, smartphones, routers, vacuum robots, etc. There are several new forms of DDoS attacks, including Hide and Seek malware, which is emerging exponentially. Even after a system has been rebooted, it sustains itself. Blockchain can be an effective solution for such attacks as an immutable and cryptographically secured one. Many blockchain service providers have claimed that by enabling users to join distributed networks, their solutions can safeguard against DDoS attacks.
- Enabling Model Authentication for Multi-Signature: For many companies, staff, and individuals, username and password tampering is one of the critical threats. Once a hacker gets granted access to the main domain with the login credentials of many users. They have a virtual vault filled with user information from a gold mine. Users can use a multi-signature authentication model that prevents usernames and passwords from validating a user. It confirms that they have access to multiple devices through Blockchain technology.
- Enhanced DNS Security: The Domain Name System (DNS) refers to how the Internet functions as a base. It acts as a public directory related to domain names that have Internet resources, such as IP addresses. Thus, DNS is vulnerable to hackers who can crash the site by manipulating the connection between their IP address and the site. These attacks have resulted in the loss of loyal customers and businesses. And have never returned due to a temporary closure caused by numerous retailers and publications. By decentralizing DNS entries, Blockchain can provide a preventive approach to thwart certain types of attacks. Credited to its decentralized network capacity, a user’s domain information can be stored immutably on a distributed ledger. Immutable smart contracts can power the link.
Blockchain is emerging as a viable alternative for securing the company’s vital data and digital properties from ever-growing cyberattacks.