June 2022
Blockchain can be really effective in cyber security as it is distributed and replicable by nature. Block chain technology is more resistant to cyber attacks. Currently, The data storage is highly centralized for many companies, and for any external attack on the central server like malware or hacking attempts might lead to partial or complete loss of data. Depending on the data stored in the system, consequences can be devastating for business. However in blockchain, the data is stored in all nodes, so there is minimal or no chance for data loss and designed in a way that nearby blocks are connected with cryptographic hash functions so that data cannot be altered. This way blockchain technology reduces the risk of malicious intervention. Any change in the block chain is non-removable, therefore data protected in the blockchain is better than traditional or paper-based records. IT consulting companies in India are working on this technology to understand its different aspects and challenges which might occur while running on different platforms.
Tracing accounts and history of transactions at any moment is easy in the block chain as the data is digitally signed and time-stamped. The scalability of the blockchain platform depends on the basis of your solution needs. It depends on the block volume and number of transactions per second.
With the help of data privacy and transparency, It will help in gaining customer’s trust. Data owners can be granted full control over their personal data and can decide who can access it. Most of the industries can benefit from block chain technology.to improve the cyber security. It offers promising solutions to start-ups , tech giants and mid-companies of different sectors.Global giants like Fed-Ex, Walmart and many others deploy block chains improving the operational transparency and data security. Block chain can store records of all operations and transactions which simplify the analysis of supply chain efficiency and operations. Managed IT services in India are providing the support to different MNCs and healthcare companies to analyze their data and providing cybersecurity solutions with blockchain technology.
A stronger transactional security than traditional is provided by blockchain technology for secured networked transaction ledger. For example, If I use distributed ledger technology (DLT), a feature while creating a block-chain based application. It increases cyber resiliency because it creates a situation where there is no single point of contact or failure. In DLT, an attack on a small number of nodes doesn’t affect other nodes, in simple words the data is not affected or altered. Thus, DLT maintains transparency and availability at the same time.
While deploying the blockchain, communication across the network nodes is very important. Disrupting node communications or accepting false information may have a chance to alter the data and compromise the network. There should be risk management strategies when designing any blockchain application with new technology or platform. Coding bugs cause vulnerabilities that are exploited by hackers in block-chain based projects.
Identifying and managing vulnerabilities is a core element for any cybersecurity project. Block chain applications generally run on operating systems OS) and platforms. These platforms and OS are available in the market and hackers are aware of known hardware and software vulnerabilities. Therefore, when deploying as a cybersecurity project, Solution Architect should follow generally accepted cybersecurity services. They should check for bugs and monitor the transactions per second. Sending data packets across the nodes, monitor the channel and node to node communication. Identifying the software coding errors and vulnerabilities across the network which can introduce cyber risk. Cloud infrastructure companies like Microsoft, Amazon etc. are using the blockchain technology to provide cybersecurity solutions on cloud.
The concept of Block chain technology is really effective in cyber security but there is a lot of work required to improve this technology. Developers and Solution Architects need to work on integration of different platforms like database systems, Coding errors, OS and other API’s to make this solution more cyber resilient. They have to understand the node communication more in a network as data is present in all nodes. The chance of data loss is less but data availability increases the chance of hacking. Effective coding, no or minimal errors while integration of different platforms, monitoring node to node communication and encrypted data with cryptographic hash functions can make the whole system more resilient to cyber attacks. To make such a system, We need to understand different technologies at the same time. Switching to a whole-new different technology won’t be a good idea as we’ve already researched different aspects of block chain technology and ways to improve it.
Let’s work on Block-chain technology more, to make companies’ data more secure.
