5 Ways Blockchain is Impacting the Cybersecurity Industry

As businesses performed negatively affected by COVID 19, there are some businesses that used COVID 19 to reshape and reconstruct their services. One of those industries is the Cyber Security industry, which almost doubled utilizing the blockchain. Private Cyber Security associations and companies are doing better than government Cyber Security associations; they’re in the way of choosing it.

We’re aware of the prevalence of blockchain in many industries, from HealthCare, education, and Gaming to the Manufacturing and Supply Chain industry. In today’s blog post, we’ll discuss the benefit the Cyber Security industry can take from the blockchain industry. This blog post lets a blockchain development company understand how to popularize its blockchain development services in the cyber security industry.

Understand blockchain technology with the following connotation.

Blockchain is a technology that amalgamates the old-age accounting formalities with advanced technologies, enabling tight security and data integrity features. Blockchain has certain features that block any third-party intruders or hacks from stealing or manipulating any data uploaded on a blockchain network.

Blockchain networks form with little blocks, forming a chain of large blockchain networks. A user uploads any data to a blockchain network and creates a separate block to store that new data. To maintain data integrity, the blockchain doesn’t allow any data to be removed or manipulated once it gets uploaded to the blockchain network.

Tech Giants Affected by Cybersecurity Flaws

Let’s understand the close-call failure experiences of the world’s best companies that lead the blockchain and save the Cybersecurity industry.

Google

Google, one of the world’s leading companies, which teaches business admirers how to connect with people, create an ecosystem, and become a market leader, has faced a complex level of Cybersecurity catastrophe. This conspiracy against Google’s server was launched in September 2017.

DDoS, alias Distributed Denial of Service attack, disrupt the working server of a company by sending useless service queries and requests. Google claimed to get 2.5tbps during that cyber attack.

Google suspected the originator of that attack was from China. Despite a load of heavy fake traffic, Google saved their customers’ data and themselves from getting hacked. But at the time of disclosing this incident, Google warned businesses about the dangerous scaling of these cyber-attacks and necessary precautions.

Amazon AWS

Amazon AWS has disclosed nearly every cyber attack it faces throughout its career. Let’s understand a few recent critical cyber attacks –

    1. In June 2017, nearly 198 American voter data became unsecured during a voter analysis program by Deep Root Analysis firm. The government recruited the firm to collect data on voter behavior; Amazon AWS servers had done the data maintenance.
    2. In July 2019, AWS customer, Capital One, charged a former AWS worker as a server hacker. Reports suggest nearly 99 million customers’ data like bank details, credit cards, and more have been leaked. Amazon hadn’t taken any responsibility for that incident, denying any system fault.
    3. In July 2020, Twilio cloud communication got hacked with an Amazon S3 bucket breach. Due to the injection of a malicious website link, the majority of customers’ data got unsecured.
Blockchain to Rescue Cybersecurity Industry

Blockchain technology automates a lot of tasks, reducing human errors. Let’s know about the data safety margins blockchain provides to different industries.

Here are five major ways in which blockchain is impacting or reshaped the cybersecurity industry.

    1. Each day more than enough cases of data and technology fraud happens because of data identity theft. Every website and application submission sends data to the centralized server. Though companies claim that they don’t harm users with their data, that’s not always the case.
    2. Identity theft cases can be eliminated by blockchain-based advanced private key encryption technology, as no one can claim anyone else’s data as theirs. Every user has a unique identity in the blockchain, which is the supreme judgment. Blockchain follows hawkeye to record data and information, so nothing can avoid those watchful eyes to attain mistakes. As any information discrepancies happen, blockchain records minuscule amounts of data with the exact time and user information. Following those trackings, anyone can figure out the root of problems. mEditing any data uploaded in a blockchain network is next to impossible; forever, that data will stay intact at the blockchain network, saving itself from getting manipulated or rectified. So, additional precautions must be taken before adding anything to the blockchain network.
    3. Fraud prevention is one of the most significant problems that the cybersecurity industry deals with. Blockchain technologies have the power to restrict fraud prevention nearly to 99% by limiting all the ways to penetrate and fraud prevention. Fraud and data stealing is a problem that nearly every company with a robust online presence faces. From Google to Facebook, from Twitter to Whatsapp, fraud intervention cases can be found here and there. The blockchain industry can really help keep intact the data of customers. Scammers often steal people’s bank details by sending bank-related SMS and scam calls. Customer awareness is something fundamental with blockchain assistance.
    4. The Blockchain system provides complete transparency in transaction details. Each blockchain network creates a new block for uploading new data, with a chain of computers verifying and processing every data uploaded in the blockchain network. Whenever a blockchain transaction happens, verifying computers verify the smart signatures, and the whole process takes place. Since every block is well connected within a well-managed system, any system or data breach happens under immediate notice, and the reviving rate is mostly 99%. So, it becomes next to impossible for fraudsters to take place and start harming a blockchain network.
    5. The blockchain network comes in firsthand when it comes to maintaining data security. For any cybercriminal, decoding and harming blockchain data is next to impossible. Decoding blockchain is impossible because of the smart signature concept; digital signatures encrypt each block in the blockchain, and only the signature holder can decode that one block’s information.
Conclusion

As we’ve discussed both the vulnerabilities the cybersecurity industry has faced and the prevention blockchain can offer, there’s more to be done. Currently, blockchain is in the development stage; with time, blockchain will get more and more advanced to face real-time cybersecurity issues. However, that shouldn’t press off blockchain development programs throughout the world.

 

Author Bio: Akash Guha is a budding writer with almost a year of experience in content writing. His knowledge in technical content writing has enabled him to work on different projects. Presently, he is working with SoluLab, a premium blockchain, AI, ML, IoT and Metaverse development company, where he handles various projects as a content writer.

 

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