Use of Blockchain in Cybersecurity

A third route toward stronger security, one that is less travelled and not nearly as inviting to attackers, is provided by blockchain. This method lessens risks, offers robust encryption, and more successfully confirms the ownership and integrity of data. Some passwords, which are frequently referred to as the weakest link in cybersecurity, may even be unnecessary without it.

The usage of a distributed ledger by blockchain is its main benefit. By removing the most obvious targets, a dispersed public key infrastructure model significantly eliminates numerous hazards related to centrally held data. Unless a platform-level vulnerability exists, it is difficult for attackers to steal, compromise, or tamper with data since transactions are tracked across every node in the network.

The collaborative consensus method used by blockchains eliminates another typical drawback. Without the requirement for a centralized authority, it can keep an eye out for illegal activity, anomalies, and false positives. It is possible to trick one set of eyes, but not all of them. As a result, authentication is strengthened, and data transmissions and record keeping are secured.

Blockchain makes use of encryption, one of the most crucial cybersecurity technologies, while having several nonstandard features. In an internet of things (IoT) ecosystem, the distributed ledger can make use of public key infrastructure to encrypt communication, authenticate devices, verify configuration changes, and find sensitive devices. A blockchain system can protect linked thermostats, smart doorbells, security cameras, and other exposed edge devices using encryption and digital signatures. 98% of IoT device communication, according to a recent Palo Alto Networks analysis, is unencrypted, making it “low-hanging fruit for attackers.”

A weapon against distributed denial-of-service (DDoS) attacks can also be made with this technique. The sole point that permits these attacks to succeed can be eliminated with a blockchain-based domain name system (DNS), the protocol for managing internet traffic. A DDoS attack on the servers of one DNS host in 2016 caused a significant chunk of the internet to go offline.

Blockchain advantages

Executives and technology specialists have expressed interest in the marriage of blockchain and cybersecurity. One-third of respondents to a 2019 Infosys research report identified blockchain use in creating security solutions as the leading trend in cybersecurity. It placed higher than the rising need for cybersecurity employment, which was tied for third among all themes.

The following are some of the reasons why blockchain technology is promising and how it should be managed:

• Both privacy and data protection. The system offers minimally governed, selective access to transactions and data in the distributed ledger. Blockchain also prevents cyberattacks from targeting conventional data protection targets and overcoming privacy obstacles. As a result, it is generally more difficult to access or change information in blockchain ecosystems.
• Security for smart contracts. Access control, authentication, data security, and business logic validation must be validated for blockchain components such smart contracts, applications, APIs, digital assets, and wallets. As a result, permissioned chain participants are more confident.
• Management of the public key infrastructure. Digital signatures and asymmetric cryptographic keys are essential components of blockchain security. The public key defines the digital identity for node participants throughout implementation. To securely encrypt, sign, and validate transactions, the private key is required for authorization. Blockchain asymmetric cryptography offers advantages comparable to those of conventional encrypted transactions.

Although it is still in its infancy, there is widespread use of this integration of blockchain and cybersecurity. In areas where security is a top priority, it is already recognized as a crucial instrument.

The Defense Advanced Research Projects Agency of the U.S. government is experimenting with blockchain technology to develop a more secure platform for messaging and transaction processing. This is a component of the agency’s attempts to develop a hacker-proof code for the DOD of the United States. The system detects attempts to tamper with data right away and even offers information on the offender.

Blockchain technology was cited in the DOD’s 2019 Digital Modernization Strategy report as a strategy to “not only reduce the probability of compromise, but also impose significantly greater costs on an adversary to achieve it.” The U.S. military has already taken a step in that direction by signing a contract with Fluree, a developer of a blockchain-based data platform.6

Last year, Indian government representatives made the announcement that they were developing a national strategy to use blockchain for numerous purposes, including cybersecurity. Additionally, according to CB Insights, the Saudi Arabian government and GE Ventures have invested in the firm Xage, which is utilizing blockchain to improve cybersecurity in industrial IoT devices.

Globally, interest in using blockchain to improve cybersecurity is growing. However, the recent COVID-19 pandemic-related logistical and economic difficulties give businesses new motivation to come up with creative answers.

Even while the economy is headed into recession, businesses are now looking to their networks and supply chains for increased visibility and protection. In an increasingly challenging and unpredictably world, digitization and resilience are essential. Businesses aspire to incorporate privacy, strong governance, security, and visibility. Blockchain holds the solutions for many businesses.