The action of defending networks, systems and programs from any kind of digitalized attacks is known as cybersecurity. The aim of these attacks is mostly altering, destroying, stealing and manipulating of sensitive information for extortion of money, personal vendetta, damaging business or espionage of national security. Because of attackers getting more innovative and increase in the number of digital devices, in today’s world executing effective planning of cybersecurity is very challenging. But enter blockchain.
The blockchain is distributed networks that have hundreds of thousands of users all over the globe simultaneously. Blockchain was introduced to the world in 2009 and since then its concept has not only been used in cryptocurrency but also in many areas. Nobody had thought that the technology that simply started the birth of cryptocurrency could be used in so many different fields. Blockchain provides the perfect platform for the administration of cryptocurrency. But now in 2018, its trait has attracted the eye of specialists fascinated by a broad array of different applications. The most interesting are those related to cybersecurity because it is the result of much huge advancement in security and cryptography used while securing bitcoin. It offers protection against hacking attacks offers a safer transaction and sometimes averts the requirements of passwords. Hence, it just makes sense that experts have been using blockchain to the areas which don’t fall under cryptocurrency. The technology behind blockchain is flexible and improbably helpful for the longer term of the web; permitting users to raised secure their information.
Notwithstanding, in the present setting blockchain innovation’s hypothesis still exist in papers is as yet developing, particularly with respect to its job in the field of cybersecurity. Be that as it may, it isn’t preventing splendid personalities from applying it in reality on the grounds that blockchain offers a great deal of potential in the field of its cybersecurity future.
Blockchain eliminates friction and slip in the security of the grid and widen the security to reduce DDoS attacks, identity theft, online transaction fraud, private messaging and finally keyless signature. Blockchain’s unbreakable security, thanks to its very long and tedious verification process that contains each and every single node ever created within the chain. If the hackers try to tamper or steal the data, they need to change each and every single grid there is, which to say in simple words, virtually impossible (Agarwal, 2018).
Cyber-attacks are increasing exponentially every year and the big strikes on large corporations are resulting in weekly occurrences of personal data theft, data manipulation and manifestation of sensitive data. Blockchain works on a distributed network which takes benefit of development in encryption and uses a complicated set of rules to verify the proprietary rights and precision of data (Anderson, 2018).
In the blockchain technology each and every other member of the grid is accountable for confirming each kind of data which is being added to the network is authentic or not which is done using system of three keys which are (public key, receiver’s key and private key) that helps to upgrade the members of the grid to inspect the precision of the data while also reasserting from where or from whom it comes from. Hence this kind of composite build gives blockchain with the means to be the most secure form of sharing details and storing data online that the experts have discovered so far (Horbenko, 2017).
Impact of Blockchain on Cybersecurity
1. Preventing DDoS Attack
The main theory behind the DDoS attack is very straightforward but very deadly. Attackers may use various ways to launch the attack by sending a huge amount of trash request to a website which then increases the traffic on the website which results in the crashing of the website. The recent victim of DDoS attacks were big social and music companies like Twitter, Shopify, Spotify and SoundCloud (Etherington and Conger, 2017). Distributing the contents to the larger number of nodes and decentralizing the DNS would make it nearly impossible for the hackers to attack the system in which blockchain has been used for providing security. The privilege to edit the domain names will only be provided to the domain owner which drastically reduces the chances of data being stolen, manipulation and exposure by the attackers or hackers. A system can be sure that it is immune to attackers, until and unless each and every grid is swiped clean simultaneously, by using the blockchain to secure the information. Many companies have already been using blockchain to secure their data and to prevent DDoS attacks from happening (Horbenko, 2017).
2. Protection from Identity Theft
According to the survey conducted by Javelin Strategy & Research in 2017 over $107 billion has been lost to identity theft over the past six years. Data fraud is a long-standing security danger that can prompt numerous instances of misrepresentation. These frequencies generally relate to government benefits, charge cards, impose reports, and business-related records (Javelin Strategy, 2017). Decentralized ID (DID) can put an identity theft to an oppressive block which is an identity managing platform powered by blockchain technology. As what you would’ve expected, it works by putting away your undeniable character and accreditations in a blockchain domain. When you open an online account, you do not have the full power over your credentials which is stored in a cloud server and can be accessed by any person who has been provided with your login details. In any case, with DID, no one but you can access your record through your own gadget and the DID app. Every one of your exercises and exchanges will at that point be recorded and signed on a dispersed record, for straightforwardness as well as security (Agarwal, 2018).
3.Securing Private Messaging
Popular private messaging apps like WhatsApp, Viber, which has been used in businesses for internal communications, has been known to be vulnerable from attacks targeted towards messages which have been encrypted. Almost all of the messaging apps require the user to hand over their personal information in exchange for the right of the software and use of an account. While doing this they, the users, have agreed to hand over their Personal Identifiable Information or PII. While still in beta Obsidian Secure Messenger which is known to use blockchain technology to make private messaging more secure aims to destroy the need for the gathering of PII using a decentralised network (Agarwal, 2018).
Putting Security of Blockchain Through a Test
Actually, as an appropriated and “connected” database, blockchain is as strong as a stone. In any case, contingent upon the availability to the chain, it may not be completely coordinated as would be assumed. To clear up: there is a major contrast between open and private square chains. While in people, in general, there are no confinements on who can get to the information (which might possibly be scrambled) or perform exchanges, in the private area these tasks are constrained to specific elements. The blockchain is as yet a blasting innovation and will encounter developing torments for quite a long time to come. Like all innovation of this sort, it faces an advancing mechanical setting: the presence of quantum processing, administrative changes, supercomputing. What is clear is that the blockchain will before long come to assume the main job in the cybersecurity (Panda Security Mediacenter, 2017).
In spite of technological advancements at the speed of light hackers and other cybercriminals repeatedly discover the ways to catch up because technology cannot find the difference between a legitimate company which makes a positive impact on this world and a cybercriminal. But by implementing data distribution and thorough encryption on a network any institution, corporation or a single person can be sure that their data or any facts or figures (personal or professional) which could be utilized to harm them or their known ones or their businesses, can be kept safe and out of reach of hacker, not only safe but it makes the data technically impossible to steal. As a lot of individuals be a part of the world wide web and technology continues to develop, a lot of information gets made and a lot of hackers can commit to stealing or corrupt that information. Hence, to summarise we can say that blockchain might not be the best solution for the current condition of cybersecurity but it definitely is the best solution for improving the way of cybersecurity in the near future