The transformative changes brought on by advancements in digital technology come with their own challenges, particularly in terms of data security and privacy. In the past few years, identity theft, hacking, and digital data privacy violations have been becoming commonplace. The rise of data theft, for one, highlights the need for stricter security measures, and that is where blockchain technology comes in.
According to a Transparency Market Research report, the global blockchain technology market revenue will reach US$20 billion by 2024, and most of the tech’s success will be due to its revolutionary contributions to the banking and financial services, healthcare, and manufacturing industries, among others. But aside from the technology’s practical uses, blockchain also provides an efficient platform for data security.
More recently, the National Aeronautics and Space Administration (NASA) used blockchain technology to improve its cybersecurity measures and mitigate a denial-of-service (DoS) attack that targeted its air traffic services. Several sectors are thus now looking to implement the technology to protect sensitive data from cyberattacks.
We looked at some of the practical use cases of blockchain technology in data security in this post. Get a glimpse at some of them below.
Decentralizing Data Storage
Unlike traditional ledger technologies that keep sensitive information in a single central server, blockchain is decentralized. It does not use a central point of control, and that alone is enough to secure data. It uses a set of protocols across a nodal network that validates transactions and records information in a manner that makes it incorruptible. And since several computers (sometimes, even millions) keep the data, it remains secure even if one of them fails.
If, for example, a hacker tries to infiltrate a block, the entire system analyzes each piece of information to find the odd one out. Once identified, that particular block is marked false and automatically excluded from the chain. For an attack to succeed, therefore, the hacker needs to find a way to cripple the entire blockchain simultaneously.
Encrypting Data in Transmission
Data modification is tough to carry out when the information is encrypted, such as it is in a blockchain. Users can thus create a cryptographic signature for each file and store it on the platform. Even if they do not save the entire record on the blockchain, they can stay assured that the files would remain unchanged. The blockchain, which is a distributed ledger technology, is responsible for making data immutable, disallowing anyone from altering or falsifying records. And since it is decentralized, hackers cannot use a single point of entry. If they do get in, they cannot gain access to an entire data repository.
Securing the Internet of Things (IoT)
While IoT devices offer convenience, securing them is a tough challenge for developers. However, through the integration of blockchain technology, data transmissions between IoT devices can stay protected. Users get the ease that IoT use provides while securing real-time data exchanges even if they are hundreds of miles away from their collaborators. Again, since the blockchain is decentralized, staging an attack against it is close to impossible.
With blockchain technology, developers can give connected devices security despite the absence of a central authority. They can essentially make security-related decisions on their own. So, say that a developer configures a device to recognize what is normal within a particular network, if it spots suspicious nodes, it can automatically begin a lockdown.
Providing Secure Private Messaging
The popularity of social media private messaging means that people use it every day for a wide variety of purposes. But while most private messaging systems employ end-to-end encryption, some are still prone to hacking.
This challenge has prompted some social media platforms to use blockchain technology as an added layer of protection. That way, should built-in security measures fail, blockchain technology will keep user communications protected.
Enhancing Domain Name System (DNS) Security
DNS attacks succeed because threat actors go after a centralized system—the DNS. And so we have been witnessing a rise in increasingly massive and destructive distributed denial-of-service (DDoS) attacks.
Users can counter such attacks by enabling real-time notifications for suspicious activities. Blockchain technology can help in that users can utilize it to decentralize the storage of domain information. Immutably storing domain details on a blockchain will prevent hackers from being able to pinpoint a single point of vulnerability.
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What sets blockchain technology apart from other existing cybersecurity measures is its decentralized nature. The absence of central control lessens the system’s vulnerability. And the less vulnerable a system is, the less susceptible it is to compromise.