Due to a rise in cyberattacks causing significant losses to businesses, blockchain technology has started to gain attention coming up with a promising and successful solution to enhance cyber security. Businesses can integrate blockchains into their cybersecurity plans to protect their private and sensitive data.
1. Decentralized Storage Solution
Blockchain-based storage solutions use decentralizing data in which storage platforms tear apart the users' files and distribute them over many different nodes on their network. This is an ingenious way of protecting and storing the enormous amount of sensitive data that any business receives. While most businesses still use centralized storage to store their data, this method is highly accessible and profitable for cybercriminals and should ideally be discontinued.
2. Tamper Proof
Once a user's digital identity is generated with confirmations about their endpoint or device, they are then stored on the chain in an absolute way. This makes them untouchable for cybercriminals and attackers to tamper with them or attempt to modify them without extensive computational resources to try and override the resilient system.
3. Authentication of Individuals
Blockchain technology has several components which contribute to authentication, identity protection, and access management to your business in the following ways:
Protecting sensitive data: blockchain technology can shift the information it stores to protect personal identifiable information.
Minimizing data: Blockchain technology can use cryptographic and selective disclosure techniques to hide essential data and show only what is necessary for the application to function.
Prevention of identity theft: It uses cryptographic keys to attribute particular identities and credentials to prevent identities from being stolen or hacked into.
Decentralized administration and access controls that require multiple signatures: prevent errors, fraud, and takeovers.
4. Traceability, Transparency, and Security
Blockchain technologies aim to provide transparency and traceability in financial use cases to reduce the need for a central broker. The supply chain works to enhance security and protect records of transactions and freight data between parties, reducing risks of tampering and counterfeiting. Blockchains also improve the security and privacy of remittances and cross-border payments.
5 Increased Security to DNS
Hackers and cybercriminals can use The Doman Name System (DNS) used by the internet to link resources to domain names such as IP addresses to exploit their connections and crash their sites. Many publications and retailers have been victims of such cybercrime and attacks resulting in major losses in loyal customers and business due to the shutdown of the websites.
Blockchain technology can offer a solution to prevent such attacks by decentralizing their DNS entries. Thanks to its decentralized network capabilities, the information of the user's domain can be stored in an immutable manner on a distributed ledger. These can be accessed by immutable smart contracts strengthening the overall security of the DNS.
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